The overwhelming majority of millionaires own real estate, making it by far the most popular alternative asset class. That includes their own home, second homes, investment properties, and fractional ownership of investment properties through partners or programs like Arrived Homes and Roofstock One.
Throw out your preconceptions about mansions and sprawling estates. Almost two-thirds of US millionaires live in modest, middle-class homes, per Tom Corley’s research.
The overwhelming majority of millionaires impose a strict budget on themselves. Fancy dinners out, going to the movies all the time, frequent clothes shopping, monthly massages, weekly pedicures, buying the flashiest car you can, and then replacing it every two years?
As we touched on above, budgets aren’t about denying yourself, they’re about creating that feedback loop to generate more income and wealth.
Investing in yourself includes education, but it doesn’t end there. Formal education is a great start, from a college diploma to a graduate degree.