Contrary to popular belief, being rich isn’t all about fancy cars and glitzy parties. According to The Millionaire Next Door, the life of an average millionaire is a little more… regular than what you might expect. In fact, you probably wouldn’t recognize some of them even if they were to hop in an elevator with you! But recognizing them isn’t really the point here; emulating their habits is. Let’s start with these five interesting millionaire habits you might be surprised to know.
1. They work between 45 to 55 hours per week.
Most millionaires are hard-working. They don’t spend their days golfing or having expensive brunches with their equally rich friends (unless it involves a business deal of some sort). After all, they have a company to run, and like any other employee, important tasks that need to be done. In fact, Steve Siebold, author of How the Rich Think, says that rich people have an action mentality. They won't just wait to win the lottery, reports The Business Insider.
2. They are very frugal.
According to The Millionaire Next Door, most millionaires wouldn’t spend more than $399 (or roughly P17,000++) for a suit. Even if they could afford to buy a whole wardrobe’s worth of high-end labels, they’ll stick to lower-priced choices. Then again, that might be why they were able to amass quite a sum of money in the first place.
3. They live in regular neighborhoods.
Does living in an affluent community make you a millionaire? Maybe, maybe not, but we do know that about half of the millionaires surveyed in The Millionaire Next Door don’t live in high-status residential areas. Why? The answer is simple: taxes.
4. They drive secondhand cars.
It’s not that they have to drive used cars, but they’d rather put their hard-earned cash into expanding their business or appropriating more wealth than status symbols. Those who do buy new cars, however, aren’t even driving current models or luxury cars.
5. They know how much their yearly expenses are and where the money goes to.
“Sky’s the limit” isn’t a term you’d often hear these millionaires use. Most of them operate on a consistent budget. In fact, 62.4 percent of the millionaires surveyed know how much their family spends each year for food, clothing, and shelter. According to The Millionaire Next Door, however, those who don't have a regular budget either “create artificial economic environment of scarcity for themselves and other members of their household” or typically spend a lot less than what they earn.
(Screencap from Revenge courtesy of ABC)