Wednesday, July 10, 2013

Most millionaires — folks with liquid assets of one million dollars or more – are not big spenders

It surprises many, but the vast majority of millionaires in the United States:

• Live in a house that costs less than $400,000.
• Are more likely to wear a Timex than a Rolex.
• Generally pay $15 or less for a bottle of wine.
• Have never paid more than $400 for a suit.
• Are more likely to drive a Nissan than a BMW.
• Spend very little on prestige brands and luxury items.

Yes, they’re frugal. But they’re also happy, not to mention financially free. They are not dependent on their families, their employers or the federal government. What a feeling.
Some can’t abide by this important lesson but the bottom line is clear: If you want to be rich, you have to stop acting rich… and start living like a real millionaire.

Alexander Green is the chief investment strategist at See more articles by Alexander here.

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