Episode 64
I have yet to meet someone who wouldn’t like to become financially wealthy. Unfortunately, most people have little knowledge of what it takes to build wealth and even less have a plan on how they hope to accomplish it. Building wealth is not as hard as most people imagine. It turns out wealth building comes down to a few key habits applied consistently over a period of time.

SHOW NOTES

 

Statistics about millionaires in the United States

17.3 million individuals are millionaires in the United States, 41% of the world’s millionaires.

 

  1. This means that 7% of the U.S. adult population are millionaires

  2. The 2016 study also showed that 78 percent started out as middle class or poor, only 22 percent grew up in the upper class.

  3. Education is important, with 84 percent of millionaires having a college degree according to Spectrem.

  4. One in three funded their own college education without debt.

  5. Research conducted by Thomas Corley of Rich Habits, showed that 86 percent of wealthy people who work full time put in 50 hours or more each week at their career.

  6. 66 percent of millionaires own their own business.

  7. The Millionaire Next Door cites that the percentage of first-generation millionaires is 80 percent, dispelling the idea that most millionaires just inherit their money from a prior generation.

3 Characteristics of the wealthy

  1. Self-Awareness - genuine care for others.

  2. True Grit - a never give up attitude.

    • Talent X Effort = Skill.

    • Skill X Effort = Achievement.

  3. Generosity - have a giving mentality (always give more than you take).

RESOURCES

Budgeting and Debt Elimination Tools

Jesus on Money by David Thompson - stewardshippastors.com