Okay, another post on the things that I learned/was impressed by in the series of Thomas J. Stanley’s books that I finished reading not too long ago. (They include: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, The Millionaire Mind, and Stop Acting Rich…And Start Living Like A Real Millionaire). This time, it’s on the fact that most millionaires aren’t DIY (Do It Yourself-ers).
Although most true millionaires are frugal people (considering their income), most millionaires don’t do many DIY projects – like landscaping or carpentry or fixing up houses. Seems kind of strange since doing things yourself is usually a cheaper option than hiring someone else to do the work for you. But that isn’t necessarily true – for this group of people, anyway.
- Since they typically have higher incomes, it’s more cost efficient to hire a handyman at $25.00/hour than for them to do the work. Reason? They can spend that hour making money and they’ll make far more than $25.
- Additionally, since the millionaire isn’t likely skilled in that area or have tools for the job, a professional can do in 1 hour what might take them 3-4 hours to do.
The exception is if the millionaire likes to do that kind of work. Some millionaires like building things or landscaping. For them? They’ll do the work themselves – not motivated by saving money, but motivated by spending their down time doing what they enjoy.
For us, we don’t DIY much. Some, but not much.
- I do our own decorating painting, but when we moved into our house, I hired someone to paint all the walls. They could just do it much faster than I could and had the right experience for a bigger job like a whole house. My time was better spent packing and coordinating everything else.
- I did install our own ‘board & batten’ looking thing in our back entryway.
- I do our own landscaping, but honestly? To call it landscaping is quite a stretch! It’s just grass and some hosta plants.
So, see! I already act like a millionaire when it comes to DIY projects. There’s just 1 problem: We’re not millionaires! Which, since I’m not, I do want to do more DIY stuff, but mostly just the things that would save us money (ie: there’s no sense in me learning to re-plumb a house when I’m more likely to cause damage than to fix damage!) or things that interest me (like the board & batten type project).
I guess this is a good time to learn this – we just bought a new house this weekend! We don’t close until end of September, but this is a house that will have lots of opportunities for me to DIY some things (should I decide to!)