A few years back, Tom Corley did a big study where he interviewed 225 people who became millionaires to find out what they did with their money. What he found out is quite different than what most people believe.
It wasn't winning the lottery, becoming a famous YouTuber, getting an inheritance, or developing an iPhone app that yielded financial success. In fact, it was far simpler – and something ALL of us can do.
He said, "88% of the millionaires I interviewed said that saving in particular was critical to their long-term financial success."
To get more specific: "Every Saver-Investor in my study consistently saved 20% or more of their net pay, each paycheck."
That's it. That's the big secret all these millionaires know about being financially successful.
Now, here's where this gets interesting…
Do you remember Joseph in Egypt?
When Joseph was in Egypt, God told him there would be seven years of abundance followed by seven years of famine. And God gave him a specific savings plan, and he then explained it to Pharoah …
"… Pharaoh should appoint supervisors over the land and let them collect one-fifth of all the crops during the seven good years. Have them gather all the food produced in the good years that are just ahead and bring it to Pharaoh's storehouses. Store it away and guard it so there will be food in the cities. That way, there will be enough to eat when the seven years of famine come to the land of Egypt. Otherwise, this famine will destroy the land." (Genesis 41:34-36)
Notice the savings plan that God gave him? "One-fifth of all the crops" – aka save 20%.
As we all know, Pharoah and Joseph listened to God and saved 20% of the food during the good years. When the bad years came, Egypt was ready.
So, how can we apply this wisdom to our own lives?
It's all about starting small and being consistent. Here's what you can do:
- Start saving now: Even if you can't save 20% right away, start with what you can. Maybe that's 5% or 10%. Or even just 1%. The key is to not wait another day, but start TODAY.
- Make it automatic: The importance of this cannot be overstated! This is another "secret" of these millionaires …. They didn't depend on their willpower to save. Instead, they made it automatic. So again, TODAY, set up your bank account to automatically save a percentage of your money. You will be making one single decision that will make hundreds of good decisions for you for years to come.
- Shift from addition to multiplication: Once you have some savings built up for emergencies, it is time to begin multiplying it. And you do this by learning how to invest it wisely. And this can actually be far simpler than a lot of the financial gurus have led us to believe. This is the third secret these millionaires tapped into. They weren't investing to get rich quickly but instead investing wisely, safely, for the long term. When you do that consistently, becoming a millionaire is far easier than most believe.
The reason why
All the reasons the world is chasing "millionaire status" are guaranteed to disappoint. Seriously, when you think that money will bring you peace, love, joy, contentment, or anything else, you are going to be sorely disappointed.
But as Christians, when we are armed with more resources, we understand that money is nothing more than a tool that we can use to impact the world around us. It can literally be used to rescue a trafficked little girl, feed a starving family, support missionaries winning the lost, or fund the specific call God has for you.
So, more than anything else, that's why I want to see you become a millionaire.
Again, notice the byproduct of Joseph obeying this 20% savings plan God gave him …
"So with severe famine everywhere, Joseph opened up the storehouses and distributed grain to the Egyptians, for the famine was severe throughout the land of Egypt. And people from all around came to Egypt to buy grain from Joseph because the famine was severe throughout the world." (Genesis 41:56-57)
Not only did Egypt thrive during the famine, but they were in a position to help the surrounding nations who were starving as well.
It wasn't just about them.
And your financial success isn't just about you.
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