The average millionaire is not what most people might imagine. They are not flashy or extravagant, but rather live a modest and frugal lifestyle. In fact, many of them drive Toyotas and Hondas, and live in homes that cost less than $500,000. They are not big on lifestyle spends and are more likely to be found shopping at a grocery store than a high-end boutique.
Millionaires typically have a net worth of around $1.2 million and became one at the age of 49, after 28 years of saving and investing. They are not high-income earners, with many of them never making more than $100,000 a year. Instead, they save and reinvest a large portion of their income, with many of them having 70% of their assets in retirement accounts like IRAs, 401(k)s, and Roth IRAs.
In summary, the average millionaire is not a flashy or extravagant person, but rather someone who lives modestly and saves and invests a large portion of their income. They are not high-income earners, but rather people who have accumulated wealth over time through smart financial decisions.
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