Top 5 in Real Estate Network® Members are dedicated to providing you with the most up-to-date, helpful real estate information. This monthly newsletter, "Real Estate Matters," offers articles on a range of topics that will inform you in your real estate pursuits.

10 Secrets of the Millionaire Next Door

We’ve all heard the stories: the hotel maid or shoemaker who put three kids through college - or died and left a fortune to charity. Where did the money come from? 

While $1 million may not buy what it once did, the goal is reachable, suggest the editors at Kiplinger, the personal finance magazine, who offer 10 secrets about “the millionaire next door” that could determine whether you can someday be one of them:

Most millionaires are self-made. They weren’t born into money, but worked hard and smart to become millionaires.

Most millionaires don’t have advanced degrees. Some 74 percent have an undergraduate degree, but only 18 percent have a Master’s, while only eight percent have a law degree and six percent became physicians.

However, those with advanced degrees earn more than those with undergrad degrees and undergrads earn more than those with a high school diploma.

Millionaires are smart savers. They know that, thanks to the magic of compounding, a 20-year old who begins saving $200 per month will be worth more than $1 million at retirement. 

Most millionaires have limited knowledge about investing. They take professional advice and they do invest, but 78 percent say they still have a lot to learn about investing.

There are more millionaires in America now than in 2006. There are 7.7 million U.S. households with more than $1 million in investable assets today than there were before the Great Recession. That’s because as stocks recovered, so did their portfolios.

Millionaires hail from across the job spectrum. No matter where you work or how much you work, the key to millionaire status is saving, millionaires agree.

Making millionaire status costs more as you age. The longer you wait to start saving, the less money you will amass. A 45-year old would need to save $20,400 a year to hit $1 million by age 65.

A majority of today’s millionaires live in Silicon Valley. Although topping the list of small cities with a lot of millionaires is the resort town of Summit Park, Utah.

Millionaires still worry about retirement. That’s why they continue to save and invest.

Money doesn’t buy happiness. A Princeton University study confirmed most people are happier as they earn more, but that levels off. Someone making $300,000 a year is not necessarily happier about his or her life than someone making $75,000.

Copyright© 2021 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.


RISMedia Real Estate News

* This monthly newsletter is brought to you by your Top 5 in Real Estate Network® Member Agent and is intended as educational information only.

RISMedia's Top 5 Real Estate Network® is a network created by, for, and of "leading real estate professionals" who are dedicated to providing "leading real estate information to consumers." The RISMedia Top 5 in Real Estate Network is backed by the commitment and resources of RISMedia. Top 5 was created to fill a profound void in how high-impact consumer relevant information was presented by leading real estate industry members to increasingly sophisticated, discerning, and demanding consumers, in order to both sustain and elevate the ongoing viability and appeal of the industry's leading professionals. For more information, visit