The Millionaire Mindset

The "Millionaire Mindset"

The real irony is that most rich people don't spend this way themselves. Sure, the "glittering rich" do. They have households with a net worth of $10 million or more, because they can comfortably afford it.

But the vast majority of millionaires in the United States:

• Live in a house that cost less than $400,000.
• Are more likely to wear a Timex than a Rolex.
• Generally pay less than $15 for a bottle of wine.
• Have never paid more than $400 for a suit.
• Are more likely to drive a Nissan than a BMW.
• Spend very little on prestige brands and luxury items.

Yes, they're frugal. But they're also happy, not to mention financially free. They're not dependent on their families, employers, or the government. That's a great feeling.

And they got there the old-fashioned way. They maximized their income, minimized their expenditure and religiously saved the difference.

In short, the first step toward financial independence is clear: Live beneath your means.

Or, as Dr. Stanley says, "Stop acting rich... and start living like a real millionaire."