I have heard this several times recently (we took the Dave Ramsey course too) and when I found it written again, felt it was worth a post. There is a real difference in MULTI-Millionaire and Millionaire.
Being a Millionaire is most likely not as outwardly apparent as it used to be. Maybe we need to change the term to fit the times? It appears the perception of 30 or 40 years ago still holds but it doesn’t hold as much as it used to. – WD0AJG
“For example, we generally envision millionaires as Bentley-driving, mansion-owning, Tiffany-shopping members of exclusive country clubs. And, indeed, research reveals that the “glittering rich” – those with a net worth of $10 million or more – often meet this description.
But most millionaires – individuals with a net worth of $1 million or more – live an entirely different lifestyle. Stanley found that the vast majority:
- Live in a house that cost less than $400,000.
- Do not own a second home.
- Have never owned a boat.
- Are more likely to wear a Timex than a Rolex.
- Do not collect wine and generally pay less than $15 for a bottle.
- Are more likely to drive a Toyota than a Beemer.
- Have never paid more than $400 for a suit.
- Spend very little on prestige brands and luxury items.
This is certainly not the traditional image of millionaires. And it makes you wonder, who the heck is buying all those Mercedes convertibles, Louis Vuitton purses and $60-bottles of Grey Goose vodka? The answer, according to Dr. Stanley, is “aspirationals,” people who act rich, want to be rich, but really aren’t rich.”