The millionaire next door, we’ve heard a lot about him, but what does he looks like? Does he look rich? How does he act? Does he act rich? It is hard to generalize what a rich neighbor looks like or how he acts because each person is different. There is no one way to look or act rich. But there are common characteristics that each of our rich neighbors possess. Those characteristics include a set of cares they focus on and “care nots” they don’t concern themselves with. Here are the top ten CARES and CARE NOTS of the millionaire next door:
Care/Care Not #1: He cares about spending less than he earns, always, in every season. He doesn’t care how his limited spending is viewed by neighbors and friends.
Care/Care Not #2: He cares about value, like the value of drinking coffee at home vs. going to Starbucks or driving his older, paid-off car vs. buying new cars regularly. He doesn’t care what you think of his value-based buying decisions.
Care/Care Not #3: He cares about the financial freedom to get stuff if he chooses. He doesn’t care about the stuff!
Care/Care Not #4: He cares about paying himself first in the form of savings and investments. He doesn’t care about keeping up with his neighbor’s spending.
Care/Care Not #5: He cares about completely paying off his credit card each month. He doesn’t care about the interest rate or costs to borrow money because he doesn’t buy things on credit.
Care/Care Not #6: He cares about saving over time and the value of compound interest. He doesn’t care about speculative gambling or “get rich quick” schemes.
Care/Care Not #7: He cares about protecting his limited material assets with insurance and proper maintenance. He doesn’t care about having so many material things that he can’t take care of them.
Care/Care Not #8: He cares about making plans for success, including having a budget, making savings goals and retirement planning. He doesn’t care to control everything because he has a plan and is prepared for when “life happens”.
Care/Care Not #9: He cares about owning everything he has. He doesn’t care about having more than he can comfortably own.
Care/Care Not #10: He cares about being “full”: joyful, full of content and grateful. He doesn’t care about “ests”: richest, biggest (home) or fastest (car).
There it is. The millionaire next door may not look or act very different than you or me, but they live in complete financial freedom with a set of cares and care nots that allow them to live richly and accomplish precious life goals.
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About the author: Mike Valiton is a Finance Pastor in Austin, TX that is passionate about helping people live abundantly and in financial freedom.