BROADCASTS.com

b'With David Muhlbaum, Kiplinger\\u2019s online editor
Have you heard the one about the woman who worked as a librarian her entire life and left behind $7 million to charity at her death? How about the janitor who amassed an $8 million fortune that went to his local library?
We scratch our heads and wonder how they did it.
David Muhlbaum, the online editor for Kiplinger.com, has some interesting observations and opinions on this subject.
Wealth accumulation for dummies.
These people didn\\u2019t hit the lottery, nor did they inherit from a rich dotty aunt, nor did they pull the magic lever in Vegas. They worked and they invested wisely; simple as that.
These silent millionaires, these seemingly low-key everyday-men-and-women next door do have a secret and it has to do with their mindset. David says the attributes common within this group are \\u201cthrift, it is not spending beyond your means, not taking on more debt than you can repay, and not essentially going in too much for the \\u2018treat yourself\\u2019 mentality.\\u201d
Education as a calculated tool toward wealth.
How does the level of education play into this idea? The silently wealthy begin with a mindset that evaluates education as a means to future earnings; they assess how a particular field or degree fits in with the marketplace and they go at it.
Don\\u2019t let student debt become your albatross.
The desire to feed the underprivileged in a small far-away country is admirable, but you should think twice about incurring student loan debt for a degree in social work. It\\u2019s vital, warns David, to evaluate your earning potential in a given field against the debt you\\u2019ll be trying to pay off for years to come.
Prepare for retirement from a distance.\\xa0
At the first point of employment, the silent millionaires all know what to do: you start saving. You set up a 401 (k) or the like and you begin the magic of compounding. You avoid impulses to overspend and keep a steady rhythm going with your savings. It begins slowly, but then it builds over the decades until you reach your goal of financial security and a worry-free retirement.
But life happens!
The best laid-plans are open to the unexpected, and David, again, advises a calculated plan of action: You must have life insurance, you must have liability insurance, and you must have health insurance. The premiums you pay for the coverage provided will not only save you sleepless nights, they will protect what you have saved for and worked so hard for.
Not by bread alone
Although there needs to be a balance between fulfilling your life\\u2019s desires and the reality of the cards you\\u2019re dealt in life, choosing your career field will have an enormous impact on your wealth creation\\u2026and, ultimately, on your financial security.'