1. There is a strong positive correlation between one’s level of net worth and the frequency with which they watch their children play sports – Most affluent parents encourage their kids to participate in sports, they believe it’s part of becoming a well-rounded individual. Also, these parents spend a lot of their time attending their kids sporting events. Benefit – A certain competitive nature is enhanced as a result and it is a low cost form of entertainment.
Data also indicates that people who played sports in school exercise more often during their adult years. The health and psychological benefits of regular exercise are well documented.
2. A cheap date – The affluent are typically not extraordinary, but they do have a few habits that set them apart. Easy to please is one of these habits. Watching their kids play sports, attending religious services, eating at moderate priced restaurants, volunteering at service organizations. All these don’t cost much money.
3. Consulting with tax and investment professionals – The number one activity that the affluent shared in was consulting with a tax expert. This is mainly because a reduction in even just 5% or 10% in taxes can be the equivalent of paying for their child’s college tuition for a year, or more.
The information was taken from the book “The Millionaire Mind” by Dr. Thomas Stanley.
I facilitate a Dave Ramsey, Financial Peace University course, and if you get a chance to participate in one I highly suggest it. Most affluent families were not born into wealth, nor inherit it. Most learned good wealth-building habits, like the ones mentioned above, that eventually helped them get there on their own. Next FPU class starts in February. To sign up email me: firstname.lastname@example.org (we don’t make money on the course, materials are at costs).
If you have not read my book “Financial Wellness”, it’s full of basic wealth building tips. Could be a great way to start the New Year! Email me for a copy at email@example.com.