Daren Fonda’s “Smart Money” article provides some interesting insights into how millionaires think and act.  Here’s a quick summary of the ten secrets.  You decide if you agree or not.

1. Millionaires don’t think they are rich.  Many don’t have enough to afford exclusive luxuries.
2. They know how to be frugal.  Not all millionaires buy things at full retail and/or ignore the price tag.
3. Half of all millionaires made their fortunes running their own businesses.   They also know how to make use of debt.
4. Concierge services help them receive special treatment and attention.
5. They’re tough in business and not afraid of failure.
6. They pay taxes but find a way to realize big savings through business deductions, tax shelters, trusts, and other vehicles.
7. They weren’t necessarily the top student in their class.
8. Fractional ownership for jets and exotic automobiles is a way to enjoy the lifestyle without realizing the full cost.
9. Money can buy happiness or at least increase life satisfaction.
10. They are always looking to make more.  Why keep up with the Joneses when they can try to keep up with the Trumps?!

This entry was posted on Wednesday, August 27th, 2008 at 11:13 pm and is filed under Articles, Building Wealth, by Brion Lau. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.