44 Surprising Facts About Millionaires Everyone in Crypto Should Know

44 Surprising Facts About Millionaires Everyone in Crypto Should Know

so what I’m going to show you now is 44 facts about millionaires that’ll surprise you you have this idea of what I would call outlier millionaires people who are not your average millionaire what I’m going to show you these are your average normal Millionaires and if you want to have a nice life you probably want to be an average millionaire and not one of the outliers the outliers being somebody who’s unusual that is not like what’s normal so let’s go straight down this list they’re in no particular order or they’re in the order I took my own notes so number one most millionaires live in average income neighborhoods you might think millionaires actually live in these really expensive fancy neighborhoods nope most millionaires are in regular neighborhoods with regular people and most millionaires if you look at this one-third of millionaires live in neighborhoods with below average value homes that means most millionair are right up in there with regular people in fact there’s a book called Millionaire Next Door another book called everyday millionaires these highlight that you almost certainly have millionaires living in your neighborhood and you probably don’t even know who they are because they don’t look any different than other people number three most millionaires spend less than $200 a month on restaurants and eating out this is a very helpful statistic to me because it gives you a good threshold if you’re spending more than 200 a month eating out and eating at restaurants you can categorize that in wasteful spending it is much cheaper to make your own food and eat at home and millionaires based on millionaire spending Behavior make this clear this isn’t to say some millionaires don’t spend more than that but the majority of millionaires spend less than 200 a month on restaurants and eating out because that is something that should be a luxury that should be done occasionally and it should not be every day you’re buying at 10 203 $50 of food I worked at at corrections I was a correction officer making 20,000 a year and my co-workers I would blatantly call them out on how stupid they were I’m like you’re making the same money as me how the are you going to this Ruby Tuesdays and getting this $20 meal making 20,000 a year I’m bringing in sandwich cuz I’m making 20,000 year I’m like you pissed away a significant amount of your total income today on one meal 93% of millionaires still use coupons when shopping that’s how they got to be millionaires in the first place because they up there using coupons 97% of millionaires agree with the statements I control my own destiny the opposite of that would be that I don’t control my own Destiny therefore this is what to me being a millionaire is about is being empowered feeling in control of your life not being a victim not being helpless that’s what being a millionaire is about to me 69% of millionaires earn less than 100,000 a year you might have this idea that millionaires earn a whole bunch of money nope millionaires earn money and then take the money that’s earned and invest a significant portion of it and then spend the smallest amount of money possible out of what was earned you don’t need to earn a lot to become a millionaire seven the top three millionaire professions are engineer accountant and teacher yes teacher teachers who are quote notoriously underpaid which if you actually look at how much doctors and teachers earn teachers are more likely to become millionaires than doctors why because doctors get loaded up with debt and and doctors tend to do way more consumption spending after all if you’re a doctor do you want to be rolling in like me and some 16-year-old Toyota and what are your clients going to think if you live in some average value house being a millionaire is about spending smart as much as it is about making money let’s keep looking at these a third of millionaires never never made more than 100,000 one year so if you’re telling yourself I can’t be a millionaire I don’t earn enough a third of millionaires have never made more than six figures in a year I’ve made a quarter million in one year which is why I know I’ve got the income down and all I need to do is invest wisely which I’ve just came up I’ve looked at what works for most millionaires to with investing and we’ll see that in the stats 68% of millionaires never took student loans that was my first mistake financially is taking student loans if I had to start over and for my kids I’ll tell them absolutely under no circumstances take student loans it’s borrowing that first dollar that gets you in the cycle of debt it’s just like for me alcoholism if you don’t take the first drink you can’t get drunk if you don’t take that first loan you can’t get in debt 88% of millionaires have graduated from college so that means the majority of millionaires go to college and don’t take student loans how by going the cheapest college available one that they can live at home at pay the tuition directly and or get a scholarship or cheap inate rates 90% of millionaires have never taken a business loan I’ve followed up on that one the average millionaire hits $1 million in net worth at age 49 so this important to realize this being a millionaire is a long-term vision and goal it’s generally not something you want to rush towards 13 most millionaires in invest wisely and consistently over time and that’s exactly what I’m doing on my Jerry Banfield crypto Channel with my dollar cost averaging I buy 15% of my income every day which ends up being based on what I’m expecting in 2023 $50 a day I’m not taking big risks I’m investing wisely and consistently overtime 80% of millionaires come from middle class homes not from like super rich homes or Rich parents and we’ll go right on to that 79% of millionaires have never received an inheritance most millionaires you would think inherited their wealth nope most millionaires are self-made 80% of millionaires have never bought a car costing more than 50,000 now think about that you see these Teslas driving around and all these fancy cars most people driving them are not millionaires most millionaires don’t buy cars that cost a lot that’s why they’re millionaires most millionaires have never bought a watch costing more than $500 that means same thing you a lot of peoplec we in fancy watches are not millionaires they’re dumb Spenders consumption Spenders 97% of millionaires own their own own home with half living in the same home more than 20 years you buy a home and you stay in it it costs lots of money to move so the goal is to buy a very affordable home and then stay in it 91% of millionaires with their Investments hold assets for at least a year which is why with my Jerry Banfield crypto strategy I’ve been putting out I have a mandatory one-year holding period for any asset you pay much less tax that way 20 most on a car most own a car rather miss that one up most millionaires own a car rather than lease and do not have the newest model the average now this was in in 2000 so I said before the average age was 49 now that was from the newest data so these are coming back to my notes from The Millionaire Next Door which was done 20 years ago the average age 20 years ago was 57 well because of inflation it’s gotten much easier to be a millionaire than it was 20 years ago so the average age is Now 49 so it’s easier than ever to become a millionaire 22 most millionaires earn more than 80% of the income for their household with lots of millionaires having a stay-at-home spouse or a spouse that just works part-time and makes a little bit of money 20% of millionaires are retired which means 80% are still working now this goes back this has changed a bit in the last 20 years so these are the notes from my from 20 years ago now 2/3 of millionaires 20 years ago are self-employed and 3/4 of self-employed millionaires considered ourselves entrepreneurs in the current environment as we’re going forward we’re going to be seeing even more self-employed Millionaires and 26 half of wives do not even work outside the home while the T occupation of those that do work is teacher now this was 20 years ago I imagine it’s more common however if you consider staying at home this might be the same now the average household taxable income for millionaires 131,000 while the average income is 247 so that means that while that is including a lot of outliers who make a whole bunch of money $10 million a year $100 million a year Etc so that’s dragging up the average you would think that conflicts with the stats before but this is average so the top 10% of millionaires are pulling this way up 28 Le than 15% of millionaires earn more than 500,000 a year which makes sense with the stats we showed above 29 the average millionaire net worth 3.7 million with most at 2 million or less pretty logical average income is less than 7% of wealth this is a very important stat right here we often think of millionaires we don’t even have a clear definition what is a millionaire a millionaire is simply someone who has a net worth of $1 million and that means assets minus liabilities assets being cash Investments property value Etc minus debt mortgage student loans business loans Etc a millionaire is someone whose assets minus debts or liabilities equals more than a million dollar and that’s millionaires generally have a lot of assets compared to how much actual income is earned and that’s through investing and through owning of a home most millionaires as we gave more clarity above have never received an inheritance 80% of millionaires are first generation wealthy meaning parents were not wealthy 80% believe that charity begins at home by taking care of your loved ones your family and then to me my friends and Community I even though I’m on the path to millionaire and my net worth is just a little bit below zero 40,000 I consistently give give $20 here $20 there which adds up to thousands of dollars a year to people who are homeless because charity begins at home and with in my neighborhood most millionaires can live without working for 10 plus years and this this is called Fu money and this is eliminating all the stress I have a friend who just lost his job and he’s all stressed out about money this is why we want to aim at becoming a millionaire how does not working for how does not need needing to work for 10 plus years sound that sounds real good to me I don’t ever want to have to work again this allows you to do work you love and you can afford then to work and not earn any money doing what you love and then set up money to come in most millionaires enjoy six times as much wealth as their neighbors again defying what we would think we would think millionaires all live in these fancy neighborhoods with fancy cars and fancy houses nope most millionaires have way more wealth than the person living next door to them and if they look the same the millionaire is spending way below their means while the person next door is spending right up to their means 80% of college degrees this was that’s the 200000 stat with 18% having Masters 6% phds Etc so you can see most millionaires do not have an advanced degree just a bachelor’s degree is good enough never take or in 95% of do not borrow money to get a master’s degree like I did dumb move if you want to be a millionaire 83% of millionaires have never attended private elementary or High School while 55% of their kids do two3 of millionaires work 45 to 55 hours a week so we’re talking a little and this makes sense with the statistic of having their own businesses when you have your own businesses you want to work as much as you can in your own business like I work as much as I have time for which for me I go to Alcoholics Anonymous every day I’m a stay-at-home dad in in a significant capacity ask my wife for more data on that and I do yoga an hour every day I have about four or five hours to work seven days six or seven days a week so that’s I work less than this but if I had more time to work I would this is the key thing if you want to become a millionaire is investing a big percentage of your income every year this is the main difference between regular people and millionaires regular people don’t prioritize investing millionaires do and that’s the main way net worth gets built 79% have an investment account and 20% is in stocks and similar assets while here’s the key rarely selling every time you sell you’re potentially looking at tax liability and which which cuts out your earnings 21% of wealth is in the business millionaires here’s the last two stats 80% of millionaires have never borrowed money from a friend and 43 millionaires are growing much faster than the average population and one of the ideal occupations you can have for the future is something that provides services to wealthy people millionaires this then that was 20 years ago today if you look online there’s something like 30 or 40 the amount of million Mill ion millionaires millionaires are just blowing up it’s easier than ever to become a millionaire

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