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Misconceptions About The Rich

Posted by on November 6, 2011

There are numbers of misconceptions
about being rich.The more these
misconceptions linger in your mind
the poorer you will be because
its our mindset that makes us rich or poor.

Do you  know that majority (55%) of all
Britain’s millionaires have assets
valued at between £1 million and
£2 million, excluding their main
home according to CoreData
Research UK.2011

But most of these people don’t
consider themselves rich.
According to a survey by Barclays Wealth,
millionaires reckon they need at least £5
million to feel wealthy and afford a
luxury lifestyle.

£5million pounds in naira at the rate of N250
for a pound is about N1,250 ,000, 000 .
Some of the misconceptions that you
should stop believing,if you will be rich are:

1: Most Millionaires Made of Their
Money from a Big Business Deal,
Inheritance or Property Deal
In many cases there has been no quick
‘road to riches’ for the rich. When asked to
identify the top three sources of their wealth,
71 per cent said their wealth was acquired over
the long term, by savings from earnings.
Remember what you save will save you
and what you keep will keep you.

2: Millionaires Are Lavish Spenders
Who Splash Out On Designer Brands,
Exotic Wines etc 42% of those interviewed
for the biggest ever market research survey
millionaires said that they spent less than
N50,000  a year on clothing.

When asked whether they thought that
buying designer clothes and other luxury
goods was a waste of money,
1 in 3 of millionaire respondents to
the Wealth survey agreed.

Over a third of millionaires (38%)
spend under N 15000 a week on
their weekly food shopping.

3: Millionaires Are So Rich, They
Don’t Bother with Budgeting and
Don’t Pay Particular Attention to
Their Net worth .The truth is that millionaires
are careful about how they spend and what they own.
They insist on being fully in control
of their own finances, nearly
70 per cent saying they know
exactly what they own and exactly
what they owe.

Almost half (45%) said that their most
important financial goal has been
saving for their retirement.

So contrary to what the media might
have you believe, majority of millionaires
built wealth by investing over the longer term,
they enjoy good quality lifestyles but that
doesn’t necessarily mean they splash out on
luxury and they are almost always in control
of their own financial future.
What is this got to do with you? Well, if you
do what rich people do, consistently
over the long term, you will become rich.
So stop acting rich. Start living like the rich

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