The market goes up, the market goes down. Interest rates fall, interest rates rise. Housing is slow now. Does any of that ultimately determine who is going to become really rich and who isn’t? Not really. Does buying a system promoted to making you rich quick guarantee who is going to become a millionaire? Not by a long shot. What we really need is a simple commonsense plan proven by average millionaires.

Currently there are over 8 million millionaires in the US and Canada and seventy-five percent are self-made, inheriting little or none of their money. What can they teach us? Can they help us too become millionaires because they are average people you probably couldn’t pick out of a line-up? But more importantly, what they know can dramatically affect young people. If we teach teens what these ordinary millionaires know, we can raise a whole generation of young people into a group of wealthy, generous, stable and very happy people.

The Average Millionaire is Living His Best Life Now

Millionaires defy the stereotype. They are usually happy and stable people who do work they love. Most are in long-term marriages. They enjoy spending time with their kids. They worry less about money than their non-millionaire counterparts. They are generous with their money. Surely that’s what we want for our kids. They are living their Best Life Now to use Joel Osteen’s words. And they are using their best money now, too.

So what sets millionaires apart and how can we teach that to our teens? The average millionaire wisely chooses the work he loves. Most millionaires are not just doctors or lawyers. They are of all different occupations. But most are business owners. Usually it takes 15 to 20 years to become a millionaire. Of course, teens do not like to wait for money, but the proven path to wealth takes time and commonsense. The great lesson the majority of millionaires have to teach us is to do work you love, do it well and do it with integrity.

The Average Millionaire Plans His Best Money

Millionaires plan, save, and have fun. Millionaires make wise choices that allow them to live comfortably now and dramatically grow wealth in the future. The average millionaire plans how to use their money to become a millionaire. So your teen needs to plan to become a millionaire.

For teenagers, that’s as easy as mowing the lawn or babysitting. If your teen works eight hours a week at $8 an hour, the average fee for a babysitter, or if your teen mows a couple of yards, a teen can put anywhere from $750 to $2000 a year aside into a mutual fund inside a Roth IRA (which just designates that their investments meet the qualifications to be tax free upon withdrawal). They can do that for several years before life really hits them with responsibilities like mortgages and kids. If they put can put aside $16,000 or so aside before their early to mid 20s, while they are still under the shelter of their parents’ wings, that small investment can grow to over $1 million dollars at age 60. That’s a potential gain of over $900,000 all due to the power of compound interest.

That’s a great inheritance for your kids and grandkids.