For the book, Jim says he talked with 1,000 millionaires who offered their secrets:
- Start off with a fresh philosophy. Know that you can't predict how long you'll live, so make sure you accumulate more than enough.
- Start saving as early as possible. If you can start in your 20s, by all means start socking it away. If you're already in your 40s or 50s, there is still time to save—and be sure to train your kids to start early.
- Find extra money by doing a "five minute financial audit," Jim says. Sit down with your records and circle with a red pen everything you didn't need to buy in the last month. It will be easier to rethink those decisions next month.
- Take advantage of tax law. Use tax-advantaged investing and participate in your company's 401(k) plan or Roth IRA to grow money tax-free.
- If you have to choose between saving for college and cushioning your retirement, retirement always comes first.
- Most millionaires are pretty tight with their money, according to Jim. They do a lot of investigating before they buy things to get the best prices, and they avoid impulse buys.