Key Facts
• 80% of millionaires built their wealth independently, not through inheritance.
• Most use low-cost, standard credit cards instead of premium ones.
• 59% use Visa, 56% use Mastercard, avoiding high annual fees.
• They avoid providing financial support to adult children post-education.
• 60% assist children in buying homes, but only 32% fund graduate studies.
• 95% of millionaires invest in stocks, with at least 20% of assets allocated.
• 42% did not adjust their stock portfolios in the past year.
• Long-term investment strategies help them avoid high taxes on short-term gains.
Summary
Thomas J. Stanley’s research on over 500 millionaires reveals key habits that contribute to their financial success. Most millionaires avoid spending on luxury credit cards, opting for low-cost alternatives like Visa and Mastercard. They refrain from providing financial support to adult children, focusing instead on education and occasional home-buying assistance. Additionally, they adopt long-term investment strategies, holding stocks for years to maximize gains and minimize taxes. These disciplined financial practices enable them to grow and sustain their wealth effectively.
