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Who wants to be a millionaire?

By Victoria Lewis - Topics: Financial Planning, France, Investments, wealth management
This article is published on: 3rd June 2020

Some people are prepared to cheat in order to become a millionaire. Charles Ingram famously cheated on the UK television game show ‘Who wants to be a millionaire’ and was subsequently found guilty along with his wife and friend who coughed during the programme to indicate the correct answers.

Frank Sinatra and Celeste Holm sung ‘Who wants to be a millionaire’ in the film High Society. Frank Sinatra was certainly a multi-millionaire even though he sang that he didn’t want to be!

Incidentally, the word millionaire was apparently first used in French in 1719 to describe speculators in the Mississippi Bubble who earned millions of livres in weeks before the bubble burst.

You may already be a millionaire or you may be planning to become one in the future through hard work, inheritance or good luck. Whatever your current financial situation, it is interesting to consider the millionaire ‘secrets’ of how you can become one.

Of course, millionaires aren’t privy to knowledge and information that no one else has access to. The ‘secrets’ are simply sensible financial habits which we can all use.

Click the headings below to find out more:

  • Decide what you want in the future, set a target and stick to it

    Have you calculated when and how much money you need to retire? Perhaps you want your children/grandchildren to have a university education – have you calculated how much this will cost?
  • Shift your focus from spending to investing

    Most millionaires take advice from investment professionals – tax advisers, lawyers, financial planners and asset managers. Don’t be afraid of them; use them.
  • The 24-hour rule

    If you can’t resist spending, apply this rule that many millionaires use. Even if you can afford an expensive purchase, give it a day’s time before actually making the decision. Impulsive shopping occurs from an emotional trigger and is often unnecessary. Do you want it or do you need it?
  • Set a budget (yes, even the rich have a budget!)

    Look at your monthly bank statement and categorise everything into the following groups:
    Essentials, Personal and Savings. Generally speaking, the split should be 50%, 30% and 20%.

    Living essentials – allocate 50% for monthly expenses such as mortgage/rent, transport, utilities, food etc.

    Personal spending – allocate 30% of your income for holidays, entertainment, shopping, hobbies – anything that makes you happy.

    Savings – 20% of your earned income should go straight into an investment or savings account.

    If your own allocations are different, analyse why and consider how changes could be made.

  • Cash over credit

    We are living in a near cashless society and credit cards are easy to come by, but this environment is not advisable for people who struggle to keep within their budget. Many millionaires prefer cash over a card for this reason.
  • Control

    People who are good at saving and investing are generally also good at controlling their urge to spend. Many people have completed a Dry January or a Meat Free Monday, how about trying a regular ‘no spending’ day – call it Frugal Friday!
  • Bills first, the rest later

    Most banks offer the facility to choose the date you want your regular standing orders to be paid. Choose the day after your income/pension is paid in, so you know exactly how much is left for everything else.
  • Invest in something that makes you happy

    This could be a classic car, a piece of art, perhaps you have a hobby that you enjoy investing in. Happiness can also be found in the investment arena, as more and more investors are choosing ethical or socially responsible funds. These are funds that have positive social impacts or are involved in climate change solutions. You can now express your values in the financial world.
  • Invest in services that save you time

    Many millionaires don’t hesitate in paying for services that save their time – food deliveries and laundry services for example. The same can be said for investment research – a financial advisory firm will do that for you.

For more detailed information on these financial habits, please contact me on
M: 06 62 50 70 21 or email Victoria.lewis@spectrum-ifa.com

Article by Victoria Lewis

Victoria LewisIf you are based in Paris or the South of France area you can contact Victoria at: Victoria.lewis@spectrum-ifa.com for more information. If you are based in another area within Europe, please complete the form below and we will put a local adviser in touch with you.

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