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5 Millionaire Myths: Debunked

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“I never wanted to be a millionaire. I just wanted to live like one.” – Walter Hagen

There are a few interesting misconceptions that people have about millionaires. Continue reading to find out the 5 most common myths that will surely surprise you!

ceo.jpg1) Millionaires always have high salary jobs. The truth about millionaires is that most don’t actually have six figure jobs. The common denominator with millionaires is that most have learned to live within their means, rack up their savings, invest consistently, and have strayed from major financial mistakes (for the most part.)

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2) Millionaires just inherited their wealth. This is one of the more common myths – and I have to admit to believing it at one point. Dr. Tom Stanley, author of The Millionaire Next Door, concluded in his research that 80% of all millionaires are first-generation rich – which means they started from nothing and earned their fortune.

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3) Millionaires don’t pay taxes. Fortunately this not true – not many people are aware of this, but in 2014 it was reported that nearly half of the federal income taxes were paid by the top-earning 1 percent of Americans.

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4) Millionaires live the high life. While this might be true for some millionaires, it’s certainly not true for all of them. It is reported that only 2 out of every 10 millionaires kick their feet up, while 8 out of every 10 go to work every day (just like you and I) to continue building their fortune. Click here to see the 15 frugal billionaires who live like regular people!

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5) Millionaires are fearless. People seem to forget that millionaires are human – just like us. As your net worth rises, so does your cost of living. So if people like you and I are worrying about making our $700 mortgage payment, there are millionaires out there who are worrying about their $10,000 monthly lease.

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