Thomas J. Stanley, the author of bestselling personal-finance guideĀ The Millionaire Next Door, has recently published a second book for aspiring millionaires everywhere. Stop Acting Rich (…And Start Living Like A Real Millionaire) offers Stanley’s research on the wealthiest people in America and how the rest of us can learn a thing or two about wealth building.
In a nutshell? Stop pretending that you’re rich because it’s getting in the way of your ability to save.
Among his findings:
- More than 86 percent of all luxury cars are driven by people who are not millionaires.
- The preferred shoe brand of millionaire women? Nine West. Their favorite clothing store? Ann Taylor. (Neither of which is sold at Neiman Marcus.)
- The average millionaire pays $16 (including the tip) for a haircut.
- Forty percent of millionaires typically spend less than $10 on a bottle of wine.
“[Y]ou must take a cold hard look at your balance sheet and at your life, and determine if you would be wealthier if you would stop acting rich,” he writes.
In other words, the best way to save money is not to spend it – as hard as that might be. (And for someone who goes by Shopaholic Suzi, trust me, it’s hard.)
