What does a Millionare Look Like? Hint, it is not what you think.

When I is high school, more than a few years ago, I had a good friend who lived on a farm.  My friend was very careful with his money.  One day I remember pointing to a beautiful sports car as it drove by and saying, "Look at that car!  Those people must be rich!"  My friend chuckled when he heard this and replied, "Those that look like they have money usually don't".  I had no idea at the time the wisdom those words held. 

Thomas J. Stanley authored a book a few years titled "The Millionare Next Door" followed by "The Millionare Mind" and "Stop Acting Rich".  In his books, Thomas described what a typical millionare looks like, where they live, what they wear, and what they drive.  We are not talking about the super rich as seen on the Lifestyles of the Rich and Famous.  We are talking about the regular millionare that all of us can one day become.  In a chapter titled "You Aren't What You Drive", Thomas describes that a typical millionare drove a car made by US car manufactures with the most popular model being the Ford F-150 pickup truck.  Contrary to popular belief, your typical millionare does not drive around in an expensive Porsche or Rolls Royce.  You may also believe that a typical millionare often drives a new car. In fact, only about 23% of millionares drive a current year model and about 12% of millionares drive a car six years or older.

The typical millionare believes that financial independence is more important than displaying high social status.  This includes large expensive homes and fancy clothes/jewellery. 

I am not against nice thinks.  However, I have come to appreciate that it is very difficult to accumulate significant wealth while accumulating expensive stuff.  On your journey to becoming wealthy it is important to "stop acting rich" and to start living like a real millionare.  A real millionare drives a regular car, lives in a reasonably priced house in a nice neighbourhood and wears a Timex watch. 

In the words of Dave Ramsey, a well know financial teacher from Tennessee, "If you live like no one else, later you can live like no one else".

The first step in your journey to building wealth is the decision "to stop acting rich" today so that one day you can become rich.