The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.
In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.
In part 8 of our series looks can be deceiving. There are millionaires who do actually have the toys so many of us crave, but most don't.
To a millionaire software engineer like Suzanne Garner owning a $100,000 car doesn't make financial sense. She drives a Mazda Miata. For a $30,000 annual membership fee Suzanne Garner belongs to Club Sportiva, a fractional ownership car club in San Fransisco that lets her take out Ferrari's, Lamborghini's and other exotic autos out for a spin on the weekend. Suzanne says she's all about the car. As are many other people. While stopped at a red light while in a Ferrari, Suzanne received a marriage proposal from a guy driving a pickup truck, but she declined the offer.
Why in world do we buy $3,000 Verace bag's that will be out of style next season when you can rent it for $175 a month? Even worse, why would we spend $250,000 on Ferrari when for $25,000 a year you can have one on the weekends? The concept of clubs that provide "fractional ownership" have been popular with jets for years. Now the concept has spilled over to high end luxuries like exotic cars and jewelery. Is this trend here to stay? Over 50 percent of millionaires sat they plan to rent luxury goods within the next year. Handbags topped the list, followed by cars, jewelry, watches and art. Online companies like Bag Borrow or Steal cater to customers who always want new designer accessories and jewelry. Prices start at $15 a week.
A was fascinated by this business model after my wife dragged me to "Sex and the City" movie. As it was discussed between Sara Jessica Parker's and Jennifer Hudson characters. Although, I think I would it be more fun to rent a Ferrari rather than purse, but my wife might disagree with me.
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