It has been awhile since we talked about finances on FMB, so today’s blog is on millionaires and billionaires.
It was difficult to find much out about billionaires. However, I did find one fact from Forbes 2022 List of Billionaires, there are actually nine billionaires living in the state of Virginia.
Millionaires
Now for the rest of the blog, we are talking about millionaires.
If you know a millionaire, most likely, they are not showy and will not stick out. They blend in with the rest of the crowd. They usually do not talk about money, but will give you sound financial advice if you ask.
Millionaires keep close track of their money and they know that it’s the small things that matter. For instance, millionaires will take their lunch to work, buy their morning coffee from a cheap source, or mow their lawn. They always pinch pennies and look for sales on things they need.
They also drive old cars but will splurge on an expensive vehicle or other type of expensive consumer good from time to time. Millionaires know good quality and good service.
The rich do not skimp on good healthcare or healthcare insurance and will spend money to keep healthy.
Millionaires plan ahead and know to save for taxes and other yearly expenses plus they keep an emergency fund.
Some Millionaire Personality Traits
- Emotionally stable
- Hardworking
- Conscientious
- Creative
- Strong Work Ethics
- Has Goals and Plans Ahead
- Frugal
How Millionaires Become Rich
- Avoid debt and charging too many things on credit cards.
- Buys cars and keeps them long term.
- Lives below their means.
- Invests in company’s 401/retirement plans.
- Takes advantage of employer perks.
- Believes in education and continuing education.
- Knows about investments and is not afraid to make mistakes.
- Has a side hustle, second job or another income stream.
- Buys less home than they can afford in a safe neighborhood.
Millionaires and Billionaires, Living Below Your Means
Living below your means is different in every case. Some millionaires make more money than others.
However, it is never about how much money you make. It’s how much money you save, invest and hang onto.
Ending notes on Millionaires and Billionaires
We hope we gave our Readers some useful tips what smart money mangers know and, hopefully, those small savings will add up to big dollars in the long run. Millionaires and billionaires, let’s hope that the next one will be you!