I'm done reading my copy of Stop Acting Rich: ...And Start Living Like A Real Millionaire and I'll be posting a bit on it here and there. But for now I wanted to share a general overview of the book's findings regarding what real millionaires do:
Dr. Stanley’s research and the national survey carried out on his behalf by University of Georgia Survey Research Institute rips the lid off just about every assumption we have about who the really rich are (and aren’t), what they do (and don’t do) and what they buy (and don’t buy).
- The #1 most popular make of car among millionaires is Toyota--not BMW or Mercedes
- Real millionaires pay about $16 (tip included) for a haircut at a traditional barbershop
- Nearly 4 in 10 millionaires surveyed buy wine that costs around $10
- There are currently more than 350,000 millionaire educators (working or retired teachers or professors)--a profession that is far better at transforming income into true wealth than doctors or lawyers
- Only 5.7 percent of all millionaires surveyed nationally paid $1,000 or more for their most recently acquired suit
- Sixty-four percent of all real millionaires have never owned a second house – not even a rustic log cabin in the woods
- The proportion of Americans who owned boats in 2006 exceeded the proportion who left an estate of $1 million or more in 2007 by a ratio of nearly 5 to 1
- In the U.S., there are nearly three times more millionaires living in homes that have a market value of under $300,000 than there are living in homes valued at $1 million or more
- The number one preferred brand of shoes worn by millionaire women is Nine West and their favorite clothing store is Ann Taylor--with the Gap and Costco not far behind
- Most real millionaires eschew Rolex, Omega and Tag Heuer timepieces in favor of Seiko watches
- Those who give away larger portions of their income to charitable causes end up accumulating more wealth.
Here's how I compare on these measures:
- I own a Toyota (as well as a Subaru.)
- I cut my own hair, so I'm well below the $16.
- I don't drink alcohol, so there's no wine for me.
- I'm not a doctor, lawyer, or an educator, bit that's fascinating information.
- I've NEVER spent $1,000 for a suit.
- I've never owned a second home.
- Ha! I don't own a boat.
- I'm not a millionaire woman, but I do shop at Costco. Does that count? ;-)
- My watch is a Casio, purchased at Walmart, and it works GREAT! (It does a very good job at keeping time during soccer matches.)
- Hmmmm -- giving related to wealth accumulation. Who would have ever guessed that? :-)
I hope you enjoy learning about this book as much as I did reading it. It's full of good, basic, wealth-generating tips and I plan on sharing them with you!