INTERESTING......
5. Millionaires are not necessarily super savers.
You don’t have to sock away 30%, 40%, or 50% of your income to amass $1 million (though that would help get you there faster). In an analysis of 401(k) savers who made less than $150,000 a year and still had more than $1 million in their plans, Fidelity found that those millionaires saved only 14% a year on average.
Their secrets? Save steadily, of course. And let the company do some heavy lifting. Fidelity’s 401(k) millionaires saved 19% on average when employer contributions were included, and 28% of their account balances came from the match. In fact, a new study from the Center for Retirement Research confirms that saving 15% a year for three decades is enough for a comfortable retirement.
6. About 15% of millionaires didn’t bother with a college degree.
Mark Zuckerberg and Bill Gates aren’t the only millionaires without diplomas. Spectrem Group found that 85% of millionaires have college degrees. Another 12% attended college and dropped out. On the other hand, 31% earned an advanced degree.
7. The young generation of millionaires lives lavishly.
Gen X and Y millionaires have had less time to reach seven figures, so not surprisingly they tend to earn far more than their baby boomer millionaire brethren: $677,000 a year on average, vs. $198,000 a year, reports Fidelity. And they tend to act the part to the hilt: 63% of Gen X and Y millionaires own vacation homes (vs. 21% of boomers), 44% own boats (vs. 12% of boomers), 63% belong to country clubs (vs. 15% of boomers), and 38% fly first class (vs. 5% of boomers).
8. Ultra-millionaires love Home Depot.
Where do the wealthy shop? Not where you’d think. About 57% of millionaires worth more than $5 million say they shop at Home Depot all the time, according to the Spectrem Group. Other favorites include Costco, Lowe’s, and Target. Only 8% say they regularly shop at Neiman Marcus.
I drove 4 hours round trip yesterday --- to go to COSTCO....
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