So What Do Millionaires Look Like?

An interesting topic was brought up amongst friends the other day. What type of car do most millionaires drive?

In today’s world you are considered upper class and wealthy if you make over $506,000 a year. There is supposedly only 1% of the population that makes over that amount. Obama has said that anything over $250,000 you are wealthy. Anything below $250,000, you are middle class. So what type of car do the wealthy drive? They make a great deal of money; surely, they could afford the foreign luxury cars.

Of course, the wealthy classes buy most of the high-end cars, but studies show that the majority drive regular cars, Toyota, Honda, and Nissan. I have even heard most millionaires drive a Ford F-150. What does this say to you?

Thomas Stanley did a survey of a large number of America’s Millionaires, and published a book. “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” It is an interesting read.

If we learned anything at all from the low economy of 2008, it is not to over borrow and try to create a persona of wealth. Be smart with your money. Don’t spend it when you do not need to. What defines success for you? Possessions, a bigger house?

The book shares people’s thoughts on what a millionaire looks like. Fancy suits, expensive watch, and car? Most likely not. They dress very low-key, own (not leased) an average car, and live in modest homes. They are well educated and frugal with their spending. I personally know a man that has a great deal of wealth. He has built a large company from nothing. He doesn’t need to work anymore. He has enough money so that his family, including children and grand children, will never have to work to make a living again. The funny thing is if you were to see him on the street, you would never guess this guy has been that successful. His clothes are not always totally clean. He drives a regular car and has lived in a very modest house since the early 80’s. Warren Buffett also lives in the same house since 1958. What does that tell you? Buffet is worth over 60 billion.

Millionaires value education, work hard and save their hard earned money.

So, what do you think a wealthy person looks like?

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