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97% are homeowners and have (on average) lived in the same home for more than 20 years.83% attended public schools and 80% have college degrees.In addition, cars are typically not current model year and are rarely leased. Ford is the second most popular car brand behind Mercedes, but ahead of BMW. More millionaires identify as Democrat (58%) than Republican (38%).Most of them-about 95%, have between $1 million and $5 million. About 5% of Americans are millionaires (1 in 20).Interesting facts and figures about the millionaire next door: Naturally, he was surprised when the bank’s wealthy clients did not look the part. He was not a millionaire, but he thought he was looking the part. The trust officer had an expensive suit, an expensive watch, and a nice car. The person who said this was the trust officer of a bank who was hosting a dinner for ten first-generation millionaires.
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Where are the millionaires who look like millionaires?” “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. In other words, a household who has a net worth of $1 million, on average only spends $70,000 per year. In a word, they are frugal, living on an average of 7% of their net worth. Most Americans would define “wealthy” the same way as Webster’s dictionary: “people who have an abundance of material possessions.” It is hard to believe that most millionaires do not have fancy watches, sports cars, or extravagant homes. They look more like your unassuming neighbor. The book’s major argument is that the vast majority of millionaires do not look or act like we would expect based on popular culture. The book that really demonstrated this, with research, statistics, and stories, was Thomas Stanley and William Danko’s The Millionaire Next Door. We often see people who appear wealthy but are not, and vice versa. One piece of advice that has served me well, and I often repeat, is: “When what you see and what you hear are in conflict, believe what you see.” However, one area where that advice does not hold up is in judging how wealthy people are.