Imagine what your lifestyle would be like if you were a millionaire!
Do you imagine living in a mansion on the water or carrying a Louis Vuitton purse?
I recently read The Millionaire Mind and Stop Acting Rich, both written by
Dr. Thomas Stanley, a professor specializing in research on American millionaires. His research spans 30+ years and profiles how millionaires actually live, compiling data from thousands of surveys, focus groups, and one-on-one interviews. You’ll be surprised that millionaires don’t have the flashy lives we see in shows like MTV’s Cribs.
Millionaires’ Cars
Of the cars recently bought by millionaires, which do you think was the most popular brand?
Top-of-the line Mercedes?
Porsche?
The correct answer is . . . Toyota! Surprised? “Most [millionaires] do not drive luxury makes of cars.”[i] “The median price paid by millionaires for their most recent [car purchase] was only $31,167. The typical price paid by decamillionaires (someone with $10+ million in net worth) was $41,997”[ii].
Millionaire Dining
What do you think is the typical price millionaires paid to eat at their favorite restaurants, including tax, tip, and drinks?
$100?
$250?
$300?
The answer is . . . $19.59! “Only three-tenths of 1 percent [.003%] typically [spent] more than $100.”[iii] How much does dinner cost at your favorite restaurant?
Check out more millionaire stats:
Price paid for most recent haircut:
- Female millionaires: $44.58
- Male millionaires: $16.00[iv]
Cost of most recently purchased suit:
- Typical Millionaire: $299.50
- Decamillionaires: only $482! [v]
Millionaires typically don’t spend a large percentage of their wealth on clothes. When shopping, millionaires look for sales![vi] Millionaires—are frugal, allowing them to reinvest and grow their wealth.
Get involved!
How did the millionaire stats compare to your spending habits? And your expectations? What surprised you the most? What didn’t?
I’ll respond to all comments and emails!
Financially Fab 
Posted by personal injury definition on January 13, 2013 at 10:24 am
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And naturally, thanks on your effort!
Posted by Financially Fab on January 13, 2013 at 11:17 pm
Thanks for your comment! Let me if you’re interested in any other topics. 🙂
Posted by Why NOT You? | Kaneisha's CrazyGirl Nation on March 4, 2011 at 3:56 am
[…] a few days ago. I told her about my drive to focus more on living my life as a writer rather than acting like I’m rich. She listened intently and enthusiastically and then later sent me a video highlighting the story […]
Posted by Monica on February 7, 2011 at 7:10 pm
Investment would be the topic that I would choose… but, you generally covered it on Feb. 7th blog.
Posted by FinanciallyFab on February 7, 2011 at 9:45 pm
Great! Let me know if addition topics come to mind. 🙂
Posted by Monica on February 3, 2011 at 8:48 pm
Good Post. I feel that more people need to hear this message.
Posted by FinanciallyFab on February 5, 2011 at 6:43 pm
Great to hear you liked it! If you could choose one other financial topic to learn about, what would it be? You top choice?
Hope to keep seeing comments from you!