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We all have our preconceptions about millionaires: they're tax evaders who just inherited their money from rich aunt, and they hang around the golf course all day with their snobby, elitist friends. So what's the average millionaire really like? Here are seven millionaire myths, and the real facts about the ones who seem to have it all.

IN PICTURES: 6 Simple Steps To $1 Million

  1. Millionaires Don't Pay Their Taxes
    Fact: It is estimated that millionaires, those in the top 1% of earners, pay about 40% of all taxes. Current tax regulation shifts may change these numbers to make this even larger than that - so think twice before accusing the millionaires in America of not paying taxes. (Do you know when you're going to retire? It might not be as soon as you think. Read The New Retirement Age.)
  2. Millionaires Just Inherited Their Money
    According to Thomas J. Stanley's book, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," only 20% of millionaires inherited their riches. The other 80% are what you'd call nouveau riche: first generation millionaires who earned their cash on their own. Many millionaires simply worked, saved and lived within their means to generate their wealth - think accountants and managers: regular people going to work every day. Most millionaires didn't get their riches overnight when a rich relative died - they worked for the money.
  3. Millionaires Feel Rich
    From the outside looking in, you would think that millionaires feel rich and secure, but that's not so. Most millionaires worry about retirement, their kids' college fund and the mortgage just like the rest of us. Those worries are greatest among new millionaires, the people who just recently acquired their wealth. (For more, see Don't Forget The Kids: Save For Their Education And Retirement.)
  4. Millionaires Have High-Paying Jobs
    It certainly doesn't hurt to be gainfully employed, but half of all millionaires are self-employed or own a business. It does help to have a college degree, as about 80% are college graduates, though only 18% have master's degrees.
  5. Millionaires All Drive Fancy Cars
    You can get that idea of the rich guy in a fancy German car out of your head when you think of a millionaire: they actually drive a Ford, with the carmaker topping the millionaire preferred car list at 9.4%. Cadillacs run second on the millionaires' favorite car list, and Lincolns third according to onmoneymaking.com.

    Car payments are an investment with little return, which is why someone looking to grow wealth avoids high-priced vehicles in favor of a more economical set of wheels. (For more, see 10 Steps To Retire A Millionaire.)

  6. Millionaires Hang Around the Golf Course All Day
    Those millionaires are all retired, with nothing else to do but hang around the golf course, right? Wrong: only 20% of millionaires are retirees, with a full 80% still going to work. It's not as glamorous or fun, but millionaires go to work just like you do; it's how the money gets in the bank.
  7. Millionaires Are Elitists
    We've already established that most millionaires earned their money not inherited it, still go to work, drive a Ford and worry about their kids' college expenses. Sounds a lot like the rest of America, right? Millionaires come in all shapes and sizes - some may be elitists, but most are just regular Joes who successfully managed their money.

The Bottom Line
Maybe you see a pattern here: today's millionaires are people who live within their means, budget and spend wisely, and focus on financial independence first. These are habits that take discipline, but ones we can all adopt to begin growing wealth. If these facts prove anything, it's that every one of us can strive to become a millionaire - you can start by driving your old car with pride. (For tips from the rich, check out 6 Millionaire Traits That You Can Adopt.)

Catch up on your financial news; read Water Cooler Finance: Who Is The Next Buffett?

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