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Quiet millionaire is also the cause of 2 phenomena that you have not mentioned. Money that is inherited that originates from something that is not ethically good. Or that the wealth is so great that it is politically unwise to show it as it triggers envy and potentially increased taxes on working capital. Greetings from Croatia
I worked at a nursing home when one old man told me that the hardest part about being a millionaire was not being able to tell anyone. I asked why was it so hard, he said I wanted to stay a millionaire. 😂
Not trying to brag at all, but I live in San Jose, California and due to my career, I move in circles where everyone is at least worth $10 million or more (high technology careers). Surprisingly, all these folks lead very middle class lives. It’s because the cost of living is excruciatingly high in Silicon Valley, and a $10 million net worth allows you to have a comfortable life but not a life endowed with luxuries.
@@bbb_888 I honestly feel like once you really start to learn about money there is a huge amount of people tell don’t share your knowledge on how to gain wealth
@@mellocello187 More like at family dinner or office meetings, you can ask "What do you think about xxxx stock?" or "What are you doing to legally reduce your taxes?" or "Have you read the book Rich Dad Poor Dad?" Do you think a party would be the best place to talk about finances to a stranger?? There's a time and place for everything.
@@bbb_888 Yes, I understand, but commenters are not understanding the video. He is obviously not saying do not teach your children about finances. He is saying don’t be tacky about it and in public.
Good video. You started off with some excellent points, then had a few weird ones that actually have nothing to do with quiet millionaires and more to do with people worth tens of millions, if not more. The biggest thing you missed about quiet millionaires is we have a very keen and focused understanding of the difference between COST and VALUE. People who earned and invested their way toward a 7-figure net worth almost invariably have a strong emphasis on value in their life. We buy things that probably cost a little more, maybe even quite a bit more, but the main focus is on a lower reduced cost of ownership, over time. We want value and ROI in everything we spend money on, so in the long run, we spend less money.
I’m not sure about the expensive clothes thing. I get all my clothes at Old Navy. It’s more a focus on paying for quality however that is defined per person, for some that’s clothes or cars or food or even everyday items.
Yup. No matter how wealthy I ever became I'd still be wearing my comfy blue jeans and cotton t-shirts and similar. And I'd be smiling extra wide if I'd found a good deal on that t-shirt at a second hand store. But each to their own.
I picked up some Khaki colored jeans from Tractor Supply during Black Friday at $10 each. Quite comfy, rugged, and look professional. But if $80 blue jeans are your thing that’s ok too. I don’t wear a watch, whereas some folks are watch snobs, that’s ok too.
@@o0usf0o- being completely debt free is a dangerous situation. You go into work everyday wondering why you’re wasting your time “working” when you no longer need that money. You begin to resent time wasters
Warren Buffet has a carefully crafted persona and uses PR managers for this, definitely not 'quiet' about certain things, but very discreet about others. So he splurged there for sure
I’ve been in my house I bought new in California since 1980. Not moving because it’s still a small town despite my millionaire status. Still driving my 2012 Honda Civic and wearing my T shirt & jeans from Walmart. Nobody bothers me or looks at me. I blend in.
I live in a somewhat rural community. And there also happens to be a lot of money around here, but you wouldn't know it. Because many of the millionaire farmers are driving around in old trucks, wearing overalls. but when they decide to buy a new truck, they pay cash.
The quiet millionaires I know are hard-working people. They have quietly built wealth using their work 401k, living below their means, living a debt free, and mortgage free lifestyle. They don't allow lifestyle creep to take their wealth. Many became millionaires in their 40's and kept working until their 50's or 60s. They dress very casually and drive older vehicles.
This is so true. I have learned not to talk over Money the last several decades. All my brother does is brag about money. He does not have near what I do. He is older and thinks he has to be better off than me. My Aunt told me when I was young. Never tell anyone what you do have or what you do have.
Same. I drive a 21 year old car, mostly stay home. My sister and brother in law take cruises all the time and have flashy vehicles. Once my brother in law commented that I was on welfare :D lol!! I think he really believed it! Actually he's in debt to his eyeballs, has equity loans on their house, and took out one of those pandemic loans. Hope they don't lose everything.
