A few weeks ago, I wrote an article titled The REIT Millionaire Maker that generated just under 50,000 page views. That’s above average in terms of readership, and understandably who doesn’t want to be a REIT millionaire.
In that article I explained that “millionaires amassed wealth over time – which gave them greater chances to keep that wealth over time. Many of them were Average Joe and Jane types: Farmers and mobile home park, duplex, or small business owners."
I cited Thomas Stanley’s book, The Millionaire Mind, in which the author explores the ideas, beliefs, and behaviors that enable millionaires to build and maintain their fortunes. You may be surprised to see how America’s wealthy work hard to save and invest.
One of the most interesting chapters in the book was related to the so-called “success factors” and the concept of discipline or luck.
Stanley writes that “most millionaires are well disciplined. They set their own high goals and then go on to reach these standards. More often than not, they don’t have others telling them what must be done.”
This reminds me of a story in my life.
Over fifteen years ago I built a shopping center in front of Walmart (WMT) in Chester, South Carolina. The property was around 15,000 square feet and I had all of the spaces leased except for a small 1,500 square foot unit adjacent to Dollar Tree (DLTR) and Cato (CATO).
A friend of mine was a large multi-unit franchisee and I tried to get him to lease the vacant space, and he responded that he was not interested, but he convinced me to become a franchisee instead.
Of course, I knew nothing about running a restaurant, but I was tempted by the allure of pizza and mouth-watering profits. So, I opened that store, and then over the
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