From the Podcast:

Millionaires must be doing something right. Learn some valuable tips that can help you build your personal wealth while learning how to manage your budget.

Talking Points:

  • Don’t live large. Building wealth is about discipline, risk, and tough choices. Millionaires remain millionaires by living within their means.
  • Spend wisely. Set monthly, yearly, and long-term financial goals. This will help you judge how you should be spending your money today.
  • Have goals and stick to them. After you have established an emergency fund and are out of debt, invest 15% of your income into your retirement fund.
  • Be content. A lot of wealthy people are happy and content because they are givers who truly enjoy life, and a big way they got wealthy in the first place was by being content and satisfied with their lives.
Discussion Questions:
  1. Initial reactions to this topic? What jumped out at you?
  2. What three things you would do immediately if you won or inherited a million dollars tomorrow? Why?
  3. Why is important not to live outside your means if you want to achieve financial stability? What are some ways you live outside your means right now?
  4. What are some of your financial goals for the next six months, the next year, five years, or ten years? Why are these your goals, and what do you have to start doing to get on the path to reaching them?
  5. The millionaire habit of driving used cars is about investing your money into things that do not have high depreciation. What are some danger areas for financial depreciation other than cars, and how can you be wise in this area with your money?
  6. A surefire way to invest wisely is to invest into retirement, but for it to really pay off, you have to establish an emergency fund (3-6 months of your income saved for emergencies and used only for them) and get as far out of debt as possible. If you don’t have an emergency fund and are in debt, what’s your plan to build your emergency fund and attack your debt?
  7. Many people become wealthy by managing their money well because they are satisfied with their lives and don’t need to blow their money on cool stuff. Are you content and satisfied with your life, and how does this affect your finances? Explain.
  8. Is there a step you need to take based on today’s topic?