Are You Acting Like A Millionaire?

by Tim on June 27, 2011

Acting like a Millionaire may mean driving a Ford...a used one.

Are You Acting Like A Millionaire?

I hope you are.

Wait a minute.  That doesn’t sound right, does it?  Why would I say you should act like a millionaire?  Well, think about it for a second.  Millionaires are millionaires because they did something right with their money (most of them at least).  Imitating the success of others can be a great way to advance in whatever you’re trying to do.  The real danger isn’t acting like a millionaire – it’s acting like you have millions of dollars.  There’s a small difference in the wording, but a big difference in the results.

Acting like you have millions when you don’t is plain stupid.  It’s dangerous, misleading, deceitful, and a terrible example to those who are around you, especially to your children.   It puts status above actual net worth and that’s a recipe for disaster.

The world is full of pretend millionaires.  Don’t be one.  Instead, if you want to establish a millionaire goal, learn from actual millionaires who have worked hard to get to where they are today.

Millionaire Characteristics

Most of these notes come from the book The Millionaire Next Door by Thomas J. Stanley and William D. Danko.  It’s an older book, but if we allow the millionaire next door to be our millionaire teacher, we will discover that the principles are still  relevant to us today.

Live below your means

It’s the simple principle of spending less than we make.  Millionaires are frugal with their money – that’s how most got there in the first place!  They don’t go into consumer debt for the latest computers, cars, and other shiny things.  No, most of them aren’t living a lavish lifestyle; they’re living below their means and saving the rest.

Reshape Your View on Financial Independence

For millionaires, money is a way to gain financial independence, not purchase things as a status symbol.  You won’t find most millionaires driving the expensive foreign cars, upgrading year after year.  In fact, when the book was written in the 90’s, most millionaires were driving a Ford.  That’s not to say there weren’t millionaires with Mercedes Benzes or BMWs driving around – they were.  The difference is that the millionaires will buy and hold a quality product and avoid the trap of upgrades and add-ons that plague American ‘millionaire wannabes’ today.

Wisely Allocate Your Resources

Millionaires efficiently allocate their time, earnings, work opportunities, and every other aspect of their life to make the most of the resources they’ve been given.  Simply put, millionaires aren’t wasteful.  They know how to budget their money, plan ahead for expenses (major and minor expenses included), and spend time thinking about their financial picture.  Do you spend more time each month looking at deals on eBay or thinking and planning on ways you can increase your retirement account?  Something to think about!

Most Millionaires are Self Employed

I’m not suggesting that you should quit your job and become self-employed.  The self-employed are four times more likely to become millionaires, a stat that is really impressive.  But when you think about why that’s true, I would say that it’s because self-employed individuals are generally self-starters, driven, motivated, and hard workers.  If the weren’t, they’d have a difficult time putting food on the table!  So although you may not be starting a business anytime soon, you can still imitate millionaires in their passion to work hard and self-starting attitude.

There’s no guarantee that you will become a millionaire if you apply these characteristics to your life.  But I am confident that is you do you’ll be on a better path to financial independence.  I’m even more confident that if you choose the path of acting like you have millions when you don’t, you won’t be a millionaire any time soon.

So start acting like a millionaire!

Tim is a personal finance writer at Faith and Finance a Christian financial help blog that provides financial insights for individuals, businesses, and churches. Outside of finance, Tim enjoys spending time with his wife, playing the saxophone, reading economics books, and a good game of RISK or Catan. Find him on Twitter and Facebook and subscribe to the Faith and Finance RSS feed.


{ 11 comments… read them below or add one }

Luke June 27, 2011 at 8:50 pm

And one more important thing i believe is to :
Stop watching others successes as if they came with no work!
Behind each Lamborghini there is hard work involved ! We just don’t see it.

We see only the result.


Financial Samurai June 27, 2011 at 10:12 pm

Hard to say, but I think I do. It was nice passing that arbitrary mark, but it really doesn’t mean much. Concepts are sound though!


trudy June 28, 2011 at 7:10 am

The millionaire next door is an excellent read, I recommend it as well as “Secrets of the millinoaire mind” by T. Harv Ecker…great books!


retireby40 June 28, 2011 at 2:57 pm

Millionaire next door is a must read for anyone interested in financial independence. We are trying hard to live below our mean, but it’s not easy. 😉


Ginger June 28, 2011 at 3:17 pm

One thing I have learned about most successful self-employed people is they had a spouse that carried the health insurance and the wages for their necessaries expenses until they made it big. I think having a base, stable income is important for becoming a millionaire as well.


Matt Wegner @ Financial Excellence June 28, 2011 at 9:47 pm

I’ve been acting like a millionaire for a few years now, but I have a few years to go before I actually reach that status. I definitely won’t get there by acting like I have money. Great post!


steffphani June 29, 2011 at 6:35 am

I always dream to be a millionaire, but now after reading your post I’ll try to act like a millionaire. LOL..


Tim @ Faith and Finance June 29, 2011 at 6:40 am

Thanks for your comments everyone! It sounds most of you have read (and liked) the book Millionaire Next Door. There’s a lot we can learn from these successful people – even if we don’t ever expect to make millions of dollars.


Joe Morgan June 30, 2011 at 2:50 pm

I try my best, but don’t always hit the mark. I remember read The Millionaire Next Door a few years back (won it in an office party grab bag). That book is pretty much a case study in various millionaire statistics and how they are at odds with the common perception of what a millionaire lives like. Great read.


Sheri Din July 5, 2011 at 11:18 am

I started really dreaming to become a millionaire in the year 1998…. Tried several different opportunities and had a 6-year learning curve. In 2004, I finally found the right vehicle. Still driving the same business and now more than at the halfway mark to earning a million dollars annually. Ordinary people can become millionaires! We just need to have a strong desire for it and work on ourselves to attract the millions to us:) Many people have come on board. Hv a peek at my website. The stuff works!


danika July 24, 2011 at 9:12 pm

Nice read. The millionaire lifestyle is perhaps not one of throwing money around but the feeling you get inside knowing that you are always able to make your own decisions and not be held back as you have total financial freedom…… Thats where I aim to be!


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