The 5 Habits All Millionaires Share — Backed by Federal Reserve Data

Comments · 1.7K

• MR

  @MrHoopSr · 8 months ago

  Finance 101 should be required of every student before graduating high school.

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• RO

  @rosanatse · 8 months ago

  Someone had said: if you keep the same spouse, the same car and the house, you will become rich!!

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• HA

  @hansangb · 8 months ago

  Tale as old as time. Rich people are rich because they act like they are poor. And poor people are poor because they act like they are rich.

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• AD

  @AdamZaple1984 · 8 months ago

  I started at age 22 as a Sergeant in the Army saving $50 a month. Broke the million mark last year.

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• DA

  @daniellebarron9181 · 8 months ago

  Not buying cars every three years. Keeping my car for 10+ years really helped increase my net worth.

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• RE

  @reedb1961 · 8 months ago

  Great content as usual Erin.  To any young person reading these comments: another key to retiring with 7 figure assets - never withdraw from your retirement accounts until you retire!  Life gets tough, we have all been there.  But you have to let your money work for you.  I can't count the number of part-time jobs my wife and I held when we were younger and it was all to pay bills while never taking a single cent out of our retirement accounts.  Let your investments do the heavy lifting, it is so worth it when you get ready to retire.

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• MI

  @michaelwoods4495 · 8 months ago (edited)

  There are a couple of things that work:<br>1. &nbsp;Dollar cost averaging--put in the same amount every month.<br>2. &nbsp;Low-cost index funds--don&apos;t pay for clever management.<br>Also, as I had to tell my grandson, &quot;Ben, a million dollars is not a lot of money.&quot;

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• MI

  @mikebernardin3345 · 8 months ago

  Erin, you just described our financial life. &nbsp;I was a telephone repair man and my wife a nurse. &nbsp;We do not even know when we became millionaires. &nbsp;What we remember was each reaching around $600K after 25 years of max 401K contributions and starting to see days when our money would earn, on a good day, what we both made in a month or two! &nbsp;Until viewing this video I thought we just we were just lucky and fortunate. &nbsp;Now we know this is how most do it. &nbsp;Thanks so much for the efforts you make to publish these great video&apos;s. &nbsp;It means a lot to us. &nbsp;Keep up the good work

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• RO

  @roderick.t · 8 months ago

  At <a href="https://www.youtube.com/watch?v=mrl87eXIRuo&amp;t=1015">16:55</a>, this! I&apos;m currently 57 and started investing seriously in 1998, and yes, getting to my $100k was difficult, taking about 10-12 years. In 2021, I crossed the $1M mark. The second $1M was just before Christmas 2025.

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• SI

  @sinkinpat · 8 months ago

  I keep my cars for 20+ years, the newest is a 2007 and needs a new engine, my daily’s are a 2004 truck and a 2005 mini cooper I always fixed everything myself as labor is expensive. My time was cheaper and teaching myself a new skill would pay off over time. I started working in my career at age 24. I started contributing 10% to my 401K and added 1% until I hit 15% and held that. I started making $9 per hour. My wife and I have crossed the threshold . &nbsp;I only took 1 year off contributing. That was to contribute all our extra to get out of personal debt 10 years ago. I hope to retire in 5 years at 55. I work in engineering but I am not one. I was surrounded by them and picked up on habits and discussions. We became cheerleaders for each others financial success.

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• JU

  @JustinSmith-y2c · 8 months ago

  <b>We paid off our last credit card on New Year&apos;s Eve so we&apos;re into 2026 credit card free! This year we plan to pay off our truck, which is our last debt (other than our mortgage) and then we are never going back!!</b>

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• CH

  @chucke756 · 2 hours ago

  Thanks. A great video. &nbsp;My 2 younger brothers are retiring before me because they were business owners. &nbsp;My dad always said that you won’t become rich working for others. &nbsp;He was right. &nbsp;My painstaking retirement is coming soon. Best wishes!!