10 Lessons to Take From Millionaires Who Are Really Good With Money
Life would be a whole lot easier if someone would just Venmo us $1 million, but unfortunately the chance of that happening is, well, probably zero. (Venmo doesn’t allow transactions that large anyway.)
But even though our chances of becoming a millionaire are slim, we can still manage our money like one. No, we’re not going to tell you how to buy hundreds of shares of Apple stock. Or how to pick out the perfect yacht.
These are simple money moves any normal, non-millionaire person can make today. Each tip can get you closer to achieving your big goals.
Take a look:
1. They Grow Their Money 11x Faster — Without Risking Any of it
Putting your money under a mattress or in a safe will get you nothing. And a typical savings account won’t do you much better. (Ahem, .09% is nothing these days.)
Act like the rich and use a debit card called Aspiration to earn up to 5% cash back and up to 11 times the average interest on the money in your account. Plus, you’ll never pay a monthly account-maintenance fee.
Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”
2. Leave Your Family up to $5M
One of the best things about being a millionaire? You can leave behind a legacy and know your loved ones are secure. Here’s the good news: You don’t need to be a millionaire to leave a legacy like one. You just need a life insurance policy.
We know what you’re thinking: This is probably expensive and confusing. But a life-insurance search engine called LeapLife makes it easy. In less than a minute, LeapLife will match you with personalized quotes from many of the big-time insurance companies (including Pacific Life, Lincoln and Prudential).
For less than what a lot of us spend on our monthly cups of coffee, you can get a term life insurance policy up to $5 million.
Just answer a couple of quick questions to get started. Some carriers even let you finalize your policy completely online — no visit to the doctor (depending on health and other factors).
So even if you’re not a millionaire, it’s super easy to leave a legacy like one.
3. Spend $5 to Own a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.
That’s right — you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1.
The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends. It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your investment account.
4. Stop Paying Your Credit Card
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
Your credit card is getting rich by ripping you off with insane rates, but a website called AmOne could help you pay them off tomorrow.
Here’s how it works: AmOne will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.
AmOne won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online.
It takes just two minutes, and it could save you thousands of dollars. Totally worth it.
5. They Don’t Waste Hundreds on Homeowner’s Insurance
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy.
This isn’t something you actively think about — you just know you’re required to have it.
The problem is, you’re paying too much. Luckily, an insurance company called PolicyGenius makes it easy to find out how much you’re overpaying.
Policygenius’ policies start at just $25/month. And just because you’re saving money doesn’t mean you’re skimping on coverage. Policygenius will make sure you have what you need.
Just answer a few questions about your home to get started.
6. They Cancel Their Car Insurance
How often are you even using your car right now? Regardless, there’s one thing we’re nearly certain of — you’re overpaying on car insurance.
That being said, shopping for car insurance is a pain which is why we like using a free service like Gabi. In just a few minutes you can see if any other companies are offering a cheaper rate with the same coverage and deductibles you already have.
You don’t have to fill out any forms. Just link your existing insurance account and enter your driver’s license, and it will start looking for cheaper coverage.
They save customers an average of $961 a year. Plus, after you sign up, Gabi will keep looking for savings and alert you if there’s ever a way to reduce that monthly bill even further.
7. Use up Your Entire Paycheck
No, we’re not talking about going to Whole Foods and buying out its fancy cheese supply (though that’s the first thing we’d do if we had $1 million). Instead, we’re talking about creating a zero-based budget, a budget that finds a place for your every dollar.
You’ll want to start by tracking a month of expenses. How much do you (or don’t you) have remaining? Then, consider your financial goals. Do you want to save money? Invest money? Pay off debt?
Work backward to cut your expenses until you can achieve that goal. It might take some patience, but it’ll pay off.
8. Quit Your Job and Make $64/Hour
Have you always dreamed of starting your own business? One where you could work from home and set your own flexible hours? This could be your perfect opportunity.
Not sure where to start? Look into bookkeeping. It’s the No. 1 most profitable business, according to an article in Inc. And you can earn up to $64 an hour.
You don’t have to be an accountant or good at calculus to be successful at bookkeeping, either. As long as you’re motivated, a company called Bookkeeper Launch will teach you everything you need to know. It’s one of the leading training courses in the field, and it’ll even give you the first three classes for free.
If you’re just a little curious, you just have to submit your email address here to take the first free classes.
9. Make Sure Your Credit Score’s in Good Shape (Add up to 300 Points)
Listen. A good credit score can open up a ton of opportunities for you. It can help you buy a car, take out a mortgage or even open a business.
So if you’re looking to get your credit score back on track — or even if it is on track and you want to bump it up — try using a free website called Credit Sesame.
Within two minutes, you’ll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You’ll even be able to spot any errors holding you back (one in five reports have one).
James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.*** “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.
Getting your free credit score takes less than two minutes.
10. Grow Your Wealth By Learning From Others
One of the best ways to get your money in order? Learning from others! These could be the millionaires themselves, personal finance experts or real-life people who’ve had success. Search the internet for blogs and websites, listen to podcasts and read books.
Here are a few of our favorite resources (ahem, besides ourselves):
“How to Money” podcast
“The Total Money Makeover” by Dave Ramsey
“The Side Hustle Show” podcast
“Rich Dad, Poor Dad” by Robert Kiyosaki
“The Money Nerds” podcast
“The Richest Man in Babylon” by George Samuel