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How the Rich Roll

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Want to live like the rich do?  It’s actually a piece of cake when you know how they really spend their money.

 

 

As a member of the MTV generation, I’ve seen shows like Cribs and My Super Sweet 16.  Here’s how Vh1 describes their similar, popular series The Fabulous Life (I couldn’t bring myself to shorten it for brevity, it’s just too funny):

Take a fast-paced, first-class joy ride through the world of lavish living and luxury.  From the most exclusive neighborhoods in Hollywood to the gold-plated Wall Street, we’re taking you deep inside the lives of the rich and famous, from their massive careers to their even more massive homes to what they do in self-indulgent leisure time.  It’s a truly ridiculous lifestyle where five-star is par for the course, custom-made is a given, and the VIP treatment is nonstop.  Dropping a million bucks?  That’s chump change.  With fleets of luxury rides, tricked-out mega mansions, and more, these superstars and billionaires are living what we call The Fabulous Life.

But is the average millionaire blowing $100,000+ on their kid’s sweet sixteen?  No, absolutely not.

Sensationalism is entertaining.  Perhaps that’s why so many people cling to the images of millionaires spending beau coup bucks in outrageous ways an think that that is how the rich really behave. 

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Take a look at how the rich really roll:

 

Making Money

“Of America’s millionaires, 80% are first generation rich.  That means they got up, left the cave, killed something, and drug it home.”

Dave Ramsey

1/3 of all millionaires made their money by running their own business.

AmEx/Harrison Survey

Over half (59%) of the self-made millionaires surveyed came from poor or ordinary backgrounds.

BBC

 

Spending & Saving Money

84% of millionaires say they spend with a middle-class mindset (AKA: they know how to be frugal).

AmEx/Harrison Survey

Affluent households, including those with income above $100,000, tend to be heavier coupon users than those with lower incomes…

SmartMoney

Real millionaires pay about $16 for a haircut at a traditional barbershop… Only 5.7 percent of millionaires surveyed nationally paid $1,000 or more for their most recently acquired suit… The watch he wears every day was purchased at a Wal-Mart store for $15…

Smart on Money

86% of those who drive prestige makes of motor vehicles are not millionaires… The median price paid for the most recent motor vehicle purchased by a millionaire was $31,367.

Thomas Stanley

Forty two per cent of those interviewed for the biggest ever market research survey of Britain’s millionaires said that they spent less than 500 pounds a year on clothing.

BBC

A third of millionaires (38%) spend under 60 pounds a week on their weekly food shopping.

BBC

 

As you can see, becoming money-rich takes a frugal type of mindset.  “Luxury rides,” “massive homes,” and “ridiculous lifestyles” are not characteristic of the typical millionaire’s life; although they are the images frequently associated with the higher tax brackets.

Changing your financial position requires adopting the right frame of mind.  That’s why I thought it a good idea to conclude with a couple of T. Harv Eckers Secrets of the Millionaire Mind:

1. Rich people are committed to being rich.  Poor people want to be rich.

2. Rich people focus on opportunities.  Poor people focus on obstacles.

3. Rich people think “both”.  Poor people think “either/or”.

4. Rich people focus on their net worth.  Poor people focus on their working income.

5. Rich people manage their money well.  Poor people mismanage their money well.

6. Rich people have their money work hard for them.  Poor people work hard for their money.

7. Rich people constantly learn and grow.  Poor people think they already know.

 


Article publié pour la première fois le 13/09/2010

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