The Spending Habits Of Actual Millionaires 

I loved The Millionaire Next Door. I’ve read it twice. I also really loved reading, “Stop Acting Rich”, another great book.

I teach a budgeting and financial planning course for apprentices through my union hall. The thesis weaved throughout the course is to undo everything we the middle class are taught about money. Many will say that the middle class isn’t taught anything about money… However, as you have highlighted in this video, through pop-culture… We have been “taught” a lot of things, none of them good. I present 3 three videos in my class over the span of a 32 hour course, this is going to be the fourth. Kudos and thank you.

For more on this, the book "Millionaire Next Door" is a must

Best ‘investment’ I made was my 2003 Toyota Camry which I bought 20 years back. Drove it for 15 years and paid it off in 2 years. Whatever I have been able to save over that time I attribute to not having a car payment.

Millionaire here 👋🏼 Never owned a boat 6:37 and current don't have a vacation home 7:19. But love to eat and also cut my own hair! 😳 What's left of it at least.... 😂

I'm not at all surprised. The top three expenses people have are housing, transportation, and food. Keeping a handle on these three expenses allows people to save and invest, and become a millionaire.

Thank you so much for this educational video, keep sharing your valuable tips!

Hey Tae, I love your channel and have been recommending you to all my friends. I'd love to see a video on Real Estate investing. I've heard a lot of scattered info about it but have yet to find a consolidated video about it. Thank you and great job on the channel so far!

Awesome video! So MANY amazing points for people to consider!

Absolutely loved this video, great stuff

Very interesting! Thanks for sharing this 😎

Phenomenal thought provoking content!

You are 110% right.

Excellent video!

Great video.

This vid is so much interesting. Thanks Tae for be my guru!

Interesting facts! Thanks!

Great info 👍 👌 👏

That hair lookin especially on point today my friend 💪

Too funny, your hair looks good buddy!! The 16 dollar cut is about 20 now, but I always tip at least 5 bucks. Those folks work hard for their cash.

Good afternoon coach TK. !!!!

That was cool. Love the hair :)

Thx Tae

This vid applies to low level millionaires $1-10m. If you’re worth $20m+ can splurge mostly however you like

Wow! I was shocked by those store lists.

Great video, great books. One comment - “responsible” homes near economic centers where people can find suitable employment are nowhere near 400K anymore. Those days are long gone.

Haha, I am a bit of fast fashion junkie, but I keep my fast fashion for a long time, because I buy more of a classic style vs trendy. So HM and Shein are my best friends lol. Too cheap to spend at NS. My husband is such a fan of Costco T-shirt’s . We are in our early 40s, ( millionaire, not counting home equities) and so over the high end brand. We also love our 2017 Hondas, and our 1900 square feet home, more than enough for 4 of us. 😅

1,000th like!!! 🎉

What are the two happiest days of a boat owner? The day they buy the boat and the day they sell it.

I was really shocked about the vacation home, since it seems logical that if you owed a vacation property you can earn more by renting it out when not in use

We do all the things that these stealth wealth videos on different channels do.

Here's the thing. Millionaires care about the quality, not the image, of something. For example, toyotas are some of the most reliable cars out there. Who wants to drive an expensive car that needs repairs all the time? Expensive wine don't always taste better than cheaper wines... wine is about how much you enjoy it, not how rich it makes you look. Same with dinner out... if you love burgers and fries and hate caviar, why pay for caviar?

With a home cost of $400k, sounds like most lower-level millionaires aren't in SoCal. Appreciate all the frugal, financial-tortoise advice Tae!

Where can I get a $16 haircut nowadays? (and I'm assuming this is still before tip)

Sold my boat last week 😂

6th retail shop for woman cloth gotta be Marshall, which ties together with TJMax at 5th

I think you need to add more to your inflammation adjustments. Going out to eat is much more expensive then $29. Especially if you live in a large city.

2:40 i dont know your target audience location, but could you please explain something like the stores for a european like me? i only know target and costco for example. and more importantly i dont understand the image americans have about them.

