Are you on the path to becoming a millionaire? If you want to know for sure, it’s good to see what millionaires already have. Even better, see which money habits they all seem to have in common.
You can do this research yourself, but why do that when you can get quick access to the five things every millionaire has in common? You might check off all five items on this list. In that case, you’re on your way to a seven-figure portfolio. If not, it may be worth seeing how you can align your finances and goals to have these five traits.
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Investments
Millionaires make regular investments in assets like stocks and real estate that gain value over time. Stocks are the easiest asset to enter since they are highly liquid. Cryptocurrencies have the same convenience. You don’t have to build or maintain a property to buy stocks and crypto.
Real estate is another popular asset since people will always need places to live. Real estate also has unique tax advantages that you won’t find with stocks.
Used Cars
Most millionaires don’t blow through their money, especially people who take decades to reach the seven-figure milestone with steady investments. They look for ways to save money, and one of the best ways to cut your expenses is by purchasing a used car that gets the job done.
Used cars have already endured a lot of depreciation. It’s better to get a car that has already lost value than it is to drive a new car and watch its value plummet the moment you pick it up from the dealership.
Opting for more affordable cars will give you extra money to pour into your investments. Then, your wealth will compound faster and set you up for a seven-figure portfolio.
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A College Degree
A college degree is not required to become a millionaire, but many of them have college degrees. It’s more common for millionaires to get degrees from public state schools than top-tier private universities.
Many people use their college degrees to pursue new career opportunities. It’s better to have a college degree than it is to not have one. However, you shouldn’t be discouraged if you do not have a college degree. Some people have become millionaires off a high school education.
401(k) Plans
Many millionaires invest to build wealth, and they also tend to use 401(k) plans to boost their wealth. These accounts come with significant tax advantages, and most employers match a portion of your contributions.
It’s good to max out your 401(k) plan each year. Doing this for 20 years can help you establish a strong nest egg, and if you can max out your 401(k) plan for more than 20 years, that’s even better. Plus, when you turn 50, you can make an annual catch-up contribution in addition to your regular contribution.
Combine a 401(k) plan with an IRA, and you can contribute even more money to tax-advantaged accounts every year.
Zero Credit Card Debt
The last thing most millionaires have in common is that they don’t carry credit card balances. While any debt has interest, credit cards are notorious for their high rates. You can end up with an APR that’s close to 30% if you don’t manage your credit card debt and end up with a low FICO score.
The best-case scenario is an APR of about 20% for most cardholders. Millionaires don’t spend more than they make each month, making it easy to pay off their credit cards each month. By paying off their credit cards on time, millionaires avoid interest while enjoying all of the perks that come with having a credit card.
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This article 5 Things You May Have In Common With Every Millionaire originally appeared on Benzinga.com
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