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What Does It Take to Be a Millionaire? Financial Modesty, for One Thing

An article over at the popular ecommerce site Shopify reveals seven traits that millionaires tend to have in common. When you see them (and you would do well to read the full article embedded here), none will likely shock you, but there may be one or two that you will see as perhaps being a little surprising.


One of the more interesting characteristics noted in the piece pertains to spending habits. Many tend to instinctively think of millionaires as people who are jetting all over the world, spending on lavish vacations, and engaging in other, related behaviors like buying expensive cars and regularly eating in the best restaurants.

Except nothing could be further from the truth.

Millionaires, in fact, tend to be very modest when it comes to how they spend their dough. Among the statistics to that effect cited in the article (which come from The Millionaire Mind, a terrific book by Thomas J. Stanley) is one that says half of the American millionaire population have not paid over $399 for a suit, and over half haven’t paid more than $30,000 for a car. Now, while it has to be clarified that these are rather dated statistics - The Millionaire Mind was published all the way back in 2000 – the message is clear: Millionaires tend not to spend a whole lot of money.

Feel pretty good about this already, don’t you? After all, for lots of us, financial modesty has long been a way of life.

The point is that despite how they tend to be portrayed by the media, most millionaires are regular people for whom the work, the challenge of succeeding in business….is the juice.

In fact, you may well find, after reading the article, that you have quite a bit in common with the “average millionaire.”

Maybe not everything, but perhaps enough; enough to become one yourself.

By Robert G. Yetman, Jr. Editor At Large