In a recent LinkedIn post, Ryan Gomez, CFP® shares key takeaways from his extensive reading on personal finance, distilling years of study into actionable advice for achieving a net worth of over $1 million. Gomez, who has read 27 books on money in the last three years, emphasizes that building substantial wealth often involves disciplined, long-term strategies rather than get-rich-quick schemes.
The ‘Boring’ Habits of Millionaires
Gomez begins by referencing the foundational principles from Thomas J. Stanley and William D. Danko’s “The Millionaire Next Door.” He highlights that many millionaires exhibit what might be considered ‘boring’ financial behaviors, which are instrumental in their wealth accumulation. These habits include living in modest homes, driving older cars, and maintaining spending habits consistent with a lower income, even when earning significantly more.
As Ryan Gomez, CFP® notes:
“The Millionaire Next Door” taught me that most millionaires are boring.
Not boring in a bad way. Boring as in:
-They live in modest homes
-Refuse to stop driving 10-year-old cars
-Spend like they make $80k even though they’re pulling $250k+
He contrasts this with the common tendency of individuals earning substantial incomes to become ‘house poor’ or burdened by expensive car payments, thereby hindering their ability to build net worth. Gomez argues that this disciplined approach to spending is a critical differentiator.
Personalizing Financial Strategy
Drawing from Morgan Housel’s “The Psychology of Money,” Gomez stresses the importance of developing a personal financial philosophy rather than blindly following others. He uses the example of differing priorities, such as choosing between international travel and customizing a vehicle, to illustrate that financial decisions are deeply personal and should align with individual goals and values.
According to Ryan Gomez, CFP®:
“Psychology of Money” taught me to play my own game, not someone else’s.
I’d drop $5k on international travel at the drop of a hat.
But have clients who’d way rather put that into a lift kit for his $30k truck.
Not everything in finance is true for everyone, find what works for YOU.
This perspective encourages readers to critically assess their own financial behaviors and make choices that genuinely serve their long-term objectives, rather than succumbing to social pressures or external trends.
The Power of Consistent Investing
Gomez also addresses the common pitfall of attempting to time the market, citing “Just Keep Buying” by Nick Maggiulli. He recounts a client’s experience of waiting for a market downturn to invest, only to miss significant gains. This anecdote serves as a powerful illustration of the principle that time in the market is generally more effective than timing the market.
Ryan Gomez, CFP® points out the opportunity cost of inaction:
Year 1: Markets up ~24.2% (Waiting for a pullback)
Year 2: Markets up another ~23.3%.
(Still holding out)
Year 3: Markets up ~16.4%.
(Finally invest because he finally got FOMO)
He ended up investing at a price that’s ~78% higher than when he started waiting.
This section underscores the importance of consistent, disciplined investing, even when market conditions appear uncertain. The fear of missing out (FOMO) can often lead to suboptimal investment decisions, as demonstrated by the client’s delayed entry into the market.
Conclusion on Wealth Building
In conclusion, Ryan Gomez, CFP®’s insights, derived from a deep dive into financial literature, offer a clear roadmap for aspiring millionaires. The core tenets emphasize financial discipline, personalized strategy, and the unwavering power of consistent, long-term investing. These principles, he suggests, are the bedrock upon which substantial net worth is built.
📝 About This Content
This article is based on insights shared by Ryan Gomez, CFP® on LinkedIn.
📅 Originally posted on July 2, 2026 | View original post on LinkedIn →