18 Oct

Written by Kathryn Vercillo on October 18, 2010

Do you know a millionaire? Although there are a lot of them out there most of us don’t actually know any of them personally. Because of this, we may have a lot of misconceptions about millionaires. The following fifteen facts can help you get to know a little bit more about what it’s like to be a millionaire.

1. Millionaires often give away their money. Millionaires give away their money to charity, to friends and loved ones and to various other beneficiaries. Although not all rich people give away money, a large percentage of them do out of generosity, guilt or other various reasons. Sound interesting? Read more about 20 millionaires who give away their money and take a look at how Bill Gates convinced 30 millionaires to give away their money.

2. Millionaires live below their means. Many millionaires are actually very frugal people. They don’t waste their money. They live within their means. In fact, many of them live well below their means. SelfGrowth.com reports that this frugality is a family affair and that most millionaires have spouses that are at least as frugal as they are! Watson Inc. reports that many millionaires live in homes in blue collar neighborhoods where their income exceeds that of their numbers by more than 600%.

3. Millionaires spend to make more money. SelfGrowth.com also reports that millionaires spend money in order to make money. They also spend their time and energy on things that help them to make money. If you thought that the millionaire life was a lazy one, think again!

4. Most millionaires earned their own money. We often think of rich people as coming from rich families and inheriting their wealth. However, that’s not necessarily true. Watson Inc. reports that eighty percent of millionaires are the first generation in their family to hit the million dollar mark and two out of three millionaires have only been this rich for fifteen years or less.

5. They are self-employed in high paying jobs. Since most millionaires are working to earn their money it’s probably not all that surprising to find out that they primarily work in high paying jobs. Watson Inc. says that they’re working between 45 and 55 hours per week on average. However, they aren’t typically working for someone else. They either work on their own as self-employed individuals or they are business owners. SelfGrowth.com reports that entrepreneurs are four times more likely to become millionaires than are people who work for others.

6. Most millionaires have only a few million and don’t feel rich. Watson Inc. reports that two out of three millionaires have a net worth of less than $2.5 million (£1.5 million). Although most of us imagine we would be very happy with that amount of money, it is reported that it takes approximately ten times that for most millionaires to actually feel like they are rich!

7. Millionaires value financial independence over status symbols. Both Watson Inc. and SelfGrowth.com report that millionaires typically don’t value status symbols. For example, they don’t drive flashy cars. What they value is financial freedom and financial independence, something that many of us do wish we had!

8. Millionaires do spend money on improving their quality of life. SelfGrowth.com reports that some of the things that millionaires do spend more than the average person on include real estate, education, business training and medical/dental/healthy costs.

9. Millionaires don’t take money from their parents or give money to their kids. Sure, they help out their family members in some ways. However, they don’t take money from their parents once they have become adults and moved out on their owns. And they don’t go on giving to their adult children. Instead, they teach them how to handle money responsibly and hopefully earn their own millions one day.

10. Millionaires pay taxes. There are a lot of myths out there that millionaires don’t pay a fair amount of taxes especially in the United States but there are also many reports that refute this fact. They do, however, invest in tax advice according to SelfGrowth.com.

11. Being a millionaire makes people happy. We would like to believe that money doesn’t matter but it does correlate at least somewhat with being happy in life. WorldWide Success says that seven out of ten millionaires do report that getting money made them happy. It’s that financial freedom that led to happiness though and not the money or material things.

12. Millionaire men don’t date women richer than they are. Millionaire matchmaker Patti Stanger reported to The Wall Street Journal that men who become successful enough to be millionaires typically want to be more successful than the women that they choose to date. However she does report that they are looking for women with talent, brains and careers not just women who are eye candy.

13. Millionaires may not travel more than the rest of us. A retired millionaire couple in the U.S. reports that they travel about once a year and don’t own a yacht or a private jet or anything like that.

14. Millionaires take smart risks and are willing to change directions. Entrepreneur reports that millionaires may be committed to their visions in business but they are also willing to change direction as needed in order to keep growing their wealth. However, they don’t take dumb risks or unnecessary risks and they don’t risk everything at once.

15. Some U.S. millionaires are currently collecting unemployment benefits! A recent report shows that 3,000 millionaires in the United States are collecting financial benefits from the government after becoming unemployed as a result of the recent recession. What do you think about that?

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2 Comments

  1. 2

    meemers
    April 17th, 2013

    This is pretty cool using it for a research project lol :D

  2. 1

    Cesar
    October 19th, 2010

    Very very interesting! Maybe I’m on the way to become one of them!

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