Unexpected Habits Of A Frugal Millionaire
Unexpected Habits Of A Frugal Millionaire
jeff@debtfreedr.com
When you hear about someone being a millionaire, you typically don’t picture them as being frugal. The phrase, “Frugal millionaire” is not something that typically goes together such as a peanut butter and jelly sandwich does. But, if you’ve read books such as “The Millionaire Next Door” and Chris Hogan’s new book, “Everyday Millionaires,” you’d have a different outlook on how millionaires actually live.
Occasionally, when someone hears that a person is frugal, they automatically think that they’re cheap. Being frugal and cheap are two different things. So, before we discuss the habits of a frugal millionaire, let’s look at the difference of being frugal versus cheap.
What Is Frugal Living?
Frugal living is simply being intentional with your money. It’s mainly practiced by those who aim to:
cut expenses
have more money
get the most they possibly can from their money
Frugal people understand that paying more doesn’t necessarily mean better value. Again, just because someone is frugal, doesn’t mean they’re cheap.
Are Frugal People Cheap?
I know cheap people and I can tell you firsthand that they’re NOT fun to be around. Cheap people think that EVERYTHING is overpriced.
The bottom line is that these are people who don’t like to spend money. They complain to everybody about how much stuff costs.
Unfortunately, many cheap people I know also lack honesty and moral principles.
The reason I wanted to differentiate between being frugal and cheap is that the majority of research on millionaires concludes that they’re frugal. They put people above money and are known to give to worthy causes.
If you’re not yet a millionaire (keep reading the DFD posts and you’ll soon be one!) and want to know just how many exist out there, let’s move on to some stats…
Millionaire Statistics
Here’s a few millionaire stats you may not know about from millionairefoundry.com:
There are 42.2 million millionaires worldwide, up 2.3 million over the last 12 months.
Of those, 41% or 17.3 million individuals are in the United States
This means that 7% of the U.S. adult population are millionaires
Approximately 14% of U.S. households are in the millionaire club
If you’re a millionaire, you’re in the top 0.6% of wealth for the world’s population
The nine cities with the most millionaires, in decreasing order are Tokyo, New York City, London, Paris, Frankfurt, Beijing, Osaka, Hong Kong, and Shanghai
Current projections are that 1,700 new U.S. millionaires are made every day
Let’s find out what it takes to become a frugal millionaire…
7 Unexpected Habits Of A Frugal Millionaire
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