10 Frugal Living Habits of the Middle Class Millionaire

Middle class millionaires are people who managed to reach "millionaire" status through a normal 9-5 job. Here are 10 habits they possess.



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Chapters

00:00 Start Here
01:04 Looking Poor
02:06 Choosing An Affordable, Reliable Car
03:04 Living Below Their Means
04:06 Paying Yourself First
04:04 Avoiding Debt
05:36 Taking Advantage of Every Benefit Their Employer Has to Offer
06:38 Investing Outside A 401k
07:15 Taking Ownership In Investment Plan
08:14 Practicing Patience
09:27 Practicing Contentment


There are two types of millionaires in this world. The first is the entrepreneur who came up with an idea that allowed them to reach a million dollars. The second are middle class people who work average jobs with average salaries that made good financial decisions over a long period of time in order to reach a million dollars. In this video, I share 10 frugal living habits of middle class millionaires.


1. Looking Poor

The reason we do not hear about middle class millionaires is because they do not have any visual indicators of their wealth. They live very modest lifestyles and to many people they even look poor. They are in the habit of looking poor because they would rather live a modest lifestyle in order to save and invest more money.

2. Choosing An Affordable, Reliable Car

Middle class millionaires understand that cars are the #1 wealth killers due to car payments, maintenance, and upkeep. Middle class millionaires make sure they choose the right car in order to not let this expense control their life. They choose a car that is both affordable and reliable.

3. Living Below Their Means

Many people think that in order to make a million dollars, you must find ways to increase your income; however, middle class millionaires focus on decreasing their spending. They focus on budgeting, tracking their expenses, and living below their means in order to stretch their money as far as it can go.

4. Paying Yourself First

Although middle class millionaires live below their means, if they are not careful they can still run out of money at the end of each month. And so in order to make sure they are always on top of their goals, they pay themselves first or set aside some money before paying their bills.

5. Avoiding Debt

Another habit is they avoid debt because they view it as the modern form of slavery. They understand that debt makes you behind, inflates the price of everything, and prevents you from reaching your goals.

6. Taking Advantage of Every Benefit Their Employer Has to Offer

Middle class millionaires are employees with average salaries; however, despite that they focus on taking advantage of every benefit their employer offers them like a 401k match, good health insurance, contributing to their HSA, and taking their vacation time because they understand the financial advantages of these.

7. Investing Outside A 401k

Although they take advantage of employee benefits like a 401k, they don't stop their investment journey there, but they focus on growing their money in the stock market through other investment accounts like a Roth IRA and a brokerage account.

8. Taking Ownership In Investment Plan

In addition to choose to invest, they also take ownership over their investments and educate themselves to create an investment plan. They understand that you are the person who cares about your money the most.

9. Practicing Patience

Middle class millionaires are not young people in their 20s and 30s, but they are older people in their 50s and 60s. Building enough wealth to reach millionaire status takes time and middle class millionaires practice patience and trust the process.

10. Practicing Contentment

Finally, in order to consistently make good financial decisions over a long period of time, middle class millionaires practice contentment and focus on being happy with what they have and not always wanting more.

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