Lifestyles of the millionaires

Typically we all have an image of who the millionaires are, what they look like, how much money they make, and where they shop. Most often, they are seen as trust fund babies in expensive clothing, the latest model luxury cars, and fine jewelry. The reality is that this couldn’t be more wrong. According to the book The Millionaire Next Door (authored by Thomas J. Stanley and William D. Danko,), only 20% of millionaires inherited their wealth. The other 80% earned their fortune on their own. They are investors and big picture thinkers who live in a frugal manner. They have the capacity to build great teams and lead them to success. Many have their own businesses, live in a modest home, drive an older car, and shop in stores such as Walmart and Target. They’ve developed a modest lifestyle in order to live frugally and save voraciously.

Five facts about millionaires: 

1. The preferred car of millionaires is a Ford. Cadillacs are second, and Lincolns are third. Many avoid luxury cars and veer towards the more economical vehicles, because cars are an investment with very little return (Million Dollar Habits: Proven Power Practices to Double and Triple Your Income, authored by Brian Tracy).
2. Half of all millionaires are self-employed or own a business (The Education of Millionaires: Everything You Won’t Learn in College about How to Be Successful, authored by Michael Ellsberg).
3. Four of the youngest billionaires in the world are connected to Facebook, including Mark Zuckerberg, Sean Parker, Eduardo Severin, and Dustin Moskovitz (“The 10 Youngest Billionaires in the World.” U.S. News, by Kimberly Palmer).
4. Today’s millionaires in the U.S. are made up of managers (17%), educators (12%), corporate executives (7%), entrepreneur/business owners (6%), and attorneys and accountants. The $5 million+ group is made up of corporate executives (17%) and entrepreneurs/owners (12%). (“Millionaire Population Grows by 200,000,” The Wealth Report, WSJ Blog, by Robert Frank).
5. On average, millionaires are 61 years old with $3.05 million in assets. (“The 10 Youngest Billionaires in the World, by Kimberly Palmer).

Based on all of these facts, the average millionaire is probably standing next to you on the line at Walmart. Becoming a millionaire is more achievable than you might think and more than likely many of the people around you have achieved this milestone. Thriftiness is a common lifestyle practice, as well as saving and investing.