Plans need to be evaluated along the way, however, and altered to accommodate life's changing goals. Stanley found the millionaires he surveyed live comfortably, but are not wasteful. Most buy expensive shoes, but they have them resoled. Clipping coupons and buying household items in bulk are activities of millionaire households. Live frugally and share big ticket items, like a lawnmower or snowblower, with neighbors or friends, he suggested.
Millionaires tend to start businesses, building their wealth through finding a profitable niche.
They love what they do and their focus is more on building the business rather than amassing wealth, research indicates. Herb advises diversifying across asset classes and investment styles, and to understand investments. Nehring agrees, saying that staying educated on financial matters is as important as seeking the counsel of a financial planner early in life. This is more of a marathon than a sprint. The race is to the sure, not the swift.