Here's another post in our series on the learnings from the book The Millionaire Next Door. (For the next few posts in this series, we'll be focusing on qualities of the typical American millionaire.):
Who is the prototypical American millionaire? What would he tell you about himself?
We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles. (page 9)
I can hardly contain myself on this one!!!!! (But I'll try, for all our sakes.) Here are my thoughts on this information:
1. They spend less than they earn. Hmmmmm, where have I heard that before?
2. Not only that, but they live WELL below their means (not just barely below their means).
3. They avoid spending money on things that depreciate quickly like designer clothes and new cars.
4. They hardly ever lease. 'Nuff said here.
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