“Most people don’t want to become rich. They want to be rich.” John Thornton
In this video, John states obviously that to become a millionaire, you need to spend $1,000,000 less than you earn. He describes some interesting money principles about compound interest, rates, time, an savings rates. John also states that many get themselves into debt by spending more than they earn each year–the opposite of prudent financial principles. I recommend avoiding the use of debt.
“Compound interest is the 8th wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” Albert Einstein
Three tips for you?
- Do something. Do anything. Don’t be slothful. Be active and take the long term view in your work. Slow and steady.
- Do something right. Get good at what you do. Be the best. When you are good at your craft, you will enjoy your work and your will be rewarded better for your work.
- Be generous. Seeing others as poorer than you and worthy of what you have to offer let’s you be generous with what you have and allows you to be content. Seeing others as richer than you focuses you on what you don’t have and keeps you feeling wanting. Which way would you rather live? I recommend the former. John says t”Even the smallest gift, with enough time, becomes immeasurable.” Again, the compound principle works on your generosity. Don’t hold on when you have the power to benefit others.
He summarizes with the following, “Wealth is not sufficient to achieve the American dream.” And he concludes with, Awesome!!
Give early, give often,