Surprising Millionaire Money Habits
– Could Your Grocery Budget Be Costing You A Fortune?
The average millionaire is likely spending less money on food each month than you. Surprise!
Dave Ramsey’s team did a national study of 10,000 millionaires over the last several years and some of the things they found were pretty shocking – one of the most shocking being that while your average American is spending $647/month on groceries, the average millionaire is only spending $412.
Yes, folks, that’s 57% LESS than the average Joe.
Show Me the Money
In fact, many millionaires are spending LESS than $412/month. Check out these numbers from the “Everyday Millionaires” book written by Dave Hogan with research completed by the Dave Ramsey Group;
- Millionaires in the $1–1.99 million range spend $417 per month on groceries.
- Millionaires in the $2–2.99 range spend $27 less, or $390 per month.
- Millionaires in the $3–3.99 range spend $361 per month.
- Millionaires in the $4–4.99 range spend $388 per month.
- And millionaires whose net worth is over $5 million spend the most: $505 per month
The research paper goes on to state, “Most of us probably imagine a designer-clad person shopping for organic everything at the highest-end grocery store in town, but here’s the truth: Millionaire are just like most normal people. They go to work, they grocery shop (with coupons), and most even live on a budget…”
And what about eating out? Again, the study found that millionaires are spending less. The average millionaire spends $267/month on meals out (and knocks that amount down to $222 if they’re using coupons) while the average American spends $280.
What Can I Do to Be Successful?
This resonates with many of the Millionaire’s we work with at Epic Trust Investment Advisors.
Most of the folks we personally work that have achieved the financial status of “Millionaire” have stuck with a few consistent habits over an extended period of time (10, 20, 30 years or more), and these small, simple things have made a big difference. I’m talking about stuff like:
- Living within their means
- Saving a some of everything they make
- Increasing the percentage of their savings each year.
This isn’t to say that these people don’t have big expenses that come up every once in a while that are out of their control, or that they don’t make silly investment decisions occasionally that end up costing them money in the short run. But in the long run those things usually don’t end up mattering much, because the small, daily habits are the ones that truly add up to robust financial future and overall financial health.
So start living like a millionaire today! Save a few bucks at the grocery store or try a coupon here or there. Putting a few extra bucks back in your pocket is something you won’t regret.