7 Millionaire Myths
We all have our preconceptions about millionaires, but 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.
Myth: Millionaires Don't Pay Their Taxes
Fact: The top 1% of earners pay about 40% of all taxes - so think twice before accusing the millionaires in America of not paying taxes.
Myth: Millionaires Just Inherited Their Money
Actually, only 20% of millionaires inherited their riches. Most millionaires didn't get their wealth overnight when a rich relative died - they just worked for the money.
Myth: Millionaires Feel Rich
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 millionaires who just recently acquired their wealth.
Myth: 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. About 80% are college graduates - though only 18% have master's degrees.
Myth: Millionaires All Drive Fancy Cars
Many millionaires actually drive a Ford, with the carmaker topping the millionaire preferred car list at 9.4%. Cadillac runs second on the millionaires' favorite car list, and Lincoln third - and 77% drive an older car.
Myth: Millionaires Hang Around the Golf Course All Day
Try again: 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.
Myth: Millionaires Are Elitists
Most millionaires earned their money and still go to work, drive a Ford, and worry about their kids' college expenses. Millionaires come in all shapes and sizes - some may be elitists, but most are just regular Joes who saved their money.