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.
Active Trading FundamentalsDiscover information about the largest private equity firms that are headquartered in London, ranked by total assets under management.
RetirementIf your business has receiveables, here's a smart way to leverage them to build up your retirement fund fast.
InvestingWith so many talking heads to choose from, which is the right show for your business and money matter needs? We review the best shows on now.
Active Trading FundamentalsLearn about some of the larger private equity firms with a presence in San Francisco, including KKR, the Blackstone Group and Warburg Pincus.
Active Trading FundamentalsLearn about the major public companies that Peter Thiel has invested in and companies that are on the verge of going public at multibillion-dollar valuations.
Active Trading FundamentalsLearn why Los Angeles is a thriving market for private equity, and identify the five largest private equity firms operating in the city.
EntrepreneurshipThe term bootstrap refers to launching and building a business with little capital and no funding from outside sources.
EntrepreneurshipLearn why Denver is one of the hottest markets in America for startups, and identify five of the top startups that are emerging from the Denver market.
EntrepreneurshipFind out how ClassPass makes money, how the company aims to help both businesses and consumers, and why it has been so successful.
EntrepreneurshipLearn how startups are changing the face of Detroit, a city long dominated by large corporations, and identify the specific Detroit startups leading the trend.