Despite the stereotype of “old money” people accumulating wealth in the United States, only 21% of American billionaires inherited money to establish themselves. According to the Ramsey Solutions America's Millionaires Study, only 3% of those Americans inherited more than $1 million, and 16% inherited less than $100,000.
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The 2022 Consumer Finance Survey reveals that the average American household has a net worth of more than $1 million, and when accounting for inflation, this level of income and savings is nowhere near as attainable as it once was. I found out that there aren't any.
Becoming a millionaire is still a remarkable accomplishment, but the real secret to wealth is holding on to that money.
Rachel Rogers, founder and CEO of Hello Seven and author of the book We Should All Be Millionaires, shares with CNBC three aspects of her incredibly frugal life. Did.
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family trip
The trend these days is to spend money on experiences rather than items. But that doesn't mean you have to bust your budget to plan the perfect vacation, according to Rogers. “I learned that more expensive doesn't mean more fun,” she wrote.
To save money, avoid tourist traps. Look for vacation rentals off the beaten path and places where you can eat and play like the locals.
everyday wear
If you're attending a business meeting or networking event, it's important to look your best in well-tailored clothing. The adage to dress for the job you want to do still holds true. “When you're in a business setting, you want to look and feel like a million dollars or more, and you shop accordingly,” Rogers said.
But on my days off, I snuggle up to Target, work up a sweat, and binge watch Netflix. Expensive clothes can last a long time, which is important in a business setting. Make sure you're paying extra for quality, not brand name.
Jeans, sweatshirts, and T-shirts for everyday wear will become more comfortable the more you wear them.
your time
“For me, frugality means being intentional, starting with how you spend your time,” Rogers writes. Before saying yes to a meeting, invitation, or other commitment, Rogers wrote, she evaluates it based on the money, energy, time, and joy it will bring.
This decision led her to say no to requests for her time 99% of the time, making it more meaningful to say yes.
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This article originally appeared on GOBankingRates.com: I'm a millionaire — 3 ways to maintain a frugal lifestyle to stay that way
