How to Live Like A Millionaire Without Being One

In today’s post, I’m going to teach you how to live like a millionaire without being one.

I learned about this powerful concept from Tim Ferriss, author of The 4-Hour Work Week. That book changed my life and changed my thoughts about how I earn money. If you haven’t read that book before, you should visit Amazon.com and order a copy.

The Millionaire Lifestyle

The Millionaire Lifestyle

What is the millionaire lifestyle? Is it yachts, millions of dollars in your investment account, exotic vacations and big mansions? Or, is it something different? I think most people think of the millionaire lifestyle as what I just described.

To me it means something completely different. If I had to put it in my own words, I would describe the millionaire lifestyle as being able to do what you want to do, when you want to do it, and with whom you want to do it with. In one short phrase, the millionaire lifestyle to me means FINANCIAL and TIME FREEDOM.

It means you have enough money coming in and put aside, so you aren’t constantly worrying about money. It means you have enough money to do the things you really want to do without worrying about the cost. And, you have the TIME to do the things you want to do.

There are TWO ways to live the millionaire lifestyle. First off, you could become a millionaire. There are many ways to do that. By being a good steward of your money, working hard, and having a solid financial game-plan, many people could become millionaires over a 20-30 year period of time. Some people could do it even quicker.

However, I want to share you a faster way to live the millionaire style without actually being a millionaire. What I am going to describe below is something you can do in a relatively short amount of time, maybe two to five years.

Live Like a Millionaire Without Being One

How to Live Like a Millionaire Without Being One

I’ve put many hours of thought into this article. I can only think of FOUR things you need to do if you want to live like a millionaire without being one. None of this stuff is rocket science either. Anyone can do it, if they follow these steps.

# 1: Create Residual Income

Your # 1 objective if you want to live like a millionaire without being one is to develop a SOLID residual income. Without residual income you will always be struck trading hours for dollars, regardless of your profession. You will always be at the mercy of trading time for money, regardless of how much you earn per hour.

Residual income is money that comes in month after month, for something you did one time. Network marketing is my personal favorite way to earn residual income. However, there are other ways to earn residual income such as selling insurance, investing in real estate, book royalties, music royalties, investments, etc.

Instead of changing careers or getting a second job, it would be in your best interest to create a side hustle that gives you tax advantages and helps you create residual income. Keep working on your residual income until it surpasses your monthly living expenses. Once that happens you become financially independent.

# 2: Eliminate Debt & Reduce Your Monthly Living Expenses

Debt is what keeps most people stuck in the grind doing jobs they hate and not living a life aligned with their purpose or passion. People make more money, spend more money and go deeper into debt. As a result, they have to keep working harder to support the debt funded lifestyle they have created for themselves. This is a never ending cycle that traps most people for their ENTIRE adult life.

Don’t let that happen to you. Write down all of your debts and come up with a game-plan to get out of debt in the next 12 to 36-months. You can do it if you set your mind to it. Also, stop going into debt. If needed, cut up those credit cards and only pay cash for stuff.

My mentor once told me this:

If you can get out of debt, and stay out of debt, and simply build up a $5,000 to $10,000 monthly residual income via network marketing, you will live better than most millionaires.

My mentor was a smart man. He was right.

Also, Dave Ramsey has a great book with a detailed plan on how to get out of debt. The name of the book is The Total Money Makeover. I highly recommend it. Read that book and follow his action steps.

Finally, evaluate each of your living expenses. Are there certain things you could eliminate or reduce the cost? For most people, you could save minimum several hundred dollars per month just by reassessing each of your personal and household expenses.

And remember this, the smaller your monthly living expenses, the less residual income you need to make each month to gain your freedom.

3% of the Americans have a net worth of at least $1 million USD

# 3: Live Somewhere Cheap

Not everyone will agree with this step, but I think it’s the fastest way to live like a millionaire without being one. If you live in the United States, or another country with a high cost of living, consider moving abroad. Millions of people have already done this successfully and cut their living expenses by 50 to 90 percent, and sometimes even more than that.

There are many EXPAT friendly countries such as the Philippines, Thailand, Costa Rica, Panama, etc. Whereas a nice house in the United States might come with a $2000+ monthly mortgage, depending on where you live, and sometimes more, you can rent an apartment abroad, in many places, for less than $300 per month. It just depends HOW WELL you want to live and where you want to live. This one thing alone could eliminate MOST of your monthly living expenses.

Of course, if you have small kids at home, this could be a challenge. However, it is possible. If there is a will, there is a way.

# 4: Decide How Much is Enough

People rarely talk about this step because it isn’t sexy. Our society is based on capitalism and we are ingrained to always want more. However, as I’ve aged and become more mature, I often ask myself the following question:

How much is enough?

To me, real riches are being able to do what I want to do, when I want to do it and with whom I want to do it with.

That might not appeal to you. Maybe you want millions of dollars in wealth. Only you can decide what is best for you.

While there is nothing wrong with wanting more, you might want to pause from time to time and ask yourself, would I rather have more time or more money? You can have both, but there should be some type of middle ground.

Final Thoughts

There you have it folks. These are four things you can do to live like a millionaire without being one. What are your thoughts? Do you agree with my steps or disagree? Leave a comment below to let me know what you think. I look forward to hearing from you.

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