Being a millionaire can seem pretty luxurious — from expensive vacations and parties, to having tons of clothes and shoes. But did you know there are some pretty major misconceptions surrounding those people who are rolling in their dollars? These are the 10 most common myths about millionaires, and a few just might surprise you.
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Myth 1: You have to be born into wealth to be a millionaire
The reality: It’s common knowledge that it’s easier to get rich when you already have money, so most people think that to become a millionaire, you need to come from a wealthy family. Not having any debt or financial burdens makes it easier to start a business or daydream about a million-dollar idea, but not all millionaires come from money. From actors like Halle Berry who was homeless for a period of time before making it big, to designer Kendra Scott who started her jewelry empire with only $500, it’s possible to become rich on your own, though it’s definitely much easier if you already have money to your name.
Myth 2: You need a degree in business or finance to earn millions
The reality: A lot of people think of millionaires and picture stockbrokers on Wall Street in fancy suits. Knowing about money definitely makes it easier to invest and manage your finances. However, millionaires come from