Sounds about right. As for comments how it's "selfish" to keep quiet about money....why make enemies? People are envious of what they don't have. Fools resent advice. The wise are usually rich already.
Honestly people are not going to like you anyway does the reason matter I think it’s more important to protect yourself and at every level not just wealthy development but all things concerning life.
So many times you can get clues by the little things. A person that drives an ordinary car that's 15 years old, but the headlights aren't clouded and the tires are in good shape. A person that may wear clothes that are nothing special but they have nice, but not showy, shoes. If you have the opportunity to go shopping they may buy nothing or only very little most of the time. But on infrequent occasions when they see something they truly want they get it without seeming to give much though to "can I afford it". And they don't talk about how much the monthly payments will be because they don't do that. These clues aren't 100% but they add up. One of the wealthiest people where I live was the majority owner and CEO of a bank. But to look at him you'd think he was a common laborer. Bunged up 20 year old pickup, work shirt and coveralls looking like he'd just finished doing an oil change on a car (and maybe he had). But to him spending $10M on a building was like you or I spending the price of a steak dinner.
💯 I’ve known a few “wealthy” men and they always wore just ordinary blue jeans and a flannel shirt. To look at them you would assume that they are a typical shopper at Costco / Sam’s Club. Their vehicles were of high quality but not overly showy. About the only consistency was that their clothes and vehicles were always clean, as well as freshly shaved faces. No fancy watches, dress clothes nor would they ever discuss anything to do with their money.
For #1) Let’s be real: we don’t want to talk about money cause: 1) people with no money may try to mooch money off you 2) people with no money sometimes are uneducated morons with an ‘eat the rich’ mentality and resent wealthy people, and yet, when it comes to handouts and freebies from the government they have no issues. Wealthy people would probably talk about money all day if people were aspirational instead of resentful about it. People with no money should want to shut up and hear what nuggets of wisdom the wealthy guy, like OP making this video for example, has to say. But because of political correctness the wealthy people need to act low key. To project “better optics” .
I’ve seen this in myself. As I’ve grown more financially secure, I’m less obsessed over the brands on shirts or red and green striped belts. I CAN buy this if I want it, suddenly I no longer dream about owning it. 😊 And i now spend $100 on 1 pair of sneakers, instead of buying 5 pairs so I don’t always wear the same thing. I buy clothing in duplicates, if it fits I want 3 more of them.
Excellent list. I would not have guessed several of your signs. I would add a couple more things: 1) QM tend to buy many units of something they like. For example, if they like one brand or style of shoes, they’ll own 4 pairs (think Bruce Wayne’s walk-in closet) whereas most people will own only one pair or 1 unit. QM know what they like. 2) QM will never wear the name of another man on their person (e.g., Mahomes, Hilfiger). I liken this to medieval times where different colors or coat-of-arms marked empires, kingdoms, duchies, principalities, castles, etc. (obviously this applies more to male QMs). QM may wear a subtle logo or a brand (esp. if it’s their own company), but QM will NEVER wear the last name of someone else. 3) QM tend to treat all people equally in public. Regardless of their political affiliation, QM know the importance of less fortunate because (a) QM have quiet confidence, (b) they realize society has a need for everyone, and (b) the common people are often their very own employees.
@@kxjx It's less about the brand or logo on the clothing than serving as a walking advertisement. So, wearing 501s is ok (assuming they fit well), but a t-shirt with a large Levi's logo is not. My father said he would not wear obviously branded clothing unless they paid him to wear it. He still had a few favorite brands, but "those who know, know".
Wanting to be a quiet millionaire is the reason every one of my Lamborghinis, Ferraris, and Bugattis are white, black, or silver. I can’t be shouting at people in my purple Bugatti or green Lamborghini. Yuck.
Wealthy people watch videos like this for entertainment, and to see where the creator got things wrong, if they did. This one is a lot better than some I've seen.
