Menu #11: 8 surprising truths about millionaires and their mindset

STATS STACK 🥞

41 million Gen Z Americans—ages 18 to 27—will be eligible to vote this year and a significant percentage have hardly any confidence in the Supreme Court, Congress, and the media (Source: NORC).

$100 is the price of the world’s most expensive cup of coffee. Kopi luwak coffee is developed through a unique process of fermentation within the digestive tracts of Asian palm civets in Indonesia and fetches up to $600 per pound due to its exceptional rarity and labor-intensive harvesting method (Source: Eleven Coffees).

8.8% of U.S. adults are millionaires. That’s approximately 22 million millionaires (Source: Yahoo Finance). Is that number higher or lower than you thought?

DEEP DISH 🍕
8 surprising truths about millionaires and their mindset

Ever wonder about the lifestyles of the rich and financially savvy? While visions of opulence and extravagance may come to mind, the reality for many millionaires is surprisingly modest. This choice is not about financial constraint but rather a deliberate decision grounded in timeless principles of wealth management and personal fulfillment.

We’re uncovering eight simple yet powerful habits that millionaires incorporate into their lives. These habits are not exclusive to the elite—anyone seeking financial stability, growth, and fulfillment can implement these into their lifestyle.

1. Dive into books: You may have heard it before: leaders are readers. Millionaires really take this to heart. Instead of zoning out to reality TV or scrolling through TikTok, they spend their free time soaking up knowledge from books, especially about leadership and biographies. It's all about investing in personal growth.

2. Play the long game: Skip the instant thrills for bigger, future rewards. They're all about choosing pre-loved cars, living in cozy, unassuming neighborhoods, and dressing smart without breaking the bank. This isn't about missing out; it's about building a solid foundation for savings, retirement, and eventually, living the dream.

3. Pick your people: Hanging out with folks who share your goals in life, love, and finances makes a world of difference. A circle of friends who push you forward, keep you grounded, and share their wisdom is priceless when it comes to climbing the ladder of success.

4. Say no to debt: Here's a myth buster: millionaires don't see debt as a stepping stone to wealth. They're all about saving up and paying in cash, avoiding loans like the plague. This way, every dollar they make stays theirs, ready to be saved, invested, or donated.

5. Budget like a boss: Think of a budget as your personal roadmap to financial victory. Millionaires swear by it, tracking every dollar that comes in and goes out. A solid budget means every dollar has a mission, paving the way for wealth and freedom.

6. Embrace frugality: Living the millionaire life doesn't mean showing off. It's about being smart with your money, saving a good chunk of your income (like 16% or more!), and always being ready for a rainy day. An emergency fund that covers 3–6 months of bills? That's the cushion that turns a crisis into a hiccup.

7. Invest wisely and patiently: True millionaires play the long game, investing their money in diversified portfolios for steady, long-term growth. They avoid the temptation of quick wins, focusing instead on investments with solid fundamentals like index funds and real estate. It's all about understanding the market, minimizing risk, and patiently waiting for investments to mature.

8. Give back and pay it forward: Beyond accumulating wealth, millionaires find fulfillment in giving back. This habit goes beyond charitable donations, extending to mentoring, supporting community initiatives, or funding education. They know true success is measured by the positive impact they have on others' lives, enriching their sense of purpose and connection.

The journey to wealth and fulfillment isn't reserved for a select few with a secret handbook. It's made up of everyday decisions, and habits that emphasize growth, responsibility, and living within your means. These practices don't require a hefty bank account to start—just the willingness to take those first steps toward a better, balanced life. Why not start now and see where these habits can take you?

SWEET LINKS 🍰
Digital bites we think you’ll like

Four-day workweek — Senator Bernie Sanders introduced the “Thirty-Two Hour Work Week Act,” seeking to gradually reduce the standard U.S. workweek from 40 to 32 hours over four years without loss of pay, emphasizing the need for workers to benefit from increased productivity and economic growth driven by technological advancements.

Level up — This Boston-based couple describes the five levels of financial freedom and are practicing what they preach.

Up in the air — SpaceVIP is planning this insanely extravagant dining experience up in the stratosphere, priced at a whopping $495,000 per person, complete with a gourmet meal, custom-made space suits, aiming to set the record for history's most expensive meal.