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Generally, use their money on their wildest dreams.

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What do they do for a living? In the 1990s, Thomas Stanley and William Danko surveyed over one thousand millionaires in the U.S. They discovered that 20% of them were retired, which is not surprising. Two-thirds of the ones who were still working were self-employed, mostly as small business owners. Typical businesses were rather dull; for example, welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers and paving contractors.

What do they do with their money? They don't spend it, as a rule. Most millionaires live in modest houses. Their neighbors are people who have far less wealth and who have no clue that there is a millionaire next door. About half of the millionaires they surveyed had been living in the same house for 20 years or more. The most popular brand of vehicle was Ford; typically, the F-150 pickup or a Ford Explorer (this was in the mid-'90s). Half of the millionaires had never spent more than $400 for a suit and half had never spent more than $235 on a wristwatch.

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14y ago

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