Robert Brokamp Reveals the Secrets of Building Wealth

Robert Brokamp, the adviser for The Motley Fool’s “Rule Your Retirement” newsletter, recently contributed a post to Get Rich Slowly on the behaviors of millionaires and how they can help you build wealth. Drawing heavily from the book The Millionaire Next Door: Surprising Secrets of America’s Wealthy by William Danko and Thomas Stanley, Brokamp is intent on shattering the illusions most of us have about the lifestyles of the wealthy.

The backbone of Brokamp’s piece is that many times the people who appear to be wealthy actually aren’t. He goes so far as to suggest that expensive cars and designer handbags are merely status symbols that have nothing to do with the owner’s investment portfolio or income. Instead, the truly wealthy tend to “pay themselves first” (a.k.a. invest and save) and purchase more modest homes, clothing and cars. In fact, Brokamp points to a statistic from Stop Acting Rich…and Start Living Like a Real Millionaire by Thomas J. Stanley that the most popular carmaker among millionaires is the Toyota. He also supplies readers with the surprising statistic that 90 percent of millionaires live in homes worth less than $1 million and that almost 29 percent have houses valued at $300,000 or less.

The thing that many millionaires have in common is a meticulous attention to their finances. They likely know exactly where every dollar goes, regularly check in on their investments, and know that saving for the future comes before indulging in luxury items.

Have you made yourself into a millionaire by displaying the intelligent money habits that Brokamp talks about? Do you think these insights will affect the way you save and spend?

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