"The practical, unsexy steps it takes to actually become a millionaire"

[FiftyIsTheNewTwenty]

A great article, to take to heart and share:

https://qz.com/913249/the-practical-steps-it-takes-to-actually-become-a-millionaire/

[NorthernBlitz]

Generally like the article.

But, with the popularity of Indexing, I wonder how true this is now?

On average, millionaires spend significantly more hours per month studying and planning their future investment decisions, as well as managing their current investments, than high-income nonmillionaires.
— Thomas J. Stanley

For people here who are (or will likely become) millionaires, how much time do you spend planning future investment decisions? I spend almost none (but my net worth doesn't have a second comma yet).

[Louis XIV]

Given that you're posting on a financial independence related forum I would hazard a guess that while you may not necessarily put much time into it these days, at some stage you've researched it and figured out a strategy. I'm not sure I really agree with the idea that millionaires are typically  spending hours/month studying and planning investments, but there are an astounding number of people who seem quite happy to work 30-40-50+ years yet don't want to spend a few evenings reading some damn books and working out what to actually do with their money.

[Luck12]

[quote author=NorthernBlitz link=topic=68898.msg1440989#msg1440989
For people here who are (or will likely become) millionaires, how much time do you spend planning future investment decisions? I spend almost none (but my net worth doesn't have a second comma yet).
[/quote]

I'm right at that threshold, I spend one hour a year to reallocate lol.   I did read a book about mutual funds and asset allocation, and looked at the studies on index vs active right before starting my first real job.   

[stoaX]

If you define "studying and planning their future investment decisions, as well as managing their current investments" to include the MMM forums as well as thinking and implementing frugal/money saving ideas, the amount of time might add up quite a bit!

[dogboyslim]

For people here who are (or will likely become) millionaires, how much time do you spend planning future investment decisions?

I work in financial services, so you could say that most of my schoolwork and a great deal of my professional experience counts as studying investment decisions, so if you count that, a metric F-ton of time studying investments, option pricing, economics, efficient market hypothesis, etc.  I still spend a fair amount of time dreaming up nightmare scenarios and figuring out how to hedge with international stocks, currencies, but most of that is so inefficient that I'm primarily in various index funds and don't worry about the mix because I'm sitting at a point where I can tolerate a 30% loss of value over a 3-5 year period.  I kind of gave up on the more dire scenarios figuring it won't really matter at that point what my investment strategy was.

I spend more time with my budget.  DW and I spend probably 4 hours a week going over balances, spending and accumulations to make sure we have the money we need to pay bills as they come due, and to make sure our spending is purposeful, rather than emotional.

[Accidental Fire]

I spend very little time studying/planning investments. Almost none. Index funds all the way and a back-door Roth IRA contribution every year.

Louis XIV's quote about folks not taking the time to read a book or two and learn the basics is spot on, if not slightly depressing.

[aceyou]

Generally like the article.

But, with the popularity of Indexing, I wonder how true this is now?

On average, millionaires spend significantly more hours per month studying and planning their future investment decisions, as well as managing their current investments, than high-income nonmillionaires.
— Thomas J. Stanley

For people here who are (or will likely become) millionaires, how much time do you spend planning future investment decisions? I spend almost none (but my net worth doesn't have a second comma yet).

If you replace "future investment decisions" with "future spending decisions", then sure. 

Also, at the end of every month I do a net worth update. 

And before every new year I plan out my projected earning and spending, and I look at the tax codes, and I plan out the optimal allocation for WHERE to put the index funds...Roth, 403B, Roth 403B, etc. 

So yeah, even though everything goes to VTSAX, I spend many hours each month thinking about financial and investment decisions.

[FiftyIsTheNewTwenty]

I think most people spend zero time, especially with coming up with a plan to begin with.  Ostrich-head-in-the-sand...  Or they do the usual things, set up a 401k or whatever, maybe fool around with the investments in that to entertain themselves, but continue to ignore the bigger picture.