I know this video is correct but in Orange County CA none of theses stats are correct. 😅 They really like to show off their money and I have seen some mind blowing wine collections.

I've always taken the stance on clothes as a few pieces can be high end but the majority of my closet is from the gap or banana republic. most of my suiting comes from banana republic whereas my jeans are from the gap or even old navy. I've got a few dresses that are high end but those are for when photos are being taken. There like 2 in my closet that are name brand.

Engagement

Toyotas don't die. Mine is a quarter century old, still running and I've never had to buy a new car.

I find the housing stats way off

That statistic about 86% of luxury vehicles being owned by non-millionaires is WILD. Considering how cars are such wealth-killers, it's ironic that people would rather look rich than *be* rich.

Damn, unfortunately I failed most of the categories 😢

I guess I'l be the only millionaire spending tons on books haha

You don't become wealthy by spending all your money. You become wealthy by *not* spending all your money.

When I read The Millionaire Next Door in 2013, my thoughts then were the same as now: - Doesn't this just mean that a million in net worth now means you're aggressively middle class? "Millionaire" rolls off the tongue more easily than "decamillionaire", a neologism unfamiliar to most people but used in recognition that a million does not mean what it once did. - There's a lot of talk about tax advantaged accounts in that book. Would the standard of living for these individuals be higher if their assets weren't locked behind an electrified vault door that says "Do Not Open Until 59.5"? I own my own business. I save, spend, and invest as intelligently as I am able and have no debt. I tried to look at this book in the end as a realization that the first million is a stepping stone, not a goal.

Costco clothing is very affordable. I'm unfortunately too small to wear them. The fit seems to be geared towards pear shaped men, which I am not.

There’s a good chance that you can find out who owns those homes via tax records, and some of them will have known net worth

Feedback - I like the channel but this spcific video felt stretched out and not really catering to the demographics. The data used for the references might be obsolete.

On tiktok, ive noticed alot of Gen Z are trying to emulate the old money style outfits. I think somehow we’ve clung onto the old 1960s-80s stereotypes of old rich and even the behavior. Esp with the movie Wall Street w Michael Douglas. People usually have the impression that affluent folks are greedy mfs. I like to think the new money folks who emulate that snobby bougie attitude is bc they think that’s how theyre suppose to act and us regular folks believe that’s how they are. Anyways, old money style nowadays is Tailorist, heydudes, oakleys on a baseball cap. And then the vehicle they drive are Ford Raptors or Tundras and the most expensive thing they do wear is a high-end watch of good horological history: like Grandpa’s old Rolex or Omega or a brand new Grand Seiko. Also, Kiton shirts and 32 cool shirts from Costco 😅

I drove a Toyota Camry for 17 yrs until it finally died 🙂

One thing though....millionaire men can pay $16 for a haircut, but I would bet this number is a lot higher for millionaire women...the difference between Nordstrom and Costco. 😂

$13 wine is not enjoyable 😆

That data does not smell right. If millionares aren't spending extra money on food, transportation, or housing, what are they spending it on? All on overseas vacations??? No way!

what the point of being a millionaire if you cant have fun or nice things

How can I look like Julia Roberts?

No need to be flashy

How do you define “Millionaire”? Net worth over a $1MM? If that’s the case, this analysis is somewhat meaningless. At least to me. $1MM+ NW doesn’t really mean much these days. Yeah, most “millionaires” I know do drive regular run of the mill cars and are frugal with money. It’d be great if this were about higher net worth individuals.

Boats and Hoes!!!!

Problem is if a newcomer wants to be a millionaire I guess he/she can’t live in any coastal cities.. haha

Not going to lie, it's disappointing when people who can afford it don't support ethical brands. Fast fashion is terrible on every level.

the home and net worth data is garbage

The boring millionaire

Sounds like millionaires have really boring lifes 😂

Hi, love your vids! I'm thinking maybe you can add your sources in the vids too next time? A-la EconomicsExplained. Not that I'm doubting your numbers but it def adds credibility, but more importantly, i was hoping to read more about the $13 per wine bottle figure 😂