One of my tax return analysis clients requires all loan officers in training to read the book: The Millionaire Next Door by Thomas J Stanley, PhD. I completely agree.
We are all human and it is so easy to make judgments based on what someone is wearing or the car they drive. It turns out that self-made millionaires often got there by being consumptively frugal. They wear ‘normal’ clothes and drive ‘normal’ cars. And those habits don’t die just because they hit the million mark in Net Worth.
In fact, the folks wearing the flashy clothes and driving the flashy cars and even living in the up-scale areas may be far less likely to be a millionaire.
To get a well-rounded picture, read the companion book, Millionaire Women Next Door. Not only will you have a better picture of who the millionaires really are, but also the difference in how a woman millionaire (self-made, not inherited) may approach things differently.
Have you had any interesting experiences with millionaires who don’t look it?