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 
