How to NOT become a millionaire

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We see articles and tips on becoming a millionaire all over the place. We're advised to stop getting the daily latte, to cut down on eating out, and to start saving at least something out of each paycheck. Many of these suggestions are great and can get you on your way to building quite a nest egg.

But there's a flip side to that coin, and Kevin at No Debt Plan offers ten tips for those who want to avoid becoming a millionaire. He suggest things like not negotiating for a higher salary and not working hard to get a promotion or otherwise better yourself at work. I don't think that any of the items on the list are new, but I appreciate the clever spin he put on this much-discussed issue.

One of the best ways to avoid becoming a millionaire is habitually spending more than you earn. There's no time like the present to stop that kind of budget-busting behavior. Finances don't get any easier unless you're willing to reign in your spending and live within your means. You can't save anything if you're too busy spending it all (and more!).

It's easy to ignore retirement savings too. No one wants to voluntarily take home a smaller paycheck, but putting some money away in a retirement account (especially if your employer matches your retirement contribution... free money!) isn't as painful as it sounds. Few if any of us will have a cushy pension to fall back on in our golden years, so we need to start saving for retirement as soon as possible. Those who save early and save often have a much easier time getting to millionaire status.

Check out the whole list at No Debt Plan, and take a look at some of the other articles Kevin has written there. It's a pretty new blog, but he's gathering some good information and giving nice insights to readers.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
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