Live Like You're Rich: Eight Habits of Millionaires

Posted on 06/07/2010

Plenty of people live like they’re rich, when really they’re just in deep debt. Ever wondered how real millionaires live? Turns out living like you’re rich doesn’t mean driving a fancy car and jetting off to Europe. If you really want to live like you’re rich, follow these eight habits of millionaires.

Buy a Home You Can Afford - According to author and expert Thomas J. Stanley, millionaires don’t live in the fanciest homes. He’s been studying the habits of millionaires for three decades and discovered that the median millionaire’s home is worth $469,021. So if you want to live like a millionaire, don’t buy the most expensive home.

Don’t Always Hire Help - When your gutters need cleaning out, your lawn needs to be cut, or your faucet is leaking, do you automatically hire a professional? If you want to truly live like you’re rich, Stanley says try doing it yourself. Of those millionaires that have more than a ten million dollar net worth, nine percent mow their own lawns and twelve percent paint their own homes. Nearly one in four complete plumbing projects and nearly one in three pick up a hammer for at-home carpentry projects. More than half are involved with gardening.

Clip Coupons - Clipping a coupon to save fifty cents on toothpaste or a dollar on cereal may not seem like a habit that will make you a million bucks, but statistics show that six in ten millionaires do it. So grab your scissors and the Sunday paper and start acting like you’re wealthy.

Plan Shopping Trips - Impulse buyers spend way more money than those who plan out their shopping trips. About two out of three Americans are impulse buyers, but you can bet millionaires don’t spend their money that way. Plan meals so you can avoid heading to the grocery store more than you need to.

Make Lists - Start making lists— a list for grocery shopping, a list for household chores and a list for running errands. Stanley says that 70 percent of millionaires are list oriented. This habit saves them time which leads to saving money.

Buy Used Cars - Many millionaires became millionaires because they invested their money wisely. They realize that cars are not good investments, which is why many millionaires buy used cars rather than waste money on brand new ones.

Do Something You’re Good At - Stanley says most millionaires—eight out of ten—are in a job that fits their abilities. In short, they’re doing what they’re good at. Think about why you’re in the career you’re in and if you want to live like a millionaire, make sure it’s because you’re good at it.

Focus Less on Income - Believe it or not, the average income of a millionaire is $89,167 according to Stanley. What matters more than the amount of digits on your paycheck is what you do with that money. Practice discipline and remain focused if you want to live like a millionaire.

By Alison Storm

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Posted on 04.30.11 at 12:42 PM

I didn't know about millionares and coupons. Great article!

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