Who is the True Millionaire?

Recently I was reading the New York Times Best Selling Book - “The Millionaire Next Door”. I have included one paragraph of this book here.

“These people cannot be millionaires! They don’t look like millionaires, they don’t dress like millionaires, they don’t eat like millionaires, they don’t act like millionaires – they don’t even have millionaire names. Where are the millionaires who look like millionaires?”

The Person who said this was a vice president of a trust department, USA. He made these comments following a focus group interview and dinner that the authors of the book “The Millionaire Next Door” hosted for 10 first-generation millionaires.

Unfortunately, most of the people have a common view about millionaires. They think that, millionaires own expensive clothes, watches and other status affairs. But well, this is not the true. Most of the people who own such type of luxurious items are in reality, upper middle class people.

Remember, you can not be wealthy by spending more. Wealth has to be accumulated. You can be wealthy only by saving & investing more and acquiring lots of assets. People who spend lots of money behind high status items are in reality not wealthy because they trade their wealth in exchange of high status life style.

While true wealthy are those, who don’t care how they look. But instead they focus their time, money & efforts in accumulating assets which appreciates in its value over the time and make them more wealthy. Remember, the wealth is not the same as of your Income. If you earn a lot but spend all of that money, you can never be wealthy because that money will never go into your Asset Column of your financial statement and never work hard for you.

Typically wealthy people are those who spend less and save & invest more. A Real Millionaire has accumulated tremendous amount of wealth over the time by acquiring assets after assets. So if you want to be a true millionaire & wealthy, start acquiring assets right now….!!!!! Accumulate (Save) more rather than spending a lot behind showing high status…!!!