"How To Become a Millionaire" or "How I Became A Millionaire"

I titled this post “How to Become A Millionaire” because I’ll be explaining the critical elements I’ve observed along my particular path to achieving millionaire status. The post might be more appropriately named, “How I Became a Millionaire”. That approach might have still produced a useful set of instructions, but instead of focusing on my own experience and risking injury to my shoulder from patting myself on the back, I’d rather spend time talking about the important principles I’ve learned as I have walked the path from being completely broke to having a net worth that exceeds the “magical” $1M threshold.

My Millionaire Story

I grew up in a very modest family, right in the middle of seven kids. My dad has never been very interested in accumulating wealth, and I don’t fault him for having that persona. Living simply, raising seven kids, working a consistent job, and providing enough to support essential needs comes very natural for him. He taught me how to work hard, to be frugal with money, and to avoid ever being in debt. His example has served me very well.

For most of my  youth, I never understood much about building wealth. Starting at 11 years old, I’d mow lawns with my brothers in the summer to pay for my sports habits and other activities, to purchase clothes for school, and for other basic needs. When I “outgrew” mowing lawns, I’d work fast food, carpet cleaning, or other low skill jobs that didn’t normally pay more than $10 per hour.

I made an observation during my last year of high school that has stuck with me. While I was working at Pizza Hut, I made $5.50 per hour. I knew that if I needed $100 to take a girl to the prom, I needed to work about 25 hours to clear that amount after taxes and paying tithing. I’d watch my 16-year-old brother, a year and a half younger than me, snatch up $200 in an afternoon by changing out a transmission or doing other things to a neighbor’s or a friend’s car. He had a propensity for working on cars, and he’d developed skills that that were apparently much more valuable than adding pepperonis and cheese to a pizza and shoving it into an oven.

Principle: Increase your dollars/hour value.

When I graduated from high school, it was time for me to prepare to serve a 2-year LDS mission, which meant saving as much money as possible in a short period of time

Outside of that I was never really interested in pursuing the abundance that was available to me until I started thinking about getting married, at which point I realized very

 

Exercising Faith

Recognizing and Appreciating Those Upon Whose Shoulders You’ve Built

Learn from Examples of Those Who Have Done It

Value of Your Time – Increasing Your Dollars Per Hour

Being a Business Owner

The Millionaire Next Door

The Richest Man in Babylon

Don’t Waste Money

House