3 MINUTE READ
(Hey self described "Expert" can you pay attention for 3 minutes?)
First Myth -
Millionaires just inherited the money. All they do is drive their
brand-new cars to the golf course while the rest of us slave away. Those
evil rich people.
Sound like someone who is bitter? Maybe. It also sounds like someone who
is wrong. Most people with a seven-figure net worth have common-sense
habits when it comes to money. Those habits are what led to being rich
and becoming millionaires. Since they can do it, so can you.
Check out some of the other myths that are lumped onto millionaires:
Millionaires just inherited their wealth.
This one might be the most common. Many people want to think of the rich
as just a bunch of spoiled jerks who haven't worked a day in their lives because they got their money from relatives.
But Dr. Tom Stanley, author of The Millionaire Next Door, found through
his research that about 20% of millionaires became that way through inheritance. The other 80% are first-generation rich. That means they
started from nothing and piled up money. It's very doable.
Millionaires don't pay their taxes.
Riiiiiiight. The best way to build wealth and not raise any suspicion
from the authorities while doing it is to ... jip the IRS and have a
total lack of integrity. How desperate is someone who believes this?
Hate to burst their bubble, but the top 1% of earners in this country
pays 40% of the taxes. That number could go even higher with certain tax legislation about to expire. Rich people pay, and then some.
Millionaires all drive fancy cars.
The purpose of a car is not to make you look good, but to safely get you
from A to B. And the average millionaire has figured that out; Ford is
tops on the list of preferred cars of the average millionaire (9.4%).
Don't get us wrong. You can certainly own a nice car once you are rich,
but not having money and taking out a car payment on a nice set of
wheels means the car owns you.
Millionaires are all retired and living the good life.
This one sounds similar to the myth that millionaires just inherit their wealth. But the stats are similar, too. About two in 10 millionaires
have their feet kicked up. The rest go to work each day and keep
generating the income to save and build their wealth up.
They all have high-paying jobs.
Really? That's not what Donald found out.
I was helping my dad pick up a new grill from Lowe's this morning. We
got to talking with one of the employees who was unchaining the grill
for us, about the retirement program, matched contributions, etc.
He mentioned two guys who just retired, one of them after 25 years.
These everyday Lowe's employees just saved and saved and saved. The
first retired with $1.1 million! The other guy was a manager for most of
his 30 years and retired with $4.3 million! —Donald in Virginia
Tons of people are afraid to make the sacrifices it takes to become
rich, like saving and living a smaller, budgeted lifestyle. So they just
fill their minds with stereotypes about millionaires being spoiled,
crooked or unhappy. But wealth gained with integrity brings peace with
it. And fun!
Millionaire Spending Habits
Millionaire Spending Habits That Will Surprise You
Turns out, millionaires pinch more pennies than you think. We’ve studied 10,000 millionaires and found stats that’ll make you rethink the power
of your budget.
How Many Millionaires Are in the U.S.?
How Many Millionaires Are in the U.S.?
Do you know how many millionaires are in the U.S.? It may surprise you
to learn there are everyday millionaires living all around us—and you
might be next!
5 Simple Habits of the Average Millionaire
Becoming an everyday millionaire is as simple as living a modest
lifestyle that follows a few basic principles.
How to Go From Zero to Millionaire in 25 Years
You don't need magic to enjoy a big, beautiful future. Build it on your
own with these three steps.