Buy Like Buffett: Becoming a Millionaire - Five Surprising Facts About the Wealthy

We all assume that the rich live in fancy gated communities, drive big luxurious cars, and buy any and everything that they want. Well the truth is, this couldn't be further from the truth. The average millionaire shops at your local grocery store and your town's mall just like everyone. You never know. You just may be living next to a millionaire and not even know it.

Today, I would like to take a look at a few things that may put you on the path to financial riches.

1. Millionaires live beneath their means.

Most individuals that built wealth did so by living beneath their means. They spent less money than they earned. Television shows like Keeping Up With The Kardashians may be wildly popular but the truth is that the rich don't really live like that. The average millionaire does not flaunt their wealth. They live ordinary, simple lives just like everyone else. Building wealth often requires making sacrifices. It involves foregoing an immediate want in order to reach a long term goal.

2. Millionaires buy items on sale and use coupons.

It may shock you to know that rich people are often just as budget-conscious as the middle class. You may be surprised to learn that the rich take advantage of sales and discounts. They understand that every dollar that they save is the same as earning a dollar. It is often their frugal living that helps them create wealth and their continued commitment to it that helps them stay there.

3. Millionaires may earn a modest income.

It's not about how much money you make but how much money you keep. People always assume that you have to make $400,000 or $500,000 a year in order to amass wealth. This is definitely not always the case. Many an individual has built a fortune just by saving and investing their earnings. Reducing one's debt load frees up income to put to work for you. All it takes then is properly asset allocation.

4. Millionaires perform their own chores.

We all like to think that the wealthy employ butlers, chauffeurs, landscapers and other personal assistants, but this is not the case. The rich are often very hard workers and prefer to do many of these chores themselves. Financial security often comes as a result of hard work and planning. It is the day to day habits that helped that individual achieve their financial riches. It is this same consistency that drives them to perform many tasks for themselves.

5. Millionaires have a positive mindset.

Most people that are wealthy always believed that they would be rich at some time in their lives. They always knew that they would achieve riches and lived their lives accordingly. They set goals and made plans that would put them on the road to riches. Millionaires tend to be optimistic and see opportunity in most circumstances.

Conclusion

As you can see, the rich are just like everyone else. You can not tell who is wealthy or not just by looking at superficial things. Remember that just because your neighbor may not be driving a Lamborghini or Rolls Royce into their garage doesn't mean that they couldn't buy one if they wanted too.

Mark Riddix is the founder and president of New Horizons Financial Management, an independent investment advisory firm that provides personalized investing and asset management consulting. Mark is a regular contributor to Seeking Alpha and has written financial columns for Baltimore and Washington, D.C. area newspapers. Mark publishes his own financial blog, BuylikeBuffett.com and has written the book Your Financial Playbook.