This except comes from a blog post titled “How To Become A Millionaire In Waiting” that exposed me to this phrase “millionaire in waiting” for the first time:
Quote: Everything Comes To Those Who Know How To Wait.
Many people read the above quote incorrectly when they ignore the key words, "Know How To". They think it means, "everything comes to those who wait." For a minute they think that someone has finally discovered some virtue in laziness! They, therefore, hope to sit down, do nothing and be awaken from their daydreaming by astounding financial success!
The 5 basic differences between those who wish to get much from doing nothing and those who know how to wait to become millionaires are the following;
One – Being careful to spend less than you earn while still enjoying life.
Two – Having an emergency fund to carry you through life’s financially devastating moments.
Three – Investing money for retirement.
Four – Investing in self-education.
Five – Borrowing money to invest in property, business and education.
Those who do not know how to wait to be millionaires usually do the following 5 things;
One – They spend more than they can afford as they try to out shine the Joneses and strangers in the community.
Two – They have no emergency fund. They think insurance is a waste of money because calamities can only happen to other people.
Three – They do not invest for retirement because they they will never be either too old or too sick to work. They have never seen anyone who is broke, sick and too old to work.
Four – The do not invest in self-education because they know everything there is to know. They would prefer to receive something intoxicating rather than financial advice.
Five – They borrow money to spend on consumables e.g. clothes, vacations, gifts and food. They cannot tell the difference between cash and credit card. They think available credit limit and cash in the bank mean the same thing and they use both the same way.
The good news is that today you have a choice to change your direction if you did not know how to wait to be a millionaire.