Want to build wealth? It may come down to some surprisingly simple habits.
According to The National Study of Millionaires from Ramsey Solutions, many people build their wealth through long-term investing, careful spending and avoiding debt rather than receiving large inheritances.
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The study, which examined the financial habits of millionaires, highlights strategies such as driving modest vehicles, avoiding credit card debt and consistently investing over time.
Researchers also found that 79% of millionaires did not receive an inheritance from their parents or other family members.
According to the survey, 8 out of 10 millionaires invested in their company’s 401(k) plan.
Financial experts say the common theme is living below your means and making intentional choices with your money.
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Experts say the findings challenge the common belief that most wealthy people inherit their money or achieve success through luck.
Instead, the research suggests that building wealth often comes down to financial discipline, patience and making smart money decisions over decades. Those habits may seem small on their own, but they can have a significant impact over time.
