Lending Club Blog

Incredible statistics about millionaires in America

So you want to be a millionaire, huh? For most, being a millionaire seems a faraway and impossible goal. When I was younger, being a millionaire seemed impossible–to me, millionaires got there by having rich parents. Millionaires were the people driving Jaguars and high-end BMWs, and living in huge houses. What are your thoughts on what the lifestyle of the millionaire is?

Many people think that millionaires drive fancy cars, live in palatial homes, and get their money mostly through inheritance. But what’s the truth?

One great set of statistics for the lives of millionaires comes from the excellent book, The Millionaire Next Door. So what is the truth?

According to this book, the average millionaire drives a Ford F-150 pickup truck. 80% made their money in one generation, and only 20% had more than 10% of their income come from inheritances. The average millionaire does not drive the latest-year’s car, nor does he or she wear expensive clothes. The average millionaire invests around 20% of his or her income annually.

What does all of this remind you of? It should sound to you like a description of a long-term investor. Millionaires spend significantly less than they earn, and they use their money to invest–not to buy more things. In the world of Have’s, Have-Not’s, and Have-Not-Paid-For-What-They-Have’s, they are the Have’s–and they do it by not Having too much.

Keep this in mind. If your goal is to be rich so that you can buy expensive things, you are probably similar to the millions of people with severe credit card debt. We at Lending Club don’t want you to be that person. We want you to be wealthy, so that you have peace of mind and financial freedom. Start making some P2P loans on Lending Club and watch your money grow.

Wednesday, October 10th, 2007 at 10:43 am

Comments (2)

  1. [...] not CEO’s of Fortune 500 companies. Most wealthy people did
    it by innovation or saving their money. Incredible statistics about
    millionaires in America – Lending Club . “According to this book,
    the average millionaire drives a Ford F-150 pickup truck. 80% made
    [...]

    February 7th, 2008 at 9:38 pm

  2. Hennie van Rensburg:

    I own property valued at R3.5m (South African Rand) with R1m
    outstanding on bond. Have a decent salary where I work as general
    manager of a home owners association at a five star golf estate and
    can sell my property and buy a house for cash and live well. My
    intention is to keep my property to start a downs syndrom facility
    but recent interest rates are threatening my ability to service the
    bond. I need business skill. How do I get it into trust and to
    re-finance etc? Anybody that would like to buy in into this dream?

    July 10th, 2008 at 3:34 pm

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