For example, they're probably tax evaders who just inherited their money from a rich aunt and they hang around the golf course all day with their snobby, elitist friends.
Well, not so fast. What's the average millionaire really like? Here are seven millionaire myths, and the real facts about the ones who seem to have it all.
Key Takeaways Many people have preconceived notions about what it means to be a millionaire. Most millionaires don't feel rich and worry about retirement, funding their kids' college education, and paying their mortgage. Current tax regulation shifts may change these numbers to make this even larger than that—so think twice before accusing the millionaires in America of not paying taxes.
Many millionaires simply worked, saved, and lived within their means to generate their wealth—think accountants, managers, and other regular people going to work every day.
Most millionaires didn't get their riches overnight when a rich relative died— they worked for the money.
- Share Article via Email Getty Images Unless you were born into a rich family, building wealth can be very hard — depending on the path you choose.
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- All they do is drive their brand-new cars to the golf course while the rest of us slave away.
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Myth 3: Millionaires Feel Rich From the outside looking in, you would think that millionaires feel rich and securebut that's not so. Most millionaires worry about retirement, their kids' college fund, and the mortgage just like the rest of modern trading robot. Those worries are greatest among new millionaires, the people who just recently acquired their wealth.
Millionaires don't pay their taxes.
Myth 4: Millionaires Have High-Paying Jobs It certainly doesn't hurt to be gainfully employed, but half of all millionaires are self-employed or own a business. Myth 5: Millionaires All Drive Fancy Cars You can get that idea of the rich guy in a fancy German car out of your head when you think of a millionaire.
They actually drive a Ford, with the carmaker topping the millionaire preferred car list at 9.
Cadillacs run second on the millionaires' favorite car list, and Lincolns third. Car payments are an investment with little returnwhich is why someone looking to grow wealth avoids high-priced vehicles in favor of a more economical set of wheels. Myth 6: Millionaires Hang Around the Golf Course All Day Those millionaires are all retired, with nothing else to do but hang around the golf course, right?
It's not as glamorous or fun, but millionaires go to work just like you do; how millionaires earned their first money how the money gets in the bank. Myth 7: Millionaires Are Elitists We've already established that most millionaires earned their money not inherited it, still go to work, drive a Ford, and worry about their kids' college expenses.
Mohed Altrad made his first million in the scaffolding business.
Sounds a lot like the rest of America, right? Millionaires come in all shapes and sizes—some may be elitists, but most are just regular Joes who successfully managed their money.
These are habits that take discipline, but ones we can all adopt to begin growing wealth.
If these facts prove anything, it's that every one of us can strive to become a millionaire—you can start by driving your old car with pride. Compare Accounts.