Millionaire – Coupons Allow me to Live Like One


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I Live Like a Millionaire

live like a millionaireDo I have your attention? I bet you are thinking that I am going to give you a big fluffy story about how many extravagant things that I can buy as a result of using coupons. That couldn’t be further from the truth! Society, Hollywood and the media outlets have given us the wrong perspective of wealth in our country. The truth is that the real wealth in the United States, the real self-made millionaires, could quite possibly be your next door neighbor. In his best selling books The Millionaire Next Door and The Millionaire Mind, Dr. Thomas J. Stanley corrects this myth.

The average millionaire in America today lives in a house that is $300,000 or less. Their kids go to public schools, not private. They don’t finance their vehicles, they pay cash. They don’t have a mortgage. The average millionaire man doesn’t pay more than $100 for a watch, $300 for a suit, or more than $30,000 for the car they are driving. Millionaire women use coupons, shop at consignment stores and serve $10.00 bottles of wine at their social functions. Seems like a different picture, doesn’t it?

The truth is really very much common sense. The reason that these people have money is because they know how to be responsible with the money that they have. They are not millionaires first and then develop these habits to keep their money. They are millionaires because they have these habits. Certainly there are plenty of people that are in the elite of the elite. They are the very wealthiest of all the millionaires. This list includes athletes, movie stars and entrepreneurs. However, the real wealth comes from the self-made millionaires that own a privately held company, don’t own a boat and wear a Timex watch. After all, don’t all watches tell time the same?



I think that many times we all get so caught up with “stuff” that we miss the mark. My wife and I aren’t hurting by any stretch. Yes, we like to eat at a nice restaurant every now and again. Yes, we like to take a nice vacation to an exotic destination. Yes, we like to wear designer clothing. But…..we pay cash for everything we do. We plan it out, we save for it and then we enjoy it. I drive a 2000 Crown Victoria that I paid $3,000 cash for. Do you think I care what people think about me when I drive down the street? I made the mistake of buying a brand new BMW in my mid 20’s. Lesson learned.

Pay Cash for Everything

I had a $547.10 car payment for 5 years. I thought the happiest day in my life was the day I bought that car. In actuality, the happiest day in my life was when I paid that car off. At that point, I knew that would be the last car payment that I would ever have. Rather than using that money for something else, I have continued to make the car payment. Difference being, I am making it into my bank account. I drove that car for a total of 13 years. I sold it 2 years ago. That means for 8 years, I have been paying myself $547.10 per month for a car that was already paid for. That’s $6,565.20 per year or $52,521.60 over the last 8 years not including interest. Do you think I could afford to pay cash for a nice car now? I bought the Crown Vic at the end of last year. The interest on my car account paid for that car. To this day, I am still putting $547.10 into that account. I will never lease or finance a car again. It is a non-negotiable in our home.

How do coupons allow this to happen? The truth is that I can’t afford to make that type of car payment unless I use coupons to cut our food and toiletry bill. I have learned so much from the stupid things that I have done over the years. It’s one of the reasons that I have a passion for teaching others on this site. I share my personal story and give you the tools you need to get yourself started on the right path and put your debt behind you forever!

~David

Learn More About Managing the Money Here

Comments

  1. Suasn Clark says

    I took the class once before but I am signed up to take it again. Thanks for all you do. 🙂

  2. Excellent article!!! I loved The Millionaire Next Door! Good for you for making the commitment to pay yourself that car payment!

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