Personal Finance News Friday 10/12

Phil's Personal Finance Tip of the Day:

Secrets of Self-Made Millionaires
By Daniel Bortz | U.S.News & World Report LP

Do you dream of becoming rich but aren't sure how to make your millions--or better yet, billions?

Who better to ask than the rich themselves about how they climbed their way to the top?

Steve Siebold did. He's spent the last 30 years interviewing the world's wealthiest people.

Siebold, author of How Rich People Think, spoke with U.S. News about what the rich have in common, how self-made millionaires attained their wealth, and why now is the best time to strike it rich. Excerpts:

[See What It's Really Like to Be Rich.]

What sparked your fascination with the rich?

I was a broke college student in 1984 and I wanted to be rich. But I didn't feel like I was getting the information I needed from my college business classes. In a lot of the classes, the business professors seemed to put down the rich, and that didn't make sense to me. So I started looking for outside sources until I found a millionaire to interview.

Was he difficult to find?

Yes, because I didn't know any millionaires and I was just a kid. I was probably 19 years old. And I found the rich don't really like to flaunt their wealth. Most of the rich, in my experience, aren't like Donald Trump--they're the polar opposite. They want to be left alone, because as soon as people know they've got a lot of money, people come after them and the media goes after them. They want to be quiet and unexposed.

The deal they made with me was I wouldn't give their name out unless they gave me permission, and very few of them gave me permission.

Have you found any commonalities among the people you've interviewed?

Their personality styles vary: Some are introverts, some are extroverts. But their belief systems around money are the same. That was the one thread that really helped me throughout the process:

They all have a really positive relationship with money. They think about money in terms of freedom, as opposed to the negative relationship a lot of people have with money.

To read the entire article from Daniel Bortz | U.S.News & World Report LP
http://finance.yahoo.com/news/secrets-self-made-millionaires-140214428.html

Scripture of the Day from Dave Ramsey.com:
2 Timothy 4:7 — I have fought the good fight, I have finished the race, I have kept the faith.

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.