How the wealthy got that way

One of the most successful TV shows of the past two decades has been “Who Wants to Be a Millionaire,” now in its 22nd season. The rhetorical nature of the series title offers a hint about why it is so popular: Everybody wants to be a millionaire!

Have you ever thought about why? Some people may dream about owning yachts and mansions, but the most basic driving force behind monetary ambition is to achieve financial security, especially for the retirement years.

Therefore, one secret to building wealth is to realize that money is not an end in itself. Rather, it’s a way to secure freedom from want for you and your loved ones. When you think about it that way, it’s easier to patiently make sacrifices today for the sake of tomorrow.

Research by Thomas J. Stanley and William D. Danko, authors of the 1996 bestseller “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy,” revealed that only 20 percent of Americans with a net worth above $1 million inherited money or land.

If you buy into the myth that most wealthy people come from a privileged class, let that sink in: It means that 80 percent of well-off Americans are self-made. In fact, most are from middle-class backgrounds and many are selfemployed business owners or professionals who drive ordinary cars and live in modest homes.

They became wealthy by working hard and saving and investing their money instead of spending it. As a result of their interviews with wealthy people, Stanley and Danko offered sage advice on how to join their ranks. As a Certified Financial Planner, I have had many clients whose life stories bear out the following advice:

Live below your means. Be frugal without becoming a penny-pincher. Look for value in your purchases. Many wealthy people don’t wear expensive clothes, drive exotic cars or live in a McMansion. They focus on their goals, not on impressing other people.

Set goals. Think about your values and long-term aspirations and write down a set of short-term goals designed to get you there. Be