There are a few common traits between just about every millionaire next door type.
First of all, they’re totally committed to becoming wealthy through a slow and steady approach. They make the sacrifices to create a huge savings rate, and then, most importantly, they keep putting money away consistently for decades.
These folks share other similarities too, including being smart with their investments, having a pragmatic approach to life, and taking every opportunity to increase their income. This extra cash can come from passive or active sources, it doesn’t matter. The important part is that it comes in.
There’s surprisingly little competition when trying to increase your income. The world is filled with employees who don’t bother taking overtime for various dubious reasons. And many others refuse to work even a minute on a weekend, lest they give up their highly-valued freedom.
This leaves plenty of opportunities for the rest of us. According to a recent study, only 5% of Canadians are actively earning income outside of their full-time job. Millennials have embraced the concept of a side hustle the most, as they struggle with paying off debt and saving for increasingly unaffordable houses.
There are thousands of Canadian companies that would like to expand but just don’t have the work available for a full-time employee. Freelancers can fill that void while getting paid a very reasonable amount. And the internet makes such an arrangement easier than ever.
Most people have more leisure time than they realize. Exchanging some of it for more money is just a no-brainer. It will make you richer.
