MONEY-SAVING MOMENT: What makes a millionaire? It’s not winning the lottery or inheriting money, despite some common misconceptions. As Clark has said, it’s never what you make, it’s what you don’t spend that makes you rich over time.
Thomas Stanley was a professor who studied the behavior of rich people and then wrote a book in 1996 called The Millionaire Next Door. That book quickly helped him become one of them!
Now his new book, Stop Acting Rich: And Start Living Like a Real Millionaire, has more startling findings about how the average millionaire lives:
– 86 percent of all luxury cars are driven by people who are not millionaires. The truly wealthy tend to drive basic vehicles that are often used.
– The average millionaire pays $16 for a haircut — including the tip.
– The average millionaire lives in an inexpensive home.
Of course, there are some exceptions to every rule. But this is the general lay of the land in millionaire world. The real millionaires — and we’re not talking about the Hollywood types or Donald Trump — are all flash and no cash.
You don’t need to make big money to have big money over time. Remember, put it in your mind, it’s never what you make, it’s what you don’t spend.