The Rachel Cruze Show - 7 Subtle Signs You’re on Track to Be a Millionaire

Starting point is 00:00:05 So the truth is, becoming a millionaire isn't always flashy. It's not like this overnight success that you see in the 90s movies. So we're going to talk about seven subtle, slightly boring signs that you're actually already on your way to building wealth. So stick around and find out where you fall and make sure to like, subscribe, and share this episode with a friend. Okay, we loved Blank Check, the movie, the Disney movie, you know, rich you rich. Like all these movies in the 90s as kids and you're like, oh my gosh, look at all this

Starting point is 00:00:34 money. And you just write a check for a million dollars and get a castle and a limo and all this, you know. But now as adults, we all know that, yes, building wealth takes time. And there's still a little kid in all of us that wants to believe, yeah, I think I can get rich quick. And I'm going to win the lottery. I'm going to find a blank check and everything's going to be fine.

Starting point is 00:00:51 But it's not always true. So we subtly start to build wealth. And that is the reality. And that's okay. It's going to be slowly but surely. But it is great. So the first subtle sign that you are getting ahead financially is consistently investing in retirement.

Starting point is 00:01:10 I know. So boring, you guys. But this is full proof. I'm telling you, this is where people get greedy. My dad always talks about the tortoise and the hair. He loves that book for so many elements and metaphors in life. But this is true. Like, be the tortoise.

Starting point is 00:01:25 Be boring. And when you go and you talk to people that are actually net worth millionaires and you talk to them on the street. There's so many Instagram accounts now that they're like interviewing people on the street. And it's just like an average looking couple, you know, and they're like, yep, we funded our 401k and Roth IRAs and paid off our house and just this. And it's just boring. But yet they have like a $4 million net worth. And it's fantastic. And like one was a teacher, one was an engineer or whatever. So I'm telling you, it may feel boring and not exciting, but over time it works. So fund 15% of your income into retirement after your debt free and after you have a fully funded emergency fund

Starting point is 00:01:59 and do it consistently, month after month, year after year, be funding your retirement. Number two, I mentioned it earlier, but paying your house off early. And so this is definitely something that adds to your net worth, but it also adds to your peace of mind because that housing line item in your budget is always the most expensive. And so if you are a renter for your entire life, that is just going to continue to increase and take part of your budget. It is. Now, if you have a mortgage, obviously, for most people, if it's a 15-year fixed-rate mortgage,

Starting point is 00:02:32 which is what I recommend, then you're going to know your payment until the house is paid off. But I don't want you waiting 15 years for it. So we are finding that people that are doing the babysps, they're doing the Ramsey plan, they're paying their houses off in around eight to nine years, which is amazing. So even just adding an extra payment every year on your mortgage, it shaves the time off and the interest in all of it. So if you could imagine doing that multiple times a year, an extra mortgage payment. And again, once you're out of debt and you have an emergency fund in place.

Starting point is 00:03:04 But paying your house off early is such a small, subtle way, though, to show that you are on your way of building wealth. All right. Number three is actively working to get out of debt. So a lot of people just maintain their debt their entire lives. And it's just part of it. They're just trapped in monthly payments. Their income comes in. most of it goes back out, you know, thousands of dollars for some people. And they never see that

Starting point is 00:03:28 money again. They worked hard for that money, but it's gone. Versus actually saying, you know what, I'm going to get out of debt. And then I actually am going to get to use my income to invest and pay my house off earlier, everything we just talked about. So you're actually using your income for you and not for, you know, banks and debt companies out there. So living debt free really does put your net worth in the positive and it's a great way to build wealth. So if you're doing that, you're doing a great job. All right, number four is you're not trying to cut corners. So don't be afraid of hard work.

Starting point is 00:04:01 Don't be afraid to grind it out sometimes. And again, slow and steady wins the race. And so we want to believe in short-term wins. It feels much better to feel like, oh my gosh, only have to do this for a little bit and then I'm going to be fine. But the truth is the way life works is it is slow. It's a slow progression over time. And so you're going to have seasons specifically with working that maybe you're working a ton.

Starting point is 00:04:23 and you're like maybe trying to get the promotion or whatever the thing you're doing. But you don't want to work your whole life and just be a workaholic by any means. So some seasons, you know, you may pull back some, but whatever that looks like for you, part of it is the work. And so I pray that you love your job and you enjoy what you do because I think that's a big part of all of this too. But yep, just remember slow and steady still wins the race. All right.

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Starting point is 00:06:14 That's gomino.com code Rachel. All right, number five is use a written shopping list. So if you are the type of shopper that has a list, whether you're going to the grocery or to target, that tells me that you have intentionality and discipline. And you're not making purchases based on emotion or going in without a plan. And usually if that's a part of your rhythm of life, something as small as grocery shopping, that means you have that in you probably for the rest of your money, meaning you have a plan, you know what's going on.

Starting point is 00:06:43 Because the biggest mistake people make with their money is they're not intentional. They don't know where it's going. They don't know what's doing. and they look up at 45 and like, gosh, I probably should start investing in retirement and that kind of thing. So if you are someone that is disciplined and intentional, that is a great sign to me that you're going to build wealth. All right. Number six, you look and act average. So this is interesting because, man, people that really do build wealth, so again, I'm not talking about like billionaires out there on yachts and private planes and all of it. I'm just talking about people that

Starting point is 00:07:15 are, hey, we worked hard and we are going to retire with dignity. you know, four, five, six million in the bank. It's pretty great. Yeah. And those people, you guys, are everyday people looking and acting just like you and me. And I think people assume, like, the flashy cars and the big lifestyle, but the life choices that they make are wise, and they're thinking through like, okay, what are my purchases? Everything from clothes to cars and vacations, they look and act normal, but they're not because they got millions of dollars. Now, on a big scale, You could think like Bill Gates and his new balances or when Steve Jobs is alive, like he had just a very like minimalist wardrobe, all of that.

Starting point is 00:07:54 So I'm talking about like that kind of feel but for everyday people with the everyday people who aren't broke, but they've actually built wealth and kept it because they don't care what you think. And that attitude is fantastic. All right. Number seven is not afraid of the word no. So this goes for your kids, your social life, the latest trend on the internet, whatever it is. When you can say no, there is something, again, about delaying gratification, and it's actually a part of you that wants to do something, but you know for some reason, it's not wise. It's probably not the best decision. So you're going to put a boundary up. And for that, man, that takes foresight. That takes wisdom because you're thinking long term. And because of all of that, again, it kind of goes back to that discipline mindset. But when you can say no to something, it gives you power to be able to say yes for the things that you want. It's fantastic.

Starting point is 00:08:46 Now, if saying no is tough for you, I get that. And so that is why every dollar the budgeting app is fantastic because you can say yes to the right things. A lot of people don't want to budget month to month and they're like, no, well, you know, it's going to create boundaries and not be fun. But I'm telling you, when you actually have control of it, your yeses get to be that much more exciting. And that doesn't happen if you're not budgeting. So I'll put a link down below for you to check out every dollar because it's not just an app about budgeting, but your entire financial picture. Now, for more subtle millionaire hacks, make sure to check out my episode five simple habits, Quiet Millionaires Swear by.

Starting point is 00:09:22 You can click right here, or I'll put a link down below. All right, you guys, remember to take control of your money and create a life you love.

The Rachel Cruze Show - 7 Subtle Signs You’re on Track to Be a Millionaire

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