How Do Millionaires Spend Their Money?

Not all of the wealthy spend like they're wealthy.

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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:

  1. Millionaires are irresponsible with their and/or spend it frivilously. lives in the same five-bedroom home in that he bought in the mid-1950s. , the founder of , and , the CEO of , 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. 
  2. 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. 

Related: How to Know When a Change in Stock Price Means You Should Invest in or Avoid a Company

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