How the Rich Got Rich and Stayed Rich

I’ve been reading a lot of books lately on the consumption lifestyles of the ‘average’ wealthy individual.  No, these are not the stereotypical 'Hip-Hop’ glamour image you see on MTV – there are no oversized gold clocks hanging to their belt lines.  These are folks you’ll likely find shopping at Walmart for the best deals around!  They’ve amassed a sizeable portfolio of businesses, stocks and other investments to get to where they are.  More importantly, they were patient and thought long term.

Here are some of the most common traits found among them.

1. They stayed married an average of thirty-two years.  Divorce is really expensive.  Just ask Donald Trump, or more recently, Tiger Woods!  Donald Trump’s parents (his source of initial wealth) stayed married all their lives.
2. They held on to the same job for a long time.  Job-hoppers have trouble building wealth.  You’ve heard sensational news before of people who worked for UPS (or some other job) for all their lives then suddenly bequeath millions to charity upon their death.  It’s no coincidence that they got so rich when compounding is at work. 
3. They have invested over their working careers: an average of thirty years!
4. They had no investment experience when they started, 85% of the millionaires surveyed knew nothing, but they were eager, lifelong learners and learned as they went along.
5. They considered themselves “frugal.”  Some 80% saved by not spending.  And, those BMWs you see everywhere?  Don’t let them fool you.  98% of buyers of luxury cars are not rich.  The auto makers know this, that’s why they market their brands in rap videos for all the wannabes who are watching.
6. They held investments for more than five years.  Some even longer than ten years. 
7. They used their parents as models for saving and investing.  Of course, when you get older and realize that your parents are not the money role models you can or should follow, then I advise you to hit the local library and find books on the subject matter. 

For a fascinating look into the true lifestyles of real millionaires, turn off MTV and grab a copy of this book: “Stop Acting Rich” by Thomas J. Stanley