The Real Millionaires

nik-parks-hundred-dollar-bill

I’m 25 years old. Steve Jobs had a net worth of over $100 million when he was my age. Mark Zuckerberg was already the youngest billionaire in the world—a title he still holds—when he was my age.

So what? Those guys are exceptions (and one is a fluke).

I love those stories as much as the next American but at a certain point, it just becomes detrimental. Don’t expect the same thing for your life. Don’t let those stories depress you.

Yes, you can attain wealth and abundance in your lifetime but please have a realistic expectation.

Here are some facts according to Dr. Thomas Stanley and Dr. William Danko (authors of the Millionaire Next Door)…

The average millionaire:

• is 1st generation rich
• does not buy new, luxury foreign cars nor does he lease his cars
• is self employed
• lives on less than 7% of his wealth
• is a homeowner
• works 45-55 hours per week
• does not have a trust fund
• is not of English descent (very interesting)
• is frugal
• invests a minimum of 15% of his annual realized income
• has been married to the same person most of his (or her) adult life
is at least 55 years old

don’t be offended that I used almost exclusively male pronouns. It’s just the way I learned grammar.

This does not sound like the millionaires we see every day from mainstream media. Think about it…a reality show about a 55 year old married couple planning a trust fund for their grand-children’s education (who have yet to be born) isn’t sexy.

The general public wants hyper consumerism and leaked sex tapes and pointless family drama.

Don’t be fooled, ladies and gentlemen.

$1 million starts with a plan…like say buying a multi family home in an expensive city/strong renters’ market and allowing the tenants to cover the expenses.

Leave a Comment

Filed under Entrepreneurship, Investing, Real Estate

Leave a Reply

Your email address will not be published. Required fields are marked *