Choose Wealth! Be a Millionaire by Midlife

By Marie Phillips

Have you ever wondered how people get rich? Why is it that some folks manage to accumulate significant amounts of wealth while others just scrape by?

Only 1/4 of Americans end up with more than half a million by their 60′s. Will you be one of them? I am.
You don’t have to be a best selling author, a rock star musician, a tech guru wizard or a high powered lawyer to be a multimillionaire, you just need time and persistence. Anyone can do it if they know how. YOU can do it if you want it badly enough, learn how and persist. You just have to choose to be wealthy. This book helps you figure out how to choose wealth.

My goal in writing this book is to show you through story and fact that it is entirely possible for most people to build a net worth of several million dollars by midlife. I hope to inspire you. I want to help you understand and identify what prevents you from traveling the road to wealth. I want to share some of the many excuses people have for never achieving wealth and show you how to avoid the excuse trap.

You’ll read about my unique Framework for Wealth which covers
- learning more about environments other than yours;
- finding your dream;
- making the most of your education & getting a good start in life;
- how ordinary people overcame great obstacles;
- how to learn to discuss money;
- things you should know about personal finance and resources to learn what you don't know yet;
- how to leverage your time and your money better;
- ideas on learning how to be and practice the persistence needed to build your net worth;
- ways to keep from losing hope
- how to find a millionaire mentor and
- a list of resources I have used and found helpful.

I've used my own story and struggles, along with all of my research – all of the books I've read, classes I've taken and conversations I've had about wealth – as a basis to form this framework for you to use to build your own net worth into a million-dollar fortune.
My spouse and I were millionaires before age 50, but it was a long, hard road to get there. I wrote Choose Wealth – Be a Millionaire by Midlife to help you get there faster.

It's not a get rich quick scheme. Some people do get rich very rapidly at very young ages, most don't. Not everyone can be a Bill Gates or a Warren Buffett or a JK Rowling, but anyone, including you, can get rich over time if you choose it. Read this book to help you learn how to choose wealth.

• Language: English
• Publisher: Marie Phillips
• Release date: Apr 15, 2014
• ISBN: 9781310399312

Marie Phillips

Marie Phillips is the author of three novels, including the international bestseller Gods Behaving Badly, and is the co-writer of the acclaimed BBC Radio 4 series Warhorses of Letters. She has already had two midlife crises and there is still time for more.

Book preview

Choose Wealth!

Be a Millionaire by Midlife

by Marie Phillips

Published by Family Money Enterprises, LLC at Smashwords

Copyright 2014 by Marie Phillips

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or any other means, except as permitted by US law, without the prior written permission of the publisher.

Limit of liability and Disclaimer of Warranty:

Publisher nor author make any representations or warranties with respect to the accuracy or completeness of the contents of this publication and specifically disclaim any implied warranties or fitness for a particular purpose of the information and resources included herein. The advice and strategies contained in this publication may not be appropriate for your situation. Consult your own professional regarding your own specific situation. Neither the publisher or the author shall be held liable for any loss of any sort, including but not limited to special, incidental, consequential or other damages.

Table of Contents

Chapter 1 The life of a multi-millionaire.

Chapter 2 What keeps you from being a midlife millionaire?

Chapter 3 Get rid of your excuses.

Chapter 4 My journey to being a midlife millionaire.

Chapter 5 Your framework for wealth.

Chapter 6 Framework item # 1 Dream big for the life you want.

Chapter 7 Framework item #2 Wake up and start your wealth engine.

Chapter 8 Framework item #3 Break your bottlenecks.

Chapter 9 Framework item #4 Money-fy your life.

Chapter 10 Framework item #5 Leverage time and money.

Chapter 11 Framework item #6 Use the most powerful force in the world.

Chapter 12 Framework item #7 Maintain hope.

Chapter 13 Framework item #8 Find help.

Chapter 14 Resources to get help.

About the author

See other work by Marie

Connect with Marie

Introduction

You don't have to be a best selling author, a rock star musician, a tech guru wizard or a high powered lawyer to be a multi-millionaire, you just need time and persistence. Anyone can do it if they know how. YOU can do it if you want it badly enough, learn how and persist. You just have to choose wealth.

You can do it WITHOUT owning your own business. You can do it WITHOUT taking crazy risks. You can do it WITHOUT inheriting money or winning the lottery.

You can do it while you learn your trade; raise your family; vacation; pursue your hobbies and interests; and live your life.

