Stop trying to look like a millionaire

From a recent article published in The Boston Globe:

“Got your heart set on being a millionaire? Stop trying to look like one.”

The article states that pretenders – people who spend beyond their means, pretending to be wealthy – often end up in financial trouble. It also lists several facts from the research of professor Thomas J. Stanley, who defines a millionaire as someone with net-value investments of $1 million or more, which include such items as cash, stocks, bonds, mutual funds, and equity shares in a private business.

• 86% of all prestige or luxury makes of motor vehicles are driven by people who are not millionaires
• Typically, millionaires pay about $16 (including tip) for a haircut
• Nearly 4 in 10 millionaires buy wine that costs about $10
• In the United States, there are nearly 3 times more millionaires living in homes with a market value of under $300,000 than there are living in homes valued at $1 million or more

Update: Another relevant article emailed to me by a reader. I love #7 (”I was a B student”).