When we talk about how you became a millionaire, it’s often described in three words: “I don’t know.” Sorry. I know you were looking for more, but that’s what it comes down to.
Here’s the longer version: “I don’t know how I did it. I don’t want to have to do it again, nor could I, and I’m glad I’m here to talk about it.”
We all have short-term memories when it comes to times of struggle and how we got through them. But in those three words, “I don’t know,” that’s exactly what is being said. Just glad we made it.
How I Think You Became a Millionaire
While you may be blurry on some of the details of how you got here, I think I can fill in some of the blanks. You did it through saving money, showing up to work, saving ’til it hurt, and living well within your means. As a note on stock market volatility, making money quickly makes downward market swings much harder to swallow.
What’s nice about being successful in this way is that it didn’t happen overnight. When you’ve made it the way most of you have—over your working lifetimes—it’s always good to get a lay of the land. Dick Young’s North Star—the yield on Treasury bills—is a light in a dark sky that helps guide money decisions.
Becoming a Millionaire Is about Keeping the Train Moving
When markets get choppy, and you’re on a fixed income, it’s helpful to gain perspective by looking at this barometer in the sky. It’s been a while since yields have been this high. When you’re working and saving, you don’t have much time to get perspective because all you’re doing is working and raising a family and trying to keep that train moving forward.
But when you get closer to that train stop called “Your Retirement Life,” you need to figure out how you’re going to step away and live the life you deserve. That takes some work and some planning.
Action Line: Investing as a millionaire requires a different skill set than the one you used to become a millionaire. Want help planning for your golden years? Let’s talk. Email me at ejsmith@yoursurvivalguy.com.
