If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.
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 10 of our series we learn millionaires could care less about the Joneses. It's the Trumps who they are trying to keep up with.
Wealth can go a long way when it comes to creating happiness, but the millionaire's next door are not living the life of the billionaire next door. Being the guy who presents a $100,000 check to charity or takes off to spend time at his own private island is the guy they want to be.
Glenn Firebaugh, a sociologist at Pennsylvania State University says, "What makes people happy isn't how much they're making. It's how much they're making relative to their peers."
For all of their wealth 40 percent of millionaires fear that their standard of living will decline in retirement and that their money will run out before they die. Remember our motto here "Retirement is wasted on the old." It may not help if their over the top lifestyle is so extreme that they're barely getting by on $400,000 a year.
You can always be happy with more money. There is no satiation point. That's the trouble with wanting to keep up with the Trumps...Millionaires are always looking up and think it's better up there.
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