The Millionaire Mind: The One Sensible Way to Spend Money

The key to wealth is to augment your means while decreasing your wants at the same time

Benjamin Franklin

The millionaire mind secret to wealth is to keep your spending down and at the same time increase your income.

If you can develop this habit, that is reducing expenses and at the same earn more money, then you have a better shot at climbing the wealth ladder.

In fact, you’ll find that your dream of financial independence will come true… and you’ll be living the American dream. By developing this habit, you will move from dreaming to living your dream lifestyle   easily.

I have one confession to make. This habit  is  not easy to develop.  However, if you can  make up your mind  that you’ll do whatever it takes  to-stay on track   to financial freedom-then  you’ll eventually come through.  And never have to worry about money or… have to depend on social security checks for your retirement.

Why it’s difficult to control spending


You see I don’t have an easy answer to the question. Because when I started out, learning how to keep my spending down and at the same time save money…. I struggled coming to terms that it was possible to live such lifestyle.

It all came together for me one day when I understood that my spending habit was a reflection of my mind

How does your spending habit reflect your mind?

You see when it comes to spending money –how you spend money will depend on  your behaviours: you can either be an impulsive, moderate spender or a miser.

Most wealth builders are moderate spenders. In fact, most of the wealthy people I know enjoy an affordable lifestyle without penny pinching or being extravagant

Why spending feels so good

For a long time, I use to wonder why someone would need to spend money beyond his or her means in order to live well.

Some of the reasons people live above their means includes; family upbringing, lack of financial literacy and peer influence

You see when you are poor… you felt insecure when you desire material things you can’t afford. You then start to feel and think by having   more money you’ll feel secure-when you own materials things you lacked when you were poorer.

As you progress on the ladder of success; you’ll begin to own those material things you wanted… and also, you’ll now find you are nowhere near feeling secured, so you buy more until you go into debt and if you are not careful you may go broke.

The danger of overspending and going into debt is that you may become emotionally scarred and live in fear of debt.

Because you are now afraid of making mistakes from your past follies… you may form a totally wrong attitude towards money

You may now feel like a dog that has been beaten dashing for protection…with its tail between his legs

 If you  are  in this situation, be hopeful. You past are not a prologue to your future.

The fact that you made mistakes with money does not mean you’ll remain poor forever…

All you need is to change your attitude towards money …look for good money habits and make them your friend

 You must get rid of the belief that you need to own material things…live in mansions…drive luxury cars, fly first class – to become wealthy.  Because if you don’t… you’ll never be able to save money… and accumulate enough money to become wealthy.

You see millionaires and wealthy people spend money differently from poor and middle class people

Millionaires and the affluent are moderate in spending and live a disciplined lifestyle.

Wealthy people spend their money wisely in such a way that they become more productive economically, physically and spiritually.

How Do Millionaires Spend their money and time?


Dr Thomas Stanley bestselling author of The Millionaire Mind shed light how millionaires spend their time and money.

Dr Stanley’s book is a study of millionaires and their habits…that is worth reading many times over. The book studied and found that millionaires spent a large chunk of their time in actions related to generating high incomes and amassing wealth.

This is in contrast to how the poor and the middle class spend their time and money.

 Millionaires spend a large chunk of their time in planning investments and consulting with their advisers.

Most millionaires also have leisure time. Millionaires spend their leisure activities   cheaply. Cheap because…most of what we know from watching movies and Television shows about millionaire lifestyle… are far removed from what real millionaires do

Here, is a list of what real millionaires do in their leisure time.  I have listed them, as you’ll find it in page 377 of The Millionaire mind of Dr Stanley’s book:

  • Socializing with children and grandchildren
  • Entertaining close friends
  • Planning investments
  • Studying investment opportunities
  • Taking photographs
  • Watching children and grandchildren play sports
  • Consulting with an investment adviser
  • Studying art and investments
  • Attending religious services
  • Jogging and running

Source: The Millionaire Mind by Thomas J Stanley

When you look at the list above… you’ll find that the majority are people related events and they would not drain your wallet.

In fact, the study also found that there is a strong link between the number of people related activities you engage in and your income.

 I think the last finding is worth repeating… for a reason. You see when you entertain with your friends and family …Engage in religious activities…keep fit … you’ll spend less. In addition, you’ll enrich yourself spiritually and generally

It doesn’t cost much to entertain your family and children.  What more can you get more than joy of being close to your loved ones?

On the flipside, when you go on holidays to Disneyland…or go jet skiing at Miami beach…you are going to spend loads of money.

It cost money to shop at Macy’s, Bloomingdales and Saks at Fifth Avenue.

And most of the time you’ll end up throwing a way what you bought at these shops.

The bottom line is this … wealthy people know that its not material things that make you wealthy.

They know that to become wealthy you need to spend money moderately and at the same time grow your income.

I’ll leave you with this Benjamin Franklin quote:

 “The key to wealth is to augment your means while decreasing your wants at the same time”.


These words are true – you’ll never hear them anywhere so clear.

 To your success

Akin osho