Thursday, December 26, 2013

7 Myths And Facts About American Millionaires

 

7 Myth And Fact About American Millionaires

We all have each other's perceptions about them. For example, they are tax evaders who recently received inheritance money from their rich aunt, and they hang out on the golf course all day on high with the other elite friends. So, what it's really like on the average ? Here are seven myths, and the real facts about the people who seem to have everything :

1. Millionaires Do not Pay Their Taxes
Fact, estimated that , those in the top 1% of earners, pay about 40% of all taxes. Current tax regulation shifts may change these numbers to be larger than that - so think twice before accusing the millionaires in America are not paying taxes.

2. Millionaires Only Receive Inheritance
According to the book of Thomas J. Stanley, The Millionaire Next Door: The Surprising Secrets of America's Wealthy, only 20% of millionaires are receiving their inheritance of wealth. The other 80% are those who earn their money with their own business. Many millionaires simply worked, saved and lived within their means to generate their wealth. Ordinary people going to work every day. Most millionaires did not get their riches overnight when a rich relative died - they worked for money.


3. Millionaires Feel Rich
From the outside looking in, you would think that millionaires feel rich and secure, but the reality is not like that. Most millionaires worry about retirement, college fund their children and mortgage like most of us. Their greatest concern is to be one of those people who recently acquired their wealth.

4. Millionaires Get Job with High Salary
It is not wrong to be able to work, but half of all millionaires are self-employed or own businesses. It helps to have a college degree, because about 80% are college graduates, though only 18% have a master's degree. If most of them are self-employed, and who is paying them?


5. All Millionaires Drive Luxury Car
Think about a rich man in a fancy German car out of your head when you hear about a millionaire: they actually drive a Ford, the carmaker topping the millionaire preferred about 9.4%. Cadillac is in the second position in the list of millionaires' favorite car, and Lincolns third according to OnMoneyMaking.com.

Car payments are an investment with little return, which is why someone who grew rich avoiding high-priced vehicles with more economical considerations.

6. Millionaires Hang Around the Golf Course All Day
Those millionaires are all retired, with nothing else to do besides hang out on the golf course, right? Wrong: only 20% of millionaires are retired and 80% will still working fully. It's not as glamorous or fun, but millionaires go to work like you do, It's about how their money in the bank.

7. Millionaires Are Elitists
We have already established that most millionaires earned their money and not inherited, still works, driving a Ford and not worry about the cost of their children's college. It sounds very similar to most Americans, right? Millionaires come in all shapes and sizes - some may be elitists, but most of those who succeed are those who know how to manage their money.

Maybe you see a pattern here: Today's millionaires are people who live within its means, spending their money wisely, and focus on financial independence first. It is a habit for life discipline that we can all adopt to begin growing wealth. If these facts prove anything, it is because every one of us can strive to become a millionaire - you can start by driving your old car with pride. - 7 Myth And Fact About American Millionaires

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