Spending like a Millionaire
Our society believes that millionaires are big spenders, driving fancy cars and living in massive homes. To a great extent, this perception has been created and perpetuated by the popular media, from books and TV to blogs and movies.
Additionally, since the most common millionaire we see in the popular media is the professional actor, athlete, musician, and YouTuber, we assume that their lifestyle is the rule rather than the exception.
If you think about it, actors, athletes, musicians, and YouTubers must attract the attention of the general public as part of their job. Without popularity, musicians will not sell any music. Without fame, actors have more difficulty landing a high-paying role. Without fan support, athletes don’t sign lucrative sponsorship deals. Even YouTubers have to stand out from a crowded Internet.
Millionaires have not built their wealth by spending frivolously or recklessly. Typical homes where Millionaires live are not extravagant nor what most would consider a mansion. Millionaires don’t move every time they earn more money. They have built friendships and relationships at local clubs, schools, and churches as well as with their neighbors. Building and maintaining strong relationships tend to far outweigh any desire they might have for bigger and fancier homes. A 4-bedroom home in the suburbs is likely the most common residence of millionaires.
Most millionaires drive a vehicle that is very unlikely to draw much attention to them. Common millionnaire vehicles include pickup trucks, American SUVs, and 4-door sedans. As far as makes of vehicles go, you are more likely to find Millionaires driving an American car or a Japanese vehicle than an Italian, British, or even German-made car. Fords and Toyotas seem to be the most common*.
Perhaps surprisingly, 70% of millionaires have never and will never buy a brand new car. They buy, instead, used cars because they know that vehicles go down in value over time and that they will never sell a vehicle for more than what it cost to purchase and maintain.
A popular saying is closer to reality than many think:
The rich stay rich because they spend like they are poor.
Where are you more likely to find Millionaires purchasing their clothing? Upscale boutiques? Rodeo Drive? Top of the line clothiers? Actually, most will shop at discount stores like Walmart, Kohls, or Target, while some will even shop at thrift stores.
“Most millionaires are not in it for the show.”
They value relationships more than consumer goods.
*Money Fit by DRS does not endorse or recommend one vehicle manufacturer over another. Neither will driving any particular model make it more likely that you will become a millionaire.