Ideal Picture of a Millionaire

Who is the real Millionaire?

What is the Ideal Picture of a Millionaire?

Most of us believe that, Rich, Millionaires and wealthy people are those who live in expensive homes, drove expensive cars and wear expensive clothes & watches. In fact, many of us want to look cool and rich and that’s why we buy these high status symbol things. We take huge debt to fuel our luxurious life style But in reality, what we are doing?….. Well, we are compromising our wealth in exchange of high status life style.

Remember, You can not be wealthy by spending more but you can be wealthy by accumulating more assets. Here is the ideal picture of a Typical Millionaire.

- A Typically ideal millionaire don’t believe in high status life. He doesn’t drive luxurious car, wear expensive clothes or watches and live in expensive neighborhood or homes even.

- An ideal millionaire is one who has accumulated more assets in his life than most of the people in his age and occupation group cohort.

- A True Millionaire does not do job. And if he has ever done a job in his life, these were the initial few years of his earning life. Most of the Millionaires are Self-employee or Businesses owners or Investors. And among the Self-employees, only those are millionaires who have seriously invest their money over a period of long time.

- Millionaires live less than 7% of their Total Wealth (Net Worth). And they buy not more than 1% of their Total wealth of luxurious items. Say for Example, if a millionaire has a wealth of Rs.100 Crores, he will spend not more than Rs.1 Crore behind buying luxurious items.

- Most of the millionaires are first generation millionaires. Yeah… Most of them have not received any inheritance or lottery winning. Second generation millionaires sometimes broke because they spend more than they live and they fail to preserve and accumulate wealth.

- Millionaires live well below their means. Means they spend less than they earn. Most of the Middle class & upper middle class people spend more than they earn to look cool and rich.

- Almost all the millionaires don’t ever lease a car or any other motor vehicle. While what most of the people in this world do? Well, they every time lease a vehicle whenever they get a pay raise at their job place.

- The wives of most of the millionaires are excellent budgeters and planners. They manage their house finance very well and in frugal way.

- Most of the millionaires have silently and in low profile have accumulated substantial amount of wealth/assets. And over the time, the compound interest has worked a lot on their wealth and make them millionaires…!!!

So the above is thee ideal picture of a typically millionaire and wealthy people. So Ask yourself that, weather you fit into this picture or not? You will know immediately that, you are going to be millionaire & wealthy in the future or not…..!!!!