4 Things Millionaires Never Do

Millionaires don't look at the world in the same way as other people. In fact, the reason that many self-made millionaires reach that point isn't just because of what they do - it's because of the things that they don't do. Below are four of those very important things that millionaires never do.

Spend Without a Plan

People who become - and stay - millionaires don't go on spending sprees. This isn't to say that they can't splurge from time to time or that they can't be generous, but they don't spend their money without knowing how it will be spent. Part of becoming wealthy is learning the value of a dollar, so many millionaires are careful about their budgets.

Let Their Money Rest

Putting your money to work is one of the most important habits you'll need to get into if you're looking at how to get rich in the military. Millionaires rarely get rich from their day jobs, but their multiple income streams keep them wealthy. 



Investing money in the markets, buying properties, and taking calculated risks on new companies are just some of the ways that the wealthy ensure that they will keep money flowing into their accounts.

Flaunt Their Wealth

Another good way to tell the difference between someone who is a millionaire and someone who has experienced a temporary windfall is how they present themselves. 

Those who are going to hold onto their money rarely go in for gaudy displays of wealth. Their cars might have a bit nicer trim level than average, and their furniture might be high-quality, but these aren't people who use their money to show off.

Stop Looking at the Future

Finally, millionaires always have an eye on the future. Few assume that they will always be wealthy, and thus they are always planning for a rainy day. Those who have more money than they can reasonably lose are still looking to the future of their families. 

It's not enough to make a million dollars - once you get there, you have to figure out how you are going to stay there.

If you want to be a millionaire, you have to learn to do the things that millionaires do. Take a look at what they avoid as well, as this will help you figure out how to stay financially sound. If you can follow in their footsteps, you might find yourself better positioned to join their ranks.

Protecting Your Finances: 6 Ways Bad Decisions Can Drain Your Wallet

When you work hard to boost your savings account, the last thing you want is to have to spend it unnecessarily. The following are six common reasons why people are forced to dip into their funds due to poor planning and bad decisions.

Maintaining a balance on your credit card

We're often advised as young adults to use a credit card periodically to build up a credit history. While this is good advice, some people pass along the myth that it's necessary to maintain a balance on the credit card to achieve this. 

If you believe this untrue myth, there's a chance that you've been paying way too much due to interest on your balance. Paying off your full balance every month will keep help you avoid paying out completely unneeded fees to the bank.

Buying cheaply

When it comes to cars, appliances, clothing, shoes, and so much more, buying the pricier option can result in more savings down the line. Cheap shoes must be replaced every year, but an expensive pair might last ten. 

Energy efficient dishwashers and furnaces have a higher price tag but earn back their price in how much they lower your utility bills.

Driving while intoxicated

Drunk driving is unfortunately very common around holidays and on weekends. Not only is it dangerous for yourself, your passengers and others on the road, but if you get caught and charged with a DUI you could lose a lot of money to fines. 

If you find yourself with DUI charges, it’s important to talk to Toledo, OH criminal defense lawyers. Legal experts can help ensure the best possible outcome, which can save a lot of money in the end.

Withdrawing from your savings account

Savings accounts are a great cushion for unforeseen disasters. Once the balance gets to a certain amount, it's tempting to use that money for a trip or a large purchase. Resist the urge to withdraw your funds and keep contributing. The future you will thank you.

Not tracking your spending

It's easy to spend a little here and a little there. When it all adds up, splurge purchases might make up a surprisingly large portion of your income. Without income tracking, there's really no way to tell, so start saving those receipts and analyzing where your dollars go.

Only paying the minimum on debt

Meeting the minimum payment on a loan month after month is admirable, but if you're able to increase the amount you put aside even by 10%, this will reduce the amount of interest you end up paying on the debt, and you'll pay it off faster, too.

If you have the funds, it's worth it to increase your debt payments as much as possible so you can become debt-free sooner with the more flexible cash flow that that entails.

Don't neglect your wallet. Help it grow with good financial habits, and enjoy the benefits that having more money can bring.

Manage your Money to Improve your Lifestyle

To make your living standard higher and to fulfill all your desires and needs the first thing you require to do is to manage your finance properly. Now money is something that should be used in a proper manner if you wish to improve your lifestyle. The first thing you need to do list your house and business expenses. 

By following this procedure you can save some money by eradicating the dissipate desires. It is essential for an individual to understand the concept of credit toil and mortgages; this will help the person to stay away from debts and other legal problems. If you wish to know more about economics, than there are several websites that provide complete information on budget planning.

