The Hidden Thoughts of Millionaires

According to Daren Fonda, 10 Things Millionaires Won’t Tell You, SmartMoney.com, Aug. 19, 2008, here are the top things millionaires won’t say:

1. “You may think I’m rich, but I don’t.”  Having a million dollars does not reflect significant wealth in today’s economy.  For example, a millionaire in 1945 would need almost $12 million today to be in the same relative economic position.
2. “I shop at Wal-Mart.”  Most millionaires look for sales, hunt for bargains, and clip coupons.
3. “But, I didn’t get rich by skimping on lattes.”  The most common path to wealth is running a business and making wise use of debt.
4. “I have a concierge for everything.”  Many millionaires make use of personal concierge services for a range of things from restaurant reservations to emergency room admission.
5. “You don’t get rich by being nice.” 
6. “Taxes are for little people.”  In reality, the rich shoulder a disproportionate amount of the tax burden.  For example, the top 1% of earners paid almost 40% of the income tax collected in 2005.
7. “I was a B student.”  Most millionaires did not excel in school having a median college GPA of 2.9.  Instead, the keys to success are working hard, getting a good education, having determination, and treating others with respect.
8. “Like my Ferrari?  It’s a rental.”  Renting often makes sense for high ticket items.
9. “Turns out money can buy happiness.”  No group in the United States is happier than the wealthy and rates of depression are low.
10. “You worry about the Joneses — I worry about keeping up with the Trumps.”  Middle-class rich are “paupers” compared to the growing number of billionaires.

Special thanks to Roy Newman for bringing this article to my attention.