5 Myths About Being a Millionaire

Wednesday, 01 Dec 2010 05:36 PM

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Mentioned below are some common myths about millionaires:

1. Millionaires don’t have to pay taxes:
One common myth about millionaires is that they don’t have to pay taxes. This is far from true; like everyone, they have to pay taxes on their income and wealth. This rule won’t change in the near future.

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2. Millionaires always inherit their wealth:
This is another common myth about millionaire. There is a possibility that some may have inherited money, but not all. The fact is that most millionaires have worked hard to earn their wealth.

3. Millionaires always have high-salary jobs:
Do not fall for this myth about millionaires. The truth about millionaires is that most don’t have high-paying jobs. Most of them have learned to live within their means, capitalize on their savings, reduce their expenditure gaps, invest regularly, and have kept away from huge financial mistakes. There are numerous middle class individuals who have successfully accumulated humongous wealth, using a mixture of both luck and business discipline.

4. Millionaires are well-educated and have degrees from top universities:
Most of us would easily mistake this common myth about millionaires as truth. However, the fact is, contrary to popular perception, that many millionaires come from middle-class backgrounds. Many case studies show that most millionaires didn’t graduate from a top-ranking university. In fact, you will find many founders of big companies have either graduated from a small school or don’t have a degree at all.

5. Millionaires always live the high life:
Most of us think that all millionaires lead a luxurious lifestyle, zooming about in fancy cars and spending all day at golf courses. However, this is seldom true. Yes, millionaires do live a comfortable life and enjoy pleasures that most people don’t, but that doesn’t mean they are constantly having fun. The fact is that millionaires have to work as hard to keep their wealth as they did to earn it.

 

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