Now the user should be very careful while providing personal information to these online firms. Here for planning or managing your budget you need to provide the account details. Therefore before relying on any of these budget sites it is necessary to do some homework and look out for an accurate one, as there are chances of getting cheated. Now the links which are genuine will charge some amount for the services provided, once the payment is done, software will be provided to the user. 

This software will allow the user to manage his/her personal funds, credit cards and bank accounts. If an individual prefers using a free site than he/she will get limited information plus the user will not get wide-ranging support and help. Users of the budget calculators and planners can have a regular check on their expenditures and savings. They can observe all their transactions this will give them a clear picture of how and where the money is being used. 

Once you are clear about the money saving concept, you can live a good and a high profiled lifestyle. Now if you are running a business the basic things that are be taken for consideration are set up a book to manage your credit stipulations and maintain the bank account to record of all financial transactions. By using online budget software you can easily manage all your financial transactions without assistance.

Now if you want to have a good control on your hard earnings apart from the above mentioned remedies, you must also try to eradicate few unusual activities. This may spoil your health and you can disturb your budget by spending more on medical treatment. If you are not concerned about your health then you can waste all your money on medicines and treatment. 

There are many ways to come out of this trouble like you can look out for a good health insurance plan and invest a handful of your income on any good and liable insurance scheme. This will protect you and your family from unexpected trouble. 

To stop misuse of money you can give up some unusual habits like drinking or smoking.The price of cigarettes has risen dramatically over the past few years. Government taxes on cigarettes are exorbitant. If you total how much you would spend on cigarettes per week, you would then see how much your smoking vice is costing you per year. For smokers, insurance policies are also more expensive. A good idea would be to replace regular cigarettes with electronic cigarettes which cost less and also doesn't contain toxins and harmful chemicals, the major cause of lung cancer.

7 Rules to Better Manage Your Money

 Every game has rules; managing and saving money are no different. Rules are a good thing; they set boundaries and keep people out of trouble, provided the rules are followed. By adding the rules that follow in this article, you can bet that your financial situation will improve. Here are 7 rules to to manage your money more wisely.

1. Needs vs. Wants 

If we all limited ourselves to our true needs, most of our money problems would disappear. After all, we don't really need much: food, water, shelter, and some company. At the same time, there are a variety of ways to satisfy those needs. For example, we can choose to eat beans every night or we can have a steak. There's also a difference between a tent and a $5 million home. 

Most material things in this world are entirely optional, and most of us have limited resources. Make sure you're not buying more than you need.

2. Don't spend new money 

New money is a raise or a financial windfall. You were already surviving without that money so don't expand your lifestyle to accommodate your new income. In general, we are not miserable because we don't have a new car or a bigger house; we are miserable because we can't pay our bills on time. Invest all the increases in your income and someday you can buy all the stuff you want. 

3. There is always an opportunity cost. 

Every decision has a cost, even if it's just the loss of other options. Buying a new car means the money for the car payments can't be used for something else. Going to college can cost four years of income. Always look at what you're giving up and decide if it's worth it. 

4. It's all about supply and demand. 

Consider that our income is largely determined by supply and demand. A brain surgeon makes a lot of money because when her skills are needed, the demand is extremely high. There are also relatively few people with her skill set. If you're easy to replace, your income is probably not as great as you would like. Always look for ways to make yourself irreplaceable. 

5. Understand risk. 

T-bills don't pay very well because the risk is minimal, perhaps next to zero. Stocks, on the other hand, pay much better on the average. However, stocks are more risky, too. Always consider the risk to your money and compare that with the expected return. Ask yourself, "Is the return I'm likely to get worth the risk?"

6. Understand the time value of money. 

Would you receive $100 today or $100 in 5 years? It is far better to receive $100 today. You could invest it or save it and start earning interest. Be sure to consider the time horizon for your investments. Here is some more information on the time value of money. The math can get complicated, but don't give up! 

7. Compound interest is an amazing thing. 

If you invested a single penny and were able to double it every day, in a month you would have over $10 million! The key is to leave your investments alone; don't take the money out and spend it. You'll be surprised just how quickly it can grow if you can just leave it alone. 

Anyone that keeps these 7 rules in mind will be handsomely rewarded in the future. If you're not already following all the rules, pick one and start today. Add a new rule each month until you're fully up to speed. Your bank account will thank you.

Melissa Wood contributes as an editor at RateSupermarket.ca. Obsessed with finding small ways to save money every day, she enjoys sharing her frugal lifestyle to the MoneyWise Blog. Read more about Melissa on her Google+ page.