Who Wants to Live like a Millionaire?

Welcome to Who Wants to Live like a Millionaire?

It's the webinar that exposes the true lifestyles of 99% of millionaires in the US.
- Think you can pick a millionaire out of the crowd?
- Think you have what it take to live like on?
Let's find out!
Are you at least 18 years old?*

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DISCLOSURES

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Brief Demographic Survey

Our regulators require us to report aggregated figures (not personally-identifying information) of the following information.
Date of Birth*

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Total Living in Your Household*
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Head of Household/Main Provider?*
An individual who provides at least 50% of the financial resources for one or more dependents
Highest Education Completed*
Which Best Describes Your Situation?*

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Why are you taking this course? (check all that apply)*

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Experiencing Housing Discrimination*
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Chapter 1: The Path to Becoming a Millionaire
- What do you know about millionaires and how they become millionaires?
- What does it take to become a millionaire?
- Will your path to millions look similar to the path taken by most of the 25 to 30 million American millionaires?
Answer the questions in each section to see if you understand how most millionaires become wealthy.

Here's Your Score out of 5
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Chapter 1: Becoming a Millionaire

Money is just a tool not a goal. Money helps you achieve other life goals.

Definition

Mil·lion·aire: Someone whose assets are worth one million dollars or more.

More than Income

Being a millionaire is not just about income. If you earn a million dollars a year but spend 2 million dollars, you’re NOT a millionaire. You are just a big-time overspender.

Consider the saying out of Texas about such people:

Big Hat, No Cattle

Big spenders have nothing to show for their income except things that go DOWN in value over time (e.g. cars, RVs, jewelry).

More than Fame

Being famous does not ensure long-term financial success either.

ESPN’s 30 for 30 Broke found that 60% of former NBA players and 78% of former NFL players were either bankrupt or financially stressed just five years after retiring from a professional sport whose minimum annual salaries neared $1M in 2023.

It’s not just former professional athletes who struggle either. Plenty of well-known actors, musicians, and YouTubers have blazed through their fortunes in a hurry, too.

More than an Inheritance

Just 5% to 10% of American Millionaires became wealthy through an inheritance¹. The vast majority of millionaires become millionaires by some other means.

Most millionaires start from nearly scratch. A large percentage will be executives and top managers at medium and large businesses. As you might expect, about 40% are professionals (doctors, accountants, attorneys), with roughly half working for someone else and half owning their own practice or firm.

Another large percentage are small business owners, everything from landscaping, farming, and garbage collection to engineering, real estate investing, construction firms, and dry cleaners.

The “All Others” portion will include teachers, professors and librarians, supervisors and front line workers, welders and plumbers, salespeople, law enforcement, and military servicemen and women. Because millionaires in this category typically earn less than those in other categories, they must usually focus more on saving, on making good investments, and on living frugally.

Actors, athletes, musicians, and YouTubers do not even register on the chart, making up less than one-half of one percent of all millionaires (probably less than 50,000).

= = = = = = =

1. Stanley, T. J., & Danko, W. D. (1998). The Millionaire Next Door: The Surprising Secrets of America’s Wealthy. New York, Pocket Books.

Chapter 1: Millionaires and Education

Education

When it comes to education, the vast majority of Millionaires have earned a college degree.

According to the Next Millionaire Next Door, here are the statistics by education level:
- High School Diploma: 4%
- Associates Degree/Some College: 2%
- College Degree (4-year): 36%
- Graduate Degree: 58%
That means that 94% of ALL millionaires in the US in 2016 had at least a 4-year bachelor’s degree.

Where did they go to school? Harvard and Yale? Actually, no. The majority attended public colleges:
- Private College/University: 30%
- Public College/University: 55%
- Both: 15%

Chapter 2: Commonly-held Beliefs about Millionaires

What Do You Know about the Personal Qualities and Characteristics Most Millionaires Consider Essential?

Answer the following questions to see if you understand how most millionaires become wealthy.

In the PRE-lesson assessments, there are no right or wrong answers (but you will see your score on the next screen)

Assessing What You Know about Common Millionaire Characteristics and Qualities

What do you think most millionaires are like? Do they act like the rich and famous on YouTube or in the movies?
1. Which characteristic do most millionaires consider MOST IMPORTANT to their financial success?*

GreedHonestySelf-disciplineStrong work ethic
2. Which type of skills do millionaires believe HELPED THE MOST in their financial success?*

Business skillsFinancial skillsPeople skillsPolitical skills

Here's Your Score out of 2
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Characteristics and Qualities of a Millionaire

Despite what you may see on TV and in the movies, in novels, or on the news, most millionaires are not greedy, money-hungry, and unethical people.

