Three things you need to do to become a millionaire - New York News

Three things you need to do to become a millionaire

Posted: Updated:
TAMPA (FOX 13) -

Who wants to be a millionaire? Everyone.

And the one guy who says everyone can be a millionaire is Ric Edelman.

"Millionaires are not a chosen few," he said.

Edelman is a financial planner and author. To research his best-selling books, he has interviewed thousands of millionaires and he knows their secrets.

Contrary to popular opinion, Edelman says most millionaires did not inherit their money.

"Today, most multi-millionaires have created their own wealth," he said. "It's a lifestyle choice."

Edelman says the typical millionaire makes intelligent choices. And some of the might surprise you:

-The buy used cars (They're most likely to drive a Toyota)

-The live in modest homes (usually worth less than $300,000)

-They fly coach – even if they can afford first class, or better.

"That's one of the benefits of being a millionaire, you get to choose your lifestyle," he said. "Do you want to fly private jets? Or do you want to take the bus?"

Edelman says a large number of people who've amassed seven figures in the bank make five figures on the job. Consider this: the authors of the Millionaire Next Door found just six percent of millionaires are doctors -- the group most consumers believe are inherently rich.

Edelman says ordinary people can (and do) accumulate a million dollars in wealth.

"Millionaires are just as often unassuming people. Who are living right next door to you," he said.

How do they do it? They save aggressively. How much? By some measures, 20 percent of their paycheck. And they sock away money for the entirety of their career.

A spirited cheerleader for saving, Edelman is also a fan of responsible spending. And he says that's critical to building a nest egg of $1,000,000 or more.

"Wealthy people spend less than they earn," he said.

The millionaires Edelman surveyed also avoid debt, such as credit card and car loans. The one piece of debt they nearly universally keep is a home mortgage.

"It's not hard to become a millionaire," Edelman said. "It's remarkably simple and easy. Wall Street just tries to make it look hard."

He boils the millionaire's secret recipe down to three tips:

"As long you don't go into debt; as long as you save; as long as you keep saving, that's how you'll become a millionaire," he said.

(FULL DISCLOSURE: Chris Chmura saves aggressively, lives in a home worth less than $300,000, and drives a used Toyota. But he is not a millionaire…yet.)

  • Local NewsLocal NewsMore>>

  • Report: health risks at some nail salons

    Report: health risks at some nail salons

    Monday, September 15 2014 10:28 PM EDT2014-09-16 02:28:27 GMT
    One of the most surprising findings in a report from the New York City public advocate is that city officials have virtually no authority over how nail salons are run. The city can't enforce standards like they do with restaurants, so it's clearly a case of beauty buyer beware. We get our nails done without thinking too much about it.
    One of the most surprising findings in a report from the New York City public advocate is that city officials have virtually no authority over how nail salons are run. The city can't enforce standards like they do with restaurants, so it's clearly a case of beauty buyer beware. We get our nails done without thinking too much about it.
  • Car strikes toddler; driver arrested

    Car strikes toddler; driver arrested

    Monday, September 15 2014 10:15 PM EDT2014-09-16 02:15:49 GMT
    Police on Long Island say a 30-year-old driver has been arrested in connection with an accident that injured a 3-year-old girl being pushed in a stroller. Police say Scott Shea of Middle Island was driving a Jeep northbound on William Floyd Parkway, just south of Montauk Highway, when he struck the toddler at about 3:45 p.m. Monday.
    Police on Long Island say a 30-year-old driver has been arrested in connection with an accident that injured a 3-year-old girl being pushed in a stroller. Police say Scott Shea of Middle Island was driving a Jeep northbound on William Floyd Parkway, just south of Montauk Highway, when he struck the toddler at about 3:45 p.m. Monday.
  • Lawsuit settlements reached in Metro-North crash

    Lawsuit settlements reached in Metro-North crash

    Monday, September 15 2014 8:39 PM EDT2014-09-16 00:39:39 GMT
    Four of 28 people who sued the Metro-North Railroad in federal court after being injured in a Bridgeport train crash last year have settled with the commuter railroad.
    Four of 28 people who sued the Metro-North Railroad in federal court after being injured in a train crash in Connecticut last year have settled with the commuter railroad.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices