Habits of the richOverwhelmingly, millionaires save a lot -- an average of 20 percent of their income -- and spend as little as they can. The trick, of course, is that spending less leaves more to be saved. Millionaires also tend to follow these habits:
- Creating (and sticking to) a budget. They know how much their family spends per year for food, clothing and housing, among other major expenses. They spend substantially more hours per month reviewing their budget than do non-millionaires.
- Creating financial goals. Wealthy people spend twice as many hours planning their future wealth strategy -- how much of their future income they will save and invest and for what purpose -- as do the non-wealthy.
- Maintaining consistent lifestyles. They stay in the same home (no trading up) and remain married to their original spouse.
- Minimizing major expenses. They often live in a modest home, drive a less fashionable car and buy clothing off the rack at discount retailers like Kohl's and JC Penney.