If you are a money nerd like myself, you probably have thought about being a millionaire. You are also probably equally as confused (as I am) as to what it takes to be a millionaire. The Millionaire Next Door, used a longitudinal case study to chart out characteristics of American millionaires.
They don’t blow money on things and they assess needs and wants differently than most people. Is the new sectional at Costco a need or a want? A millionaire would say it is a want, therefore they wouldn’t buy it.
Millionaires typically don’t waste time or energy on things that won’t have a positive long term impact. Focusing on the daily news to be informed is great.
A brand new car at $40,000 will be worth $32,000 within 12 months! Simply put, most millionaires look long term and don’t think about short term thrills like new automobiles.
I found this interesting just because so many millennials are still living off their parents. In fact, 1 in 4 millennials with full time jobs has mom and dad pay for a bill.