The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. The 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 2 we look at where they shop and how they spend money. Many are actually very frugal, while others like to spend money. That's the reason to be rich right?
There are many millionaires who never check the price tag. Robert Kiyosaki, author of one of my favorite books, "Rich Dad, Poor Dad" the 1997 best seller says, "I've all ways wanted to live above my means because it inspired me to work harder." Kiyosaki, a entrepreneur who is worth millions, says he doesn't even know what his house would sell for today.
But for many millionaires they know what it means to be frugal. Based on a survey by American Express and the Harrison Group, conducted in 2007 of high worth, individuals may not buy 99 cent paper towels, but 80 percent say they spend with a middle class mind set. That means they buy luxury items on sale, hunt for bargains and clip coupons.
"We can afford just about anything," says Don Crane, a small business owner from Santa Rosa, California. He and his wife see the value of everyday saving. Both he and his wife grew up on farms in the Midwest, where nothing was wasted. His wife clips coupons to this day. Most millionaires come from middle class households and about 70 percent have been wealthy for less than 15 years, according to the American Express and the Harrison Group.
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