Former President Jimmy Carter Lives In A $167,000 House And Shops At The Dollar General
Wouldn’t being a millionaire be great? If you unexpectedly inherited a fortune from a long-lost uncle, just imagine what your life might be. It’s the dream of everyone!
But believe it or not, most millionaires who inherit their fortune, usually lose it quite quickly.
This is not just some saying, this is a fact. You can find the research materials in Thomas J. Stanley and William D. Danko’s book ‘The Millionaire Next Door’. The people who fought to get their fortune are usually the ones that know how to keep it.
The best example for such a person is ex-president Jimmy Carter.
At 96 years old, Carter, the 39th president of the US and the oldest living ex-president, lives a reasonably average life.
Actually, believe it or not, Carter to this day still resides in his ranch house. He built this house by himself.
While his living condition implies that he’s earning almost a minimal wage, that’s actually not the truth. As all ex-presidents do, Carter earns an annual salary of $210,700, as well as an additional $230,000 in gross allowances over the years. They use this money for things like travel and office space.
Carter is also a writer, which means he gets revenues from his books too.
You’re wondering how to save up as a millionaire? Here are some tips:
Keep track of all your expenses
Get comfortable with you’re the amounts you spend. That is the very first step to successful budgeting. Start by recording everything you spend for one month and see what happens.
Get your personal budget coordinated
You can tailor a budget to your personal needs until you understand how much you spend in a month.
Create a Plan for Your Savings
When you have measured the required costs into your budget, design your own plan of savings. Save a minimum of 10% of the monthly income.
Pick a certain thing to save for
Pick something in the future that you’d like to have and keep it in mind.
Regularly check your budget
Take time to look through your expenses and check your results, at least once a month.
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Sources:
fantasticfacts.net
cnbc.com