I’ve been meaning to post on this book for a while, but this morning’s report on the consumer savings rate falling back to the lowest level since December 2007, got me off the dime.
Thomas Stanley’s book Stop Acting Rich…And Start Living Like A Real Millionaire offers some fascinating data on the behaviors of millionaires. The great thing about his book is that the conclusions made are all data-driven (Dr. Stanley has spent decades intensively studying the affluent in America).
I suspect that many would be very surprised by the following points made in his book:
- More than two-thirds of those who are country club members are not millionaires.
- Real millionaires pay about $16 (tip included) for a haircut.
- The median price paid for motor vehicles among millionaires surveyed was $31,367.
- 70% of millionaires in America have never owned a boat or a yacht or even a raft.
- 64% of millionaires did not own a second home.
- Most millionaires do not live in homes that have a market value of $1 million or more. About 90 percent live in homes valued at under $1 million.
- The majority of millionaires report that their spouse is more frugal than their frugal husband (in the case where the males were the bread winners).
- Only 7 percent of millionaires own a bottle of wine that costs more than $100.
- 67 percent of millionaires own wine that costs somewhere in the range of $10-$25.
- Millionaires usually pay $19.59 (median) for the dinner that they order at their favorite restaurant.
- Toyota make of automobile was found to be the number one in market share among millionaires (10.9 percent).
The reality is that it is ultimately those individuals that embrace a frugal lifestyle who are able to enjoy a life of financial independence. As discussed in Dr. Stanley’s book, the affluent understand that what brings happiness in life is not the watch on your wrist, but life activities, relationships, the peace of mind associated with financial independence, and the ability to donate to charitable causes.
Finally, I did enjoy the following quote from his book (a philosophy taken at face value by so many…)
Anyone who lives within their means suffers from a lack of imagination. -Oscar Wilde
