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.
Dana Anspach Updated June 08, Think you can't become a millionaire?
Well, not so fast. What's the average millionaire really like?
17 things millionaires do differently from everyone else
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.
Why is this important?
Current tax regulation shifts may change these numbers to make this even larger what millionaires earned their money on 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.
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 us. Those worries are greatest among new millionaires, the people who just recently acquired their wealth.
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.
There are 4 main paths to becoming a millionaire—and this is the easiest one, says money expert
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.
Share Article via Email Getty Images Each one of us starts out with a unique set of advantages and disadvantages, but self-made millionaires are people who reach high levels of wealth without the help of a large inheritance or trust fund.
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; it's 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.
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.
How Most Millionaires Got Rich
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 what millionaires earned their money on millionaire—you can start by driving your old car with pride.