According to The Millionaire Mind by Dr. Thomas Stanley, millionaires identify the following qualities, in order, as those most responsible for their success:
1. Being Honest with All People (57%)
2. Being Well-Discipline (57%)
3. Getting along with People (56%)
4. Having a Supportive Spouse (49%)
5. Working Harder than Most (47%)
If you think about millionaire business owners, they would have a difficult time building a successful business with satisfied and repeat customers by cheating them and treating them poorly. Not to say you won’t find liars or cheats among the millionaire class. You find them at every income and wealth level. However, when surveyed, nearly 6 in 10 credit being honest with others for their financial success.

Taking risks seems that it should be a factor for the success of most millionaires. After all, you would think the rule of “No Risk No Reward” applies to millionaires in the form of “Big Risk Big Reward.” However, less than 30% of millionaires credit their risk-taking personality with their financial success.

Interestingly, three of the top five factors Millionaires credit with their success have to do with social skills and relationships.
1. Being Honest with Others
2. Being Well-Disciplined
3. Getting along with People
4. Having a Supportive Spouse
5. Working Harder than Others

Here's Your Score out of 3
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Spending like a Millionaire

Our society believes that millionaires are big spenders, driving fancy cars and living in massive homes. To a great extent, this perception has been created and perpetuated by the popular media, from books and TV to blogs and movies.

Additionally, since the most common millionaire we see in the popular media is the professional actor, athlete, musician, and YouTuber, we assume that their lifestyle is the rule rather than the exception.

If you think about it, actors, athletes, musicians, and YouTubers must attract the attention of the general public as part of their job. Without popularity, musicians will not sell any music. Without fame, actors have more difficulty landing a high-paying role. Without fan support, athletes don’t sign lucrative sponsorship deals. Even YouTubers have to stand out from a crowded Internet.

Millionaires have not built their wealth by spending frivolously or recklessly. Typical homes where Millionaires live are not extravagant nor what most would consider a mansion. Millionaires don’t move every time they earn more money. They have built friendships and relationships at local clubs, schools, and churches as well as with their neighbors. Building and maintaining strong relationships tend to far outweigh any desire they might have for bigger and fancier homes. A 4-bedroom home in the suburbs is likely the most common residence of millionaires.

Most millionaires drive a vehicle that is very unlikely to draw much attention to them. Common millionnaire vehicles include pickup trucks, American SUVs, and 4-door sedans. As far as makes of vehicles go, you are more likely to find Millionaires driving an American car or a Japanese vehicle than an Italian, British, or even German-made car. Fords and Toyotas seem to be the most common*.

Perhaps surprisingly, 70% of millionaires have never and will never buy a brand new car. They buy, instead, used cars because they know that vehicles go down in value over time and that they will never sell a vehicle for more than what it cost to purchase and maintain.

A popular saying is closer to reality than many think:

The rich stay rich because they spend like they are poor.

Where are you more likely to find Millionaires purchasing their clothing? Upscale boutiques? Rodeo Drive? Top of the line clothiers? Actually, most will shop at discount stores like Walmart, Kohls, or Target, while some will even shop at thrift stores.

"Most millionaires are not in it for the show.”

They value relationships more than consumer goods.

*Money Fit by DRS does not endorse or recommend one vehicle manufacturer over another. Neither will driving any particular model make it more likely that you will become a millionaire.

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Common Millionaire Habits

Although the media portrays the life of wealth as one of luxury, leisure, and laziness, most millionaires are anything but.

Millionaires credit their financial success to being honest with others, being well-disciplined, getting along with people, having a supportive spouse, and working harder than most people (Thomas Stanley, The Millionaire Mind). Basically, they don’t have time to waste on TV and video games.

The most common habit shared by most millionaires is that they love reading and learning. They are constantly looking to learn new skills or improve upon old skills. They read about self-improvement and about others’ current and former successes. They have developed a curiosity for finding answers.

In fact, when they have time to listen to something on their mp3 player, they are still looking for something to learn. While they may have a playlist of favorite tunes, they are more likely than not listening to an audiobook on a topic they find intriguing and interesting.

Among the strangest statistics about millionaires is their dental hygiene habits. Whereas only a small percentage (less than 6%) of the general public flosses their teeth more than three times a week, a full 6 out of 10 (more than 60%) of millionaires will floss at least four times a week. They are more than 10 times more likely to be flossers than non-millionaires. There is something about being healthy that they both strive for and that they use to achieve their goals.

Finally, the overwhelming majority of millionaires keep a daily “To Do” list. They set these tasks as goals to accomplish, staying focused on what is most important to them and their success.

Pick one or more of these behaviors and give them a try. While they may not make you a millionaire, you will actually be acting like one already.

What this Course Means to You

How Likely Are You to Become a Millionaire?

