You’ve heard it before: Rich people are cheap. It’s either that’s how they got to be rich or how they stay rich. But do they really make big compromises or live like misers? Let’s look at the facts, according to Thomas J. Stanley, who just released his book “Stop Acting Rich: And Start Living like a Real Millionaire”.

• The #1 most popular make of car among millionaires is Toyota–not BMW or Mercedes. Does Honda count (that’s what I own). I’ve actually never been impressed by expensive cars – so why spend big money on them?
• Real millionaires pay about $16 (tip included) for a haircut at a traditional barbershop. I must say, I don’t think this is true for women millionaires – they must be spending more.
• Nearly 4 in 10 millionaires buy wine that costs around $10. So that’s my problem.
• There are currently more than 350,000 millionaire educators (working or retired teachers or professors) This profession is far better at transforming income into true wealth than doctors or lawyers. I was actually happy to hear this statistic. Underpaid teachers are a sore spot with me.
• Only 5.7 percent of all millionaires surveyed nationally paid $1,000 or more for their most recently acquired suit. Suits? I thought rich techno-geeks wore ripped t-shirts and flip flops. Despite the fact that I am not a millionaire, I do prefer to buy second hand clothes. There is more of a variety, you can get vintage and of course, your dollar goes a lot further.
• Sixty-four percent of all real millionaires have never owned a second house. I’ve never been a fan of tying yourself down to one locale in which to vacation, which is probably what happens when you have a second home. So I could live with this one as well.
• Millionaires who didn’t own a boat exceeded those who did by a ratio of nearly 5 to 1. Some years ago, a friend of mine took a class on financial management. He told me Chapter One had one sentence which read “Sell Your Boat!”
• Millionaires live in medium-priced homes. In the U.S., there are nearly three times more millionaires living in homes that have a market value of under $300,000 than there are living in homes valued at $1 million or more.
• The number one preferred clothing brands by millionaire women is Nine West and Ann Taylor. Apparently the Gap and Costco is not far behind. Sure, but you still spend some big money on these clothes if you had a mind.
• Most real millionaires eschew Rolex, Omega and Tag Heuer timepieces in favor of Seiko watches. You’re just paying for the name.
• Those who give away larger portions of their income to charitable causes end up accumulating more wealth. I’ve seen this stat around a lot. Karma? I’ve never heard the reason for this phenomenon stated.

To summarize, rich people don’t get caught in the trap of “Keeping Up with the Joneses”. We are not trying to put you down if you enjoy nice things. We are just trying to put things into perspective. If you are trying to save money or budget, it can be difficult to separate wants from needs.

If Bill Gates drives a Toyota (I actually have no idea what kind of car he drives) then maybe it’s a status symbol to drive an economical car. I do know one thing about Bill Gates: he was known to fly coach on airlines even after his “Richest Man in the World” rating by Forbes.

Have any other stats to share with us? Tell us by leaving a comment!

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