In 1996, Thomas J. Stanley and William D. Danko authored the book Millionaire Next Door. The title evoked much interest as it shared common behaviors of the wealthy that surprised many people. Through their research, they found most millionaires are not living in huge homes, driving super fancy cars or wearing $5,000 watches.
Rather, many millionaires live in modest homes, drive mid-priced cars and take simple steps to keep and grow more of the money they earn rather than focus on spending.
It’s no wonder when I speak that many older adults will come up to me afterward and say, “If I could go back in time to my 20’s I would do money so differently.” They tell me about their wish to have spent less money and saved and invested more. I get this same story everywhere I go.
The great news now is that you can achieve long term financial success by switching your focus to keeping and growing more of what you earn. It requires a...