Living for Lifestyle | Series 9.10

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Welcome to the Enjoy More 30s Family Finance

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podcast. The only podcast dedicated to making life more

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enjoyable for young families by hitting on the financial topics

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that tend to weigh on us, stress us out, and distract our focus

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from simply enjoying life.

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Hello, and welcome to the Enjoy More 30s Family

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Finance podcast for all those people out there trying to avoid

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being financially secure, well we have our series for you 10

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Ways To Not Be a Millionaire. Now if you actually do want to

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be a millionaire not to worry. This series isn't just for those

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people who are looking for some kind of financial ruin. If you

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avoid doing these 10 things and you could be well on your way to

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millionaire-hood as well. Each week I'll share a quick step in

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this how to not be a millionaire process so you know what to do

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or hopefully what to avoid at all costs. As always, before I

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begin, please share and like please leave reviews. I'd love

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to reach and help as many young families out there just like you.

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Today's great tip on how to not be a millionaire is Living For

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Lifestyle. I save this one for last because it is by far the

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easiest and most fun way to not be a millionaire. Ever hear

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someone say so and so is, "doing well" or is "well off" or is

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"making good money", and then proceed to rattle off a bunch of

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things they spent money on like home renovations, expensive

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vacations, or fancy cars to prove their point. This is a

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great way to fool ourselves into believing that spending money

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means that you have wealth. The more we can convince ourselves

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of this point, the farther away from being a millionaire we can

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go. Let's say between a little bit of a fancier car, larger

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house and other great lifestyle items, we can increase our

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spending by $500 a month. Doesn't sound like too too much

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but let's just see how much this can help us not be a

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millionaire. If we are spending the extra $500 a month, that

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means we cannot save the extra $500 a month. And so for

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example, we can help ourselves miss out on an extra $500 a

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month savings for say the next 30 years, which if it grew at an

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assumed 10% would come out to over $1.1 million. If you do not

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want to be a millionaire, you can see just how important extra

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lifestyle spending can be to avoid millionaire-hood. If

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however you do want to be a millionaire, you can see just

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how far extra savings can go. And so instead of believing

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spending money means that you have wealth, you can instead

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take on the mantra of "it is not about how much you make, it is

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about how much you save." If you make $400,000 a year in wages

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and save $60,000 a year of that you are saving 15%. If you make

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much less, let's say $100,000 a year in wages, and save $20,000

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a year you are saving 20%. You are making less, saving less but

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because you are saving a larger percentage of your income, you

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would likely be at a much better path towards accomplishing your

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goals. Furthermore, if the $400,000 earner is saving

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$60,000, that means they are living on the other $340,000 a

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year. When they retire will they want to give up all those great

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lifestyle items they have grown accustomed to over the last 30

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years? Of course not. That is a lot of money to have to replace

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in retirement. The $100,000 earner has to only replace

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$80,000 after accounting for that $20,000 a year of savings.

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A much easier task, with Social Security likely covering 50% or

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more of it for them already. Overall, I think it is more than

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clear, Living For Lifestyle is a fantastic way to not be a millionaire.

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Thanks for tuning in today and join us for next week's series

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recap of how to not be a millionaire, where we will

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highlight all these wonderful tips and tricks to not be a

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millionaire. And I suppose if you actually do want to be a

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millionaire, well then you can go ahead and have a great list

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of things that you should do the exact opposite of instead. As

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always, please remember to review and share for others. And

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if you need any help, don't hesitate in reaching out. I

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probably have helped someone just like you. Until next week.

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Thanks for joining me today and I look forward to connecting

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with you again soon.

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The conversations on this show are

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Joe's opinions and provided for general information purposes

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only. They do not constitute accounting, legal, tax, or other

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professional advice for your specific situation. You should

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always seek appropriate advice from a financial advisor,

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accountant, lawyer, or other professional before acting upon

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any content or information found here first. Joe is affiliated

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with New Horizons Wealth Management LLC, a branch office

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of TFS Securities, Inc., and TFS Advisory Services an SEC

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Registered Investment Advisor, Member FINRA/SIPC.