Financial Reflections

I know at least four millionaires.  I’m pretty sure I know more, but I thought I’d outline those I know the most about.   People aren’t exactly forthcoming with their money matters, so I’m having to speculate here, but I’m rather certain these four are loaded.

Here are my profiles. They all shared some common traits: they worked hard and were smart with their money.   Three of the four also owned their own business.  I’m leaving out their names and cities (not all actually live near me) but I’ve gotten to know them over the years on my travels.

1. The Tire Man – Most millionaires make money in stuff that’s incredibly boring to most of us.  This guy made serious money selling used tires.  He started small and grew slowly.  Now he has multiple places and a warehouse with thousands of tires he hauls in.  I actually had a tour of it.  No glamorous buildings, he buys old places from closed dealerships and the like, leaving him with real estate and money in the bank.
2. The Wire Man — an associates degree, an electrical business in a growing city, and a smart business sense to not waste money made this friend a likely millionaire.  He’s smart and works hard and has reaped the benefits.
3. The Junk Man — If used tires were too glamorous, this guy ran a salvage yard and sold it for over a million.  I’ve been to the yard and would never have thought it was a gold mine.
4. The Heisman – I actually knew a football player who lived nearby.  Turns out my house is near my city’s football practice facility.  A few players live near me, but he’s the one I’ve actually met.  He struck me as smart with his money and likely is doing well.

So unless you’re able to hurl a football with laser precision while evading 300 pound linemen, it looks like owning your own business is a good call for becoming a millionaire.  You have to budget, have good sense, work hard and have some luck, but I know many people who’ve done well, if not hit seven figures with boring but profitable busineses.

That’s a pretty small sampling, but it’s consisetent with Thomas J. Stanley’s books The Millionaire Mind and The Millionaire Next Door.  Makes me wonder what I should be doing differently.