Living Like A Millionaire
Living Like A Millionaire
Chris Palmeri (Senior Correspondent, BusinessWeek) gives expert video advice on: What are good lifestyle choices to make after I become a millionaire?; Is it easy to enjoy my life once I am a millionaire?; What can make my lifestyle easier once I make millions? and more...
What are good lifestyle choices to make after I become a millionaire?
Warren Buffet, the second richest guy in America, he still lives in the same house in Omaha, Nebraska that he bought in 1958 for $30,000 dollars. I mean, there's a lot of temptation when you have money to spend it. Suddenly you feel richer, you feel more successful and you start wasting it. That is a sure-fire way to not be rich for long-term. It's always a good idea to live below your means and take the difference and save it and invest it, and there's plenty of people out there spending flash cash on cars and clothes and jewelry and many of them are not as rich as Warren Buffet.
Is it easy to enjoy my life once I am a millionaire?
It absolutely is. I used to work for Malcolm Forbes and he used to say, "Being rich is a burden but, it's a burden I'm more than happy to bear." You know when you have a lot of money people will present you with challenges. Most of the time they want you to give some of your money to them, and you can't give to everybody. And some people will try to just take it from you in various sorts of schemes. And you will be sued, more likely, than people without money. And so having money is problematic but, at the end of the day, you're much better off having it than not.
What can make my lifestyle easier once I make millions?
When you are truly wealthy, you have access to a lot more advice from professionals who help other wealthy people. It's important when you turn to outsiders for financial advice that they are really qualified - that they're not scamming you, that they have other clients that have made fortunes and that they've helped build their fortunes. We're talking about lawyers, investment advisers, accountants; all of these people can help make you richer because it's their job to figure out the best legal, tax and investment strategies for wealthy individuals. So that is an area that's open to you and might often not be available to smaller investors.
What lifestyle risks are there after I become a millionaire?
The biggest lifestyle risk for wealthy people is thinking that they got there by being smarter than everybody else. Although a lot of wealthy people happen to be really bright. Studies show that it takes more then brains to get rich. Luck, timing, and hard work are considered very important factors when it comes to amassing a fortune.
How will people around me act once I become a millionaire?
You know, I would think the best advice is to not tell anyone you are a millionaire. Because you will find people acting differently around you. You will find close friends expecting you to pick up the check all the time. You will find people asking you for money. And it will put you in embarrassing positions. So the best thing to do long term wealth building is not to act like you have a lot of money.