How to be Like the Millionaire Next Door

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.

1. Millionaires are Frugal Frugal Frugal!

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.

2. How do Millionaires Spend Their Time, Energy, and Money?

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.

3. The Millionaire Next Door Drives a Normal Car!

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.

4. Millionaires Don’t Provide Economic Outpatient Care

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.

5. Millionaires Are Aware of Social Media Filters

Social media lets us filter our lives, exposing what we want others to see and hiding what we don’t (We all have that one Facebook friend that puts everything online).

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