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What You Don’t Know About Millionaires

The Millionaire Image

Being a millionaire just isn’t what it used to be in the United States. Today, more than ten million households are home to a millionaire or their family, without even counting home equity. That’s nearly double the amount five years ago, but inflation has played a heavy hand and a million dollars today is worth about a quarter of it’s value three decades ago. However, that hasn’t changed our image of millionaires much over the years. Many of us still have the “Monopoly” board game character in our mind – a fancy suit, top hat, monocle, and maybe even a cane. In truth, most of today’s millionaires aren’t too different than you and me; they’ve earned their money the hard way and don’t live extravagant life styles. Here’s a look at a few other things you might not know about millionaires.

What You don’t Know about Millionaires

• Think most millionaires graduated from a prestigious Ivy League school with flying colors? Hardly, consider this, the median grade point average among millionaires was a pedestrian 2.9 and the average SAT score was below 1200. Also of note, the majority of millionaires attended a state college or university. So while a highly advance college degree from an excellent school can’t hurt, its far from a requirement to be a millionaire.
• We often imagine millionaires with expensive cars and high class fashion, what we don’t imagine is that many of these luxuries rented instead of owned. One of the popular trends among the rich and the not so rich alike is renting luxury items instead of purchasing them. It makes sense, why pay top dollar for the latest fashion when it’ll soon be out of style and you can rent it for much less? Why purchase a Lamborghini when you can rent any sports car for the weekend at half the price?
• Unless your name is Bill Gates or Donald Trump, you’re far from the top of the millionaire food chain and your always looking to climb up it. You’d think some people might earn a couple million and plan their retirement, but most millionaires are actually looking for more ways to accumulate money. About 40% of millionaires fear they will eventually run out of money or be forced to change their life style at some point; it’s a healthy fear that keeps them striving for more.
• Although they certainly aren’t afraid of spending money, most millionaires are more frugal than you’d think. Close to 80% state that they still spend their money with a middle class mind set. Believe it or not, they hunt for bargains, shop sales, and even clip coupons. Perhaps that’s because the majority of millionaires actually come from middle-class households and only a surprising 3% inherited their wealth.