5 Things Your Millionaire Neighbor Isn’t Telling You

5 Things Your Millionaire Neighbor Isn’t Telling You

Updated: November 11, 2020 By Robert Farrington

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It's currently estimated that there are about 3,000,000 millionaires in the United States today.  And given that there are about 300,000,000 Americans according to the latest Census data, that means about 1 in 100 are millionaires. Even more startling is that means that you probably know someone who is a millionaire, and you probably live within a stone's throw of other millionaires that you don't know.

The truth is that a lot of millionaires have very specific habits.  Traits that make them successful.  One of the most interesting aspects of my Better Know a Young Millionaire Investor series is what makes some of these millionaires tick.

Beyond the inspirational, here are five fundamental habits that your millionaire neighbor has but probably isn't telling you.

1. Start Young and Don't Mess Up

Many millionaires start young.  It's so much easier to start young rather than older.  You just have more time - it's simple math.

Plus, the younger you start, the longer you have to see your money compound over time.  Just think about this - the amount you need to invest per year to reach $1,000,000 by age 62:

Starting Age     Amount To Invest Per Year

22                      $3,600

25                      $4,600

30                      $6,900

35                     $10,700

If you start at 25, you have 10 more years than starting at 35.  You can debate the rate of return all you want, but younger is always better than older.

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