Millionaires understand that when you buy a luxury house, you buy a luxury life style too. Your property taxes skyrocket, along with the cost of utilities and insurance, and the prices of nearby services, such as grocery stores, tend to be higher.
The rich mans attitude can also be seen in his car. Many drive old unpretentious sedans. Sam Walton, billionaire founder of the Wal Mart Store, Inc., drove a pickup truck.
Most millionaires measure success by net worth, not income. Instead of taking their money home, they plow as much as they can into their businesses, stock portfolios and other assets. Why? Because the government doesnt tax wealth; it taxes income you bring home for consumption, the more the government taxes.
The person who piles up net worth fastest tends to put every dollar he can into investments, not consumption. All the while, of course, hes reinvesting his earnings from investments and watching his net worth soar. Thats the attitude as well.
The best wealth-builders pay careful attention to their money and seek professional advice. Those who spend heavily on cars, boats and buses, Ive found, tend to skimp on investment advice. Those who skimp on the luxuries are usually more willing to pay top dollar for good legal and financial advice.
The self-made rich develop clear goals for their money. They may wish to retire early, or they may want to leave an estate to their children. The goals vary, but two things are consistent: they have a dollar figure in mind-the amount they want to save by age 50, perhaps and they work unceasingly toward that goal.
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