This week’s theme is millionaire habits. Paying attention to the habits, behaviors, and attitudes of the most successful among us can teach us something about how to reach and maintain a financially secure retirement.

When you walk into a dealership to buy a car, the conversation about what car you can afford is always framed around how much payment you can afford.

That is the absolute worst way to frame whether or not you should buy something. Lenders will always be willing to lend you the maximum amount, so what you can afford according to the lender  is usually way more than what you can actually afford if you have other goals, like saving for retirement.

When you buy cars and houses, and other big ticket items, successful people realize that deciding on how much to spend is not about what you can afford. It’s about what amount makes the most sense given your financial goals and what’s most important to you.

I have a lot of clients who drive drive cars like 10-year old Honda Accords, and have a paid off mortgage, and I don’t think it’s a coincidence. The bestselling book, The Millionaire Next Door talks about this concept at length. In fact, if you’re interested in diving deeper into the topic of millionaire habits, it's an inspiring read, and I highly recommend it.

That’s it for today. Tomorrow, we’re going to recap the week and I’m going to give you a little preview of next week’s theme.

My name is Ashley Micciche and this is the One Minute Retirement Tip.

----------

>>> Subscribe on iTunes: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

----------

Tags: retirement, investing, money, finance, millionaire habits, what millionaires do, how most millionaires are made, rich habits, building wealth, wealth building ideas, how to build wealth, get rich, positive habits, how much car can I afford, how much house can I afford, how much should I spend on a car, how much should I spend on a house, millionaire next door