I agree. I never understood why ppl don't want to talk about salary etc. especially around office working class. I think that "talk about salary is inappropriate" is some type of corporate bullshit brain washing marketing. 😅but lol the stupid and pathetic thing is that ppl actually bought it!!!
I am just curious what people think of when they use or hear the word "millionaire?" A net worth of $1M doesn't quite seem to carry the significance to be given its own classification.
These days it doesn't, agreed. But when the term came into popular usage a millionaire was an extremely wealthy individual. And it's still a significant financial milestone.
Money is something that they should teach about. Music, Art, Crafts, Home Ec (less we are talking about the financial side and not the cooking, sewing, cleaning side), most ever high school and college elective...heck most anything outside of STEM and English and history should be left up to the person as a hobby.
Parents should, yes. But I know plenty of parents who could use more than a few hours of education on that topic themselves. This is a topic that I think should be covered in school. We don't need to teach kids to be junior Warren Buffet's, but some basic every day finance would be good. Heck, even if the only thing covered was the true cost of carrying a balance on a credit card it would be worthwhile.
I agree with most but not all. I disagree with obsessed with time. I'll learn how to clean a pool and even repair a furnace so not to waste money on things I can do myself. Likewise the clothes, I'm head to toe dressed in Costco items. I don't stand out, on purpose.
@@harryvanderveen773- in today’s economic times you do not want to make yourself a target to thieves, pan handlers, insurance scammers, nor desperate women. It’s best to blend in. I like to wear clothes to look like a mechanic outside of work. People automatically dismiss me based on my appearance and that’s my intention.
I'm not quite there yet but I'm very much like these people. I put more money into my 401k each month than the car I drive is worth. I live in a modest home that is a year from paid off. I got a huge raise recently and didn't show up to work with new clothes, gadgets, or car. I make 33% more than my boss and he probably thinks I'm insane or a degenerate gambler lol. He's the type of guy that spends extra money on vehicles including campers, trucks, etc. But I know he finances everything bc he told me. If he ever asks what I do with my money I'm just going to say stuff like "oh I took time off to be a SAHD, so I have a lot of catching up to do." This is actually true. I'm more than caught up but in terms of FIRE, I've still got a ways to go. I can also play the "we're saving for college" card.
Then you're on a good path and you'll be there soon. "put more money into the 401k than the car I drive is worth", I like that, sounds like you've got your priorities straight. I don't put that much in each month, but I could say that I put as much into investments each month as my first non-junker car was worth when I bought it. I've also been investing for 30+ years so my monthly contributions aren't as important as they were (but I still make them). Market movement, good or bad, dwarfs the portfolio value change caused by my contributions. And good thing, I'm retiring soon :)
It's amazing how often true wealth whispers rather than shouts. A personal approach I’ve taken is focusing on building assets over showing off. Instead of chasing the latest trends, we invest in things that grow in value over time, like stocks or real estate. This mindset shift from spending to investing has been a game-changer. It’s all about those long-term gains rather than the short-term shows. A great reminder that wealth isn’t always what you see on the surface. Love the insights!
Even if they lose everything they know they can be financially independent again. They accept and embrace sacrifice and hard work as reality to become wealthy. They have the ability to live very frugally if necessary with no complaint. They learn from mistakes, forgive themselves and move forward with a better plan. They focus on the lessons learned and don’t waste negative emotion on the loss.
not me, I love being stransparent with everyone about finances, i WISH people were open to talking this way to me when I was younger, it would have sped my journey up incredibly!
I generally dont talk numbers, but people know my profession and that information is out there. I’ve been lucky to work with folks who have expertise outside of our chosen profession. I’ve learned a lot from them.
I find it hilarious (silently) when people brag to me about their finances and think they are impressing me. Same with the Rolex wearers that live paycheck to paycheck.
Subtle sign that whispers millionaire: Being above the age of 55 and you bought a house 30 years ago in the right place haha. Seriously, I think most millionaires are millionaires because of home equity.
As I had to explain to my grandson, a million dollars isn't really a lot of wealth any more. To take another look at the question, a year ago the government sent each of us $600. The question was "How much should we invest, how much save, and maybe we can spend some" but our tenant just thought "What can we buy?" That's why we owned the property and they were tenants.