Now that you have successfully completed this course, can you take this as a sign you are destined to be wealthy? Or, to the contrary, if you missed a lot of the pre-assessment questions, might it mean you will struggle financially throughout your life?

OF COURSE NOT!

Destiny has nothing to do with it. Honesty, self-discipline, setting and tracking goals regularly, and working hard will easily win out over destiny every time. The overwhelming portion of millionaires earned their wealth slowly over time and sometimes nearly from scratch.

Perhaps the better question, now that you have a better understanding of what it typically takes to become and remain a millionaire, is this:

Do you even WANT to be a millionaire?

There is absolutely no shame in not being a millionaire. The vast majority of good people in our society and our history have not been millionaires.

The major lesson you should gain from this activity is that you should not envy the supposed millionaire lifestyle, since most millionaires do not live it themselves. A large number of those driving fancy cars and living in large homes may not be as affluent as their possessions seem to suggest.

Finally, if you still want that lifestyle, make sure you go about it properly. SAVE, INVEST, and BUILD your wealth and security before spending money on something you may not be able to afford.

Final Quiz to Complete this Course

To COMPLETE this course, click the “Next” button below to go to the Final Quiz that asks the exact same questions you answered previously. You should answer at least 10 out of the 14 questions correctly to receive your Certificate of Completion.

© 2025 Money Fit by DRS, Inc. (www.MoneyFit.org)

1. Money is a…*

tool.curse.goal.problem.

2. Which is the FIRST characteristic most millionaires attribute their success to?*

HonestyGreedSelf-disciplineStrong work ethic

3. Which type of home is most common among millionaires?*

4-bedroom Single-family home in the suburbs8-bedroom Mansion on a private golf course3,500 sq ft Penthouse apartment in downtown high-riseClass A Motorhome for traveling the country

4. A Millionaire walks by with ear buds in. What is she or he listening to?*

An audiobookA news programSoothing sounds of natureTheir favorite music

5. “Big Hat No Cattle” is an expression referring to someone who...*

spends all their money for show.borrows a lot of money.is worth a million dollars.owns a Texas bank.

6. Which type of skills do millionaires believe help them the most in their financial success?*

Social skillsBusiness skillsPolitical skillsFinancial skills

7. Which of the following vehicle models is most common among millionaires?*

Toyota Camry SedanChevrolet CorvetteFerrari SpiderMercedes S-Class Sedan

8. Which of these HEALTH habits is 10 times more common among millionaires than the rest of us?*

Flossing teeth dailyEating only organic foodHaving plastic surgery annuallyWorking out at the Gym 5 days a week

9. The best description of a millionaire is someone who…*

has a net worth of $1,000,000 or moredrives expensive cars and lives in mansionsearns $1,000,000 or more a yearwins $1,000,000 or more in the lottery

10. Where are most millionaires most likely to shop for clothing?*

Kohl's, Target or WalmartDowntown boutique clothierRodeo Drive Beverly Hills or 5th Avenue NYCThrift stores and consignment shops

11. Which of these PERSONAL habits is also 10 times more common among millionaires than the rest of us?*

Keeping a list of daily goalsGetting manicures and pedicuresReading the Wall Street JournalSpending time with family and friends

12. How do most American Millionaires become millionaires?*

Small business ownersCEO/President of a big companyProfessional actor, athlete, or musicianLuck by the lottery or an inheritance

13. What is the NUMBER ONE habit of most Millionaires? They are always…*

reading.breaking the law.shopping.traveling.

14. Which type of university is a Millionaire most likely to have graduated from?*

A state universityA community collegeAn Ivy League universityA private, faith-sponsored college

Who Wants to Live like a Millionaire? Course Quiz: You must achieve 70% or more to pass
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Welcome to Who Wants to Live like a Millionaire?

DISCLOSURES

Brief Demographic Survey

Chapter 1: The Path to Becoming a Millionaire

Chapter 1 Assessment: Do You Understand What a Millionaire Is?

Chapter 1: Becoming a Millionaire

Definition

More than Income

More than Fame

More than an Inheritance

Chapter 1: Millionaires and Education

Education

Chapter 2: Commonly-held Beliefs about Millionaires

What Do You Know about the Personal Qualities and Characteristics Most Millionaires Consider Essential?

Assessing What You Know about Common Millionaire Characteristics and Qualities

Characteristics and Qualities of a Millionaire

Chapter 3: How Millionaires Spend Money

What Do You Know about How Most Millionaires Spend Their Money?

Spending like a Millionaire

Chapter 4: Common Habits of Most Millionaires

Common Millionaire Habits

What this Course Means to You

How Likely Are You to Become a Millionaire?

Final Quiz to Complete this Course

Congratulations!