If I told you I was a millionaire how would you picture me? I mean a multi-millionaire. A decamillionaire even. You’d probably envision me writing this post from a fancy office in my 6,000 square foot home with CNBC on in the background. You might speculate about my typical work day as a risk taking stock broker squeezing money out of thin air or perhaps producing hot new music tracks in my personal studio. Let me just stop you right there because I’m not a millionaire (not yet at least).
It’s interesting the way images that come to mind when some is described as a millionaire. Dr. Thomas Stanley illustrates in his book The Millionaire Next Door that most millionaires don’t fit the profile we typically think of. Here is a quick break down of millionaire’s professions:
74% – Business owners
10% – Senior executives
10% – Doctors and lawyers
5% – Sales people and high flying consultants
The groups listed above make up 99% of millionaires. So what’s the remaining 1%? Stock brokers, inventors, authors, song writers, actors, directors, athletes, and lottery winners. How is it we let 1% of the millionaires life styles completely influence our perception of how millionaires live? According to Dr. Stanley’s research most millionaires avoid flashy consumer purchases and drive late model pre-owned cars. They live in normal suburbs and probably not even in the nicest house on the street. They worked hard to smartly accumulate their wealth over many years.
Does this change your mental picture of millionaires? Probably. And if you’re striving to become one hopefully it will reshape your image of millionaires to be more like 99% of them in America.
What About You?
- Does your mental model of millionaires influence your spending?
- Will this change your perception of rich?
