How Do Millionaires Spend Their Money? Not all of the wealthy spend like they're wealthy.
By Phil Town •
Opinions expressed by Entrepreneur contributors are their own.
In this video, Entrepreneur Network partner Phil Town busts some of the myths associated with millionaires, including their spending habits. The two most signicant myths Town describes are the following:
- Millionaires are irresponsible with their money and/or spend it frivilously. Warren Buffet lives in the same five-bedroom home in Nebraska that he bought in the mid-1950s. Bill Gates, the founder of Microsoft, and Sam Walton, the CEO of Wal-Mart, both drive relatively humble cars. These big-name execs prove that you don't need to spend like you're a millionaire when you do reach millionaire status.
- Millionaires take a lot of risks. Though the running assumption is that millionaires consistently take big swings. In reality, millionaires are often the best at taking calculated risks. What is surprisingly common is how millionaires continue to live frugally even after they've amassesd a fortune.
The Entrepreneur Network partner shares he also lives by this idea. Click the video to hear more.
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