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Brain Tracy - Million Dollar Habits Brain Tracy

Brain Tracy - Million Dollar Habits Brain Tracy

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Published by: Hengleena on Jul 13, 2010
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05/21/2013

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Perhaps the most easily identifiable habit of self-made millionaires is the habit of

frugality. Wealthy people are careful with every penny and every dollar. They

allocate their funds carefully and with great deliberation. They never buy new

when they can buy used. They never buy if they can lease, and they never lease if

they can rent. They never rent or lease if they can borrow. They know that, as the

Million Dollar Habits – Page 96

English saying goes, “If you take care of your pennies, the pounds will take care of

themselves.”

For example, most self-made millionaires do not buy new cars. They wait until a

good quality car is about two years old before they buy it. Even then, they have the

car thoroughly checked out by a reputable mechanic. Once they feel confident that

it is an excellent buy, in good condition, they buy the car and then they drive it for

five or ten years before replacing it.

Most new cars drop 20% in value as soon as you drive them off the lot. After two

years, many cars have lost 30% - 50% of their value. They are still in excellent

condition, and often they are still covered by factory warranties. When you buy a

good quality used car, you can save many thousands of dollars, all of which can be

saved and invested and allowed to grow at compound interest toward your ultimate

goal of financial independence.

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