Most people aren't able to achieve great wealth when they are young. It usually takes a rich relative or a wildly successful business to do so. Achieving riches at midlife happens much more frequently and is within reach of most of us. According to the US Government Census of 2010, only 9.6% of the population have assets over $500,000 before age 45. Over 25% of the population aged 45 – 64 have assets over $500,000. In middle-age, we are also more likely to be earning a million dollars a year than our younger counterparts. The Tax Foundation analyzed the IRS tax data and found:

"For most Americans, incomes tend to rise with age and experience. Thus, it is not surprising that in 2009, 80 percent of millionaires were older than age 45 and close to half of all millionaires (46 percent) were older than age 55.

Despite the publicity given to the growing number of young millionaire athletes, only about 3 percent of all million-dollar tax returns are filed by taxpayers under the age of 35." 139

Given the choice, wouldn't you rather have financial security as you grow older? It is really your choice in most situations! The goals and desires you harbor determine the lifestyle you choose and the decisions you make to achieve it. Focus and determination help you persist over multiple years to win the day.

I know you are sitting there thinking, Marie, I'd rather be rich in my youth! Why wait until midlife to get my millions! Believe it or not, there are advantages building wealth over the years.

Advantages to building wealth more slowly.

It's easier to build wealth as you gain life and job experience. You build this over the years. It isn't something money can buy. Most people reach their prime in experience and income levels at midlife.

It's easier to build wealth during your midlife because you have more time to accumulate. You can start small and let the money grow over time.

It's healthier to postpone wealth until you are at midlife. As you build your wealth you are also learning lessons about it – how to use it, how to manage it, how to safeguard it, how to give it and how to teach your kids about it.

It's safer to postpone wealth until you are close to midlife. You have to get used to being wealthy and to recognizing and dealing with the issues wealth can bring. You know who your true friends are – they have stuck with you over the years. You know what your true self is - money won't confuse your identity as it can if you become wealthy when young.

It's better for your kids if you postpone wealth until you are more mature. Since you aren't devoting countless hours to a high pressure business, you have more time to love and educate them. You aren't afraid that your kids will be kidnapped or will grow up to be spoiled snobs – because they grow up before you reach your millions.

Life is more fulfilling if you postpone wealth until you are in midlife. You have more time to enjoy your youth – as you aren't over extending yourself to make your million by age 35.

What this book will do for you.

There is no great secret to becoming a midlife multi-millionaire. As I said at the start of this chapter, you don't have to be a best selling author, a rock star musician, a tech guru wizard or a high powered lawyer to be a multi-millionaire. You just need time and persistence. You just have to choose wealth.

If there isn't a secret and all it takes is time and persistence, why buy (yet another) book on how to become a millionaire?

Here's why. Because 75% of people have less than $500,000 in net worth before midlife. We all need help to get and stay on track. We need inspiration, hope, tools, and resources; as well as stories and reminders of where we are headed and why we want to get there! We need to implore our younger selves to do the things our older selves need so that they can become those multi-millionaires. We need to inspire our children and grandchildren to take action so that they can reap the benefits of getting on track to be multi-millionaires when they are older.

My goal in writing this book is to show you, through story and fact, that it is entirely possible for most people to build a net worth of several million dollars before age 65. I want to inspire you by sharing insights of what it is like for some who have that much – how they live and the things on which they spend time and money. I want to help you understand and identify what prevents you from traveling the road to wealth. I want to share some of the many excuses people have for never achieving wealth and show you how to avoid the excuse trap.

You'll hear stories of multi-millionaires who made it by midlife and didn't start a business, inherit a fortune or win the lottery. You'll read about folks who wanted to get there but just couldn't – and why. You'll hear my own story of my walk to wealth and I'll share the framework I've developed for YOU to follow the path of we midlife millionaires, should you so desire.

Along the way I'll try to inspire you with quotes and give you tips and tools to help. You will hear the message of hope and persistence throughout the book.

What this book is NOT.

This book is not a get rich quick scheme. If you are already at midlife and aren't on your way to multi-millions, it won't necessarily help you get there quickly; but it may help you become more financially stable.

This book is not a primer on how to make thousands a month from a side gig. Although I will share some resources on the topic.

It is not a basic personal finance or investment primer. If you want to know how to look up your credit score, you will need to go elsewhere. If you need to understand how to cut your weekly grocery bill using coupons, you will need to go elsewhere. If you need to learn how to do a put or a call, you will need to go elsewhere. There are many fine books and websites – some of which I will share with you – to give you basic financial and investment knowledge.

My hope is to help you be part of the 25% of people who DO have a million or more in net worth at or before midlife. YOU can do it if you choose wealth – if you want it badly enough, learn how and persist.

Chapter 1 The life of a multi-millionaire.

You may envision the life of a multi-millionaire to be exotic, exciting, luxurious and somewhat glamorous. It can