I agree with most of your points. The ones that resonate the most with me are: 1. Avoid Money conversations (although I have an anonymous financial/lifestyle blog 🙂) 3. Quiet low key lifestyle. I don't even own a car... I walk and bike everywhere. I'm having fun seeing people thinking I have no money because I don't have (cant afford?!) a car... while I'm saving at least $10,000 more than them every year because of that (and it's $1.2 million over 25 years). 7-8. Interest in health and quality food. It's not that I have a huge interest in health, but eating is about 80% of the work... anything processed is counter productive. If the food cannot rot, it cannot be good for your body 🙂 10. Simple fashion. Partially agreed. I only buy Levi's 511 (thats what fit best). I buy good quality clothing, but I'll never spend $4k on a stupid t-shirt. If your body look good (see points 7 and 8) then good quality clothes will look good on you...quality price matter, but unless its made out of gold, no Ts worth $4k... 12. Simple Home decor. Many visitors think I'm moving or just moved in because we're minimalist. 13. Avoid financial advisors... big time. Buy an index fund... keep it. Fees will make someone else rich. We live in an era when its never been that easy to acquire and store wealth. Use it. 16. Travel light... we travel a lot. I've never and will never spend money for a suitcase. I carry one small suite case and a backpack. All you need is 2 pair pf pants, a few Ts and a good sweather...you're not going to see the operas every night and no you wont look like a super model at the trendy restaurant... but 1) I dont do trendy restaurants but good restaurants and 2) I dont really care what a drama queen think of me. 21. Obsessed about Freedom. Big time. Thats what the whole 'financial independance' thing is all about. You can say no. Money buys you te power to say no... and use it. You are the king of your own domain. The ones I really dont agree: 10. $4k t-shirts. 14. Keep good counsel... I'm financially independant, but not enough to have an army if counsellors behind me. First, I'm usually better than them, I do my own taxes since I corrected stupid accountants too often. I do not need a fiscalist, I consider myself streetwise enough... 20. Keep your list at 20 and remove this one... obsessed about time. I do am time conscious, but I will never pay someone to do something I can do. Someone to clean your appartment ? Never. A gardener? Who the f you think you are?! Princesses do pay for those services. People keep saying 'I dont like to do this or that'... but do you think quiet millionnaires enjoy those ? No... they don't. We just know that it doesn't take much time to take care of your stuff, and this is another reason we're financially independant... WE DO IT OURSELVES !!! People (princesses and douches) complaining about the cost of living while having a house cleaner, gardener, someone to change their tires, etc. are the LOUD people you want to avoid... But overall... funny video. I found myself in may of those points. You could say 'Frugal' as well, to avoid saying quiet millionnaire 🙂
Another outstanding video. It's important to be able to distinguish the difference between the *trappings of* wealth, and *actual* wealth. Unless you have so much money that you have the "better class of problems" that only very wealthy people have, you can become financially literate, and be your own financial planner, ignore the "financial porn" all around you, and *buy* investments instead of having them *sold to* you.
I agree. As a rule of thumb most any financial product being pitched to you by a salesperson is a bad deal. I've seen so many coworkers chase big returns and almost always end up doing significantly worse than if they'd stuck with boring old index funds and such.
I've learned most of these the hard way in the last 3 years after so many preventable mistakes and reflecting on them. Not a quiet millionaire tho. Hope to be one day and also have that quite confidence. :)
Was going along fine, but the list started to fall apart at #7, feeling more like wishful thinking than the reality of “quiet millionaires.”… ?7) Quiet millionaires hire fitness coaches? Huh? Not seeing it. Concerned about health, sure, but not typically that. ?8) High quality food? Perhaps for some, but generally? Not seeing it. They eat what they like, never extravagantly. ?9) Always buying assets? Huh? No, quiet millionaires invest steadily and stick to the plan, they don’t search out the latest “asset.. ?10) Fashion? It simply isn’t even on the radar screen of the typical QM. Inexpensive and durable. ?11) Big spending on what they like? No typical QM spends $9,000 on a sweater. Buying quality, sure, but never extravagant like that. … this list deteriorated into a lot of items, all reflecting basically the same thing. Should have limited it to 8 or 10 items, max. Perhaps the proper title should have been “Quiet *multi*-millionaire”.
I'll assume that was a joke ;) I work in tech and I know plenty of quiet millionaires. All in all they're no better than anyone else. Some of them are nice, some are jerks, some are downright disgusting. The only thing they have in common is they live below their means and invest their extra money.
Some points are true, but in my experience, low cost posessions and clothes with holes like jeans and t-shirts are no problem. A regular watch is better because it costs less.
Luxury pickup trucks sell very well here in the U.S., except automakers have learned they can’t come from a luxury brand like Lincoln. The GMC Sierra Denali is extremely luxurious and yet still “acceptable” to be seen in if you’re the boss at a construction site.
Hi Tae! Thank you for your videos! I really appreciate everything you share. I have a question: How do you raise financially savvy teenagers? My teens receive a modest monthly allowance and I’d like to start investing that money with them, for them. Would you look for a high interest savings account, or a college saver? Or open investment portfolios with them? I’m new to financial literacy, by the way-- I’m very excited to be growing more independent from now on. Thanks again- Dolly
Many of the things you said on this particular video describes me. I like your other personal finance videos also. Regarding Aura, how long have you used Aura and would you recommend it? thanks
I disagree with the financial advisor from firms aspect. I do think they bring in value as a lot of people aren’t trying to beat the market. When you say just put it in an S&P 500 fund we know what you mean. But sadly most people absolutely do not and will get overwhelmed with the options available. It sounds strange but an advisor takes the choice burden for clients, and for some people it’s worth it-otherwise they won’t invest and only buy bank CDs and that’s worse.
Hey Tae, can you do a video or short about suggestions on managing children’s red envelope money when they’re too young to manage it themselves? Lunar new year just came through :)
I agree, keeping quiet about money and your knowledge about it really doesn't help anyone but yourself. This is quite opposed to how any wealthy community lives. This quite millionaire trait is very Anglo capitalist
@@1985MrFRESH There are ways to talk about how to make money while staying discreet. What does it matter exactly how much someone's net worth is. When you examine those that have wealth.....there are common characteristics they all share and this video covers them well. These common characteristics can be applied to almost any industry.....and the money is just a by-product of the body of work. I dont run into many successful people that keep quiet about the KNOWLEDGE.....but there is no productivity (only downside) to exposing deatils about your wealth.
Many people are raised with a rule to never talk about money. This is because nothing upsets people more than to find out they are not doing as well as their peers or neighbors.
I'm sorry, $9K for a SWEATER? I don't care how high quality it is, but unless it's spitting out gold bars, that is ridiculous. I bet you, you can find just as nice a sweater (minus the material from some endangered animal - oh brother) for $400.
actually, you're desbribing a poor person. the wealth doesn't show out anything to avoid attentioin. but the poor also doesn't show out anything, but because they have nothing to show haha.
I knew three millionaires when I was a kid. An old carpenter, a farmer and a machinist. All three could look like hobos to anyone they met on the street.
It's not about avoiding an uncomfortable subject, its about the envy other people feel toward it, and the potential violence when people learn that you have it. Most people are not civilized when it comes to wealth...they are more animal than human... Capitalism depends on the freedom to act, and willingness of people to trade values. It also depends on how the culture addresses human rights, specifically the individual right to ones own life. Freedom, and therefore Capitalism, cannot exist unless the rights of the Individual are understood and protected by law. What we have now is not Capitalism...and the reason people do not discuss their wealth is because most other people do not want to be free to earn, they want to be free to steal. If you do not accept the idea that you should feel guilty about being wealthy, being quite simply means you consider the moral values of those condemning you for it not worth addressing. Wealth is not a measure of sin or guilt, its a measure of productive virtue...especially if you earned it yourself. Envy is a vice, not a virtue, and guilt is what someone should feel only if they have violated someone else's rights. Productive effort is not the source of guilt...it is the source of pride.
