Homeownership Guidance, Advice and Blogs

As the Director of Affiliate Relations at HomeFree-USA, I’ve always been fascinated with how people handle their money. Like everyone else, I’ve had my financial ups and downs. In fact, it took me 32 months to pay off $32,000 in credit card bills and build up a six-month emergency fund. While that was a very difficult period, I am grateful – and wiser -- for the experience.

Through my personal experiences and working at HomeFree-USA, I’ve gained a ton of insight that I feel compelled to share. You’ll find those lessons here. Feel free to take the thoughts and ideas that resonate with you most and put aside the rest for later. I look forward to sharing my journey.

What millionaires do

There is a growing divide of the haves and have nots in this country, but it is not due to current or previous resources as you may think. Many simply don’t believe they have what it takes to become a millionaire - and they’re right. The truth is, if you don’t believe you’re capable of something you’ll never achieve it. But for those of us that do believe that we can have what we truly focus on and work towards, read on.

There are differences in the way a millionaire is determined but this discussion will use the widely held thought that a millionaire is defined as someone whose net assets outside of their primary residence, is over $1 million.

According to Tom Stanley, author of The Millionaire Mind, the wealthy embody a few of the following characteristics:

  • Went to state or other public universities. Many earned average to decent grades
  • Live below their means
  • Own businesses
  • Are confident
  • Are married (typically to only one spouse throughout their lifetime)

In his book,The Wealth Choice, Dennis Kimbro says that he observed two common factors among the black wealthy: “1) a relentless commitment to lifelong learning, and 2) a tenacity of purpose - in other words, tightly crafted goals matched with the discipline to achieve them.”

A few other traits I’ve noticed in millionaires:

  • They’re debt free.
  • They invest in their children’s and grandchildren’s education.
  • They own their cars outright, the cost of which is typically far below what they can afford. They keep their cars a long time.
  • They give a lot of time and money to those less fortunate.
  • They live in the same house over decades, regardless of how wealthy they become (Warren Buffett has done this.)
  • They’re always open to learn and discover something new.
  • They and their spouse are on the same page when it comes to money.
  • You’d never know they were millionaires.

Most did not come from wealthy backgrounds, and knew that the only way to achieve the goals they set for themselves and their family was to work hard and live below their means. Fortunately this is something we’re all capable of, regardless of profession. These wealth building tactics are shared by nurses, postal workers, nonprofit employees, teachers, and those of any other profession you can think of. You are no different regardless of your circumstances. Now’s your time to move towards your greater Millionaire Mind.

I’ll meet you there.
And so it is.