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August 01, 2005


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Your text reveals that somehow if one wants to become a millionaire, similar to Mark and Kristi Johnson one must live a frugal life coupled with having above averaged combined income for both spouces. I do agree that millionaires do live modest lives like buying modest homes
and cars for after all if we indulge in overspending then it will definitely lead to our financial downfall in life. In addition to what was revealed let me point some of the salient features which I believe will contribute largely to a person's financial independence and possibly become a milllionaire:
1.MAKE YOUR MONEY FIRST BEFORE SPENDING IT. This may seem to be a simple formula but the modern world has seen that most of the citizens of the world has accepted the norm that borrowing money is the easiest form to acquire wealth. It may be true if the money is used for investments or business that would outweigh the interest charges imposed by the banks. In general, to incur debt is debilitating to becoming rich, why? because debt is spending ones income from the future but you have to pay interest fees and charges during late payments. If possible buy anything on a cash basis to avoid incurrence of debt.
2. REMEMBER THAT BEING A MILLIONAIRE DOES NOT MEAN HAVING MILLIONS OF CASH IN HAND RATHER IT IS THE MERGER OF CASH, ASSETS, INVESTMENTS AND EQUITIES. People have the wrong notion of becoming a millionaire because for them being a millionaire means having cash on hand amounting to let us say 10 or 20 millions of dollars that will be very bulky in carrying such amounts and you will be vulnerable to scoundrels and thiefs. Being a millionaire is rather a complex issue recall that even that question was posted to the richest man in earth today, Mr. Bill Gates was asked as to how much cash on hand does he have? His answer is plain and simple he said:" My money is invested in the Microsoft Companies and if you want to know how much money do I have, you have to get my total number of shares multiply it by the par value per share and that is my total amount of cash." Investment therefore of our monies in stable companies is the surest way to become a millionaire as what Mr. Gates is doing.
3. LET US BE VERY CAREFUL WITH THE CONCEPT "PENNY WISE BUT POUND FOOLISH." People seems to be very cautious in dealing with their cents but when it comes to expenditures by the thousands or even by the millions of dollars we tend to be careless.
4. THERE ARE THREE WAYS TO MANAGE YOUR MONEY - A) COLLECT ALL ACCOUNTS RECEIVABLE AS EARLY AS POSSIBLE. B) PAY ALL ACCOUNTS PAYABLE BEFORE THEY BECOME DUE AND C) INVEST ALL IDLE CASH. All accounts receivable must be collected as early as possible to avoid bad debts and overdue collectibles. Pay all accounts payable before their due dates to avoid interest surcharges and avail of discounts. Idle cash must be invested so as to earn cash, stocks dividends and interest earnings.
5.BE PRUDENT IN SELECTING YOUR LIFE TIME MATE IN LIFE IT WILL SPELL WEALTH OR POVERTY IN YOUR PARTNERSHIP. Napoleon Hill in his book Think and Grow Rich said: " The communion of two sexes could spell and produce vast amount of wealth." For every successful millionaire is a prudent wife. We have seen women to be cause of wars liken to the Trojan War and the rise of men because of their inspiration similar to the support given by the wife of Winston Churchill during the holocaust of World War II.
6. THE BELIEF THAT ONE CAN BECOME INSTANT MILLIONAIRE OR RICH IS A FOREGONE CONCLUSION. We must realize that the chance of winning the lottery is 1 to 16,000,000 and so believing that one can become instant millionaire is like looking for a needle in a haystock. They always say lucky is the man who does not believe in luck. It takes time to build Rome, we have to invest time, money and perseverance to become rich. Ulysses Grant once said: " A man should work and labor for period of ten years and then becomes famous in ten minutes." I believe this is similar to our idea of becoming rich, we have to labor and strive hard for a decade and then see our investments bearing fruits.
7. WE MUST SHOW GRATITUDE TO GOD FOR WHATEVER WE ARE AND COUNT OUR BLESSINGS - THE THINGS THAT WE ALREADY HAVE. The unsatiability of mankind has become so expensive. Before we never thought of landing in the Moon, cloning human was far from our minds, the invention of computers was unimaginable. Today everything has become so automatic and yet our level of happiness is always wanting. After buying a new car it will only take a year to be considered outmoded. Our earnigs seems to be taken for granted because we never take the chance of thanking God of our sudden and small fortunes. Instead we crave for more, more and more. This is similar to the song of the Rolling Stones when they sung I can't get no satisfaction. I think we have to rejoice of the things that we have and show gratitude to God that we are alive, healthy and watch our families out of danger. We have to rejoice that attaining abundance in life is attainable with the help of the Almighty God.

Good post followed by a good comment. I love The Millionaire Next Door book. Maybe once all my debts are paid off I can one day become a millionaire too!

Dear Jennifer,

Thanks for your compliments, there are rare gems now a days who would appreciate the comments that I made. Though I feel the realistic way of looking at financial way of life and independence is more of attaining a comfortable living. Seek really what is applicable in your own particular niche. Rules by the thumb are there to serve as a guiding star and compass in our ending search for abundance and richness in life. I think it is not sinful to seek and become abundant and rich in life as God wants us to become abundant as He is. He created everything, hence it is contrary to what God wants us to be if we are complacent to be poor. I shall cherish that day when you will become affluent one of these days. More power to you!

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