Ever wonder what makes millionaires tick? You might think they all live in mansions, drive luxury cars, and sip champagne all day—but the truth is far more surprising. Many millionaires defy stereotypes, and their habits, lifestyles, and mindsets might shock you.
Here are five crazy facts about millionaires that will make you rethink everything you thought you knew about wealth.
1. Most Millionaires Don’t Drive Luxury Cars
When you picture a millionaire, you probably imagine them cruising in a shiny new Ferrari or Rolls-Royce. But the reality? Most self-made millionaires drive modest, reliable cars—often used or even decades old.
A study by The Millionaire Next Door found that the most popular car brands among millionaires are Toyota, Honda, and Ford. Why? Because they prioritize financial independence over flashy status symbols. They’d rather invest their money than waste it on depreciating assets.
Fun Fact: Warren Buffett, one of the richest people in the world, still drives a 2014 Cadillac XTS—far from the most extravagant car on the market.
2. Many Millionaires Live Below Their Means
Contrary to popular belief, most millionaires don’t live in Beverly Hills mansions. In fact, many live in middle-class neighborhoods, shop at discount stores, and avoid unnecessary splurges.
Research shows that 60% of millionaires live in homes worth less than $500,000. They focus on saving, investing, and avoiding lifestyle inflation—even when their bank accounts grow.
Example: Ingvar Kamprad, the founder of IKEA, was a billionaire who flew economy, drove an old Volvo, and shopped at flea markets.
3. A Huge Percentage of Millionaires Are Self-Made
Forget trust funds and inherited wealth—80% of millionaires are self-made, according to a study by Fidelity Investments. They built their fortunes through entrepreneurship, smart investing, and disciplined saving.
Many started with little to no financial advantage. Some even came from poverty but used education, hard work, and strategic financial habits to climb the wealth ladder.
Key Takeaway: Wealth isn’t just about luck—it’s about mindset and persistence.
4. Millionaires Spend More Time Planning Their Finances Than Most People
The average millionaire spends 10+ hours per month reviewing their finances, investments, and budgets. Meanwhile, most people barely glance at their bank statements.
Millionaires track their net worth, optimize taxes, and continuously educate themselves on money management. They don’t just earn money—they manage it wisely.
Pro Tip: If you want to build wealth, start by dedicating just 30 minutes a week to reviewing your finances. Small habits lead to big results.
5. Many Millionaires Have Multiple Streams of Income
Relying on a single paycheck? That’s not how millionaires operate. Most have at least three income streams, such as:
- Business ownership
- Investments (stocks, real estate, etc.)
- Side hustles or royalties
Diversifying income reduces risk and accelerates wealth-building. Even if one stream dries up, others keep cash flowing.
Example: Elon Musk doesn’t just run Tesla—he also leads SpaceX, Neuralink, and X (formerly Twitter). Multiple ventures mean multiple revenue sources.
Frequently Asked Questions
Q: Do millionaires really live frugally? A: Many do! While some splurge, most prioritize financial security over lavish spending.
Q: How can I become a millionaire? A: Focus on increasing income (side hustles, career growth), investing early, and avoiding debt.
Q: Are all millionaires business owners? A: No—some are high-earning professionals (doctors, engineers) who save and invest wisely.
Final Thoughts
Millionaires aren’t always who you expect. They drive used cars, live modestly, and work hard to maintain their wealth. The real secret? It’s not about how much you earn—it’s about how much you keep and grow.
Want to join their ranks? Start by adopting their habits: spend wisely, invest consistently, and always keep learning. Who knows? You might be the next millionaire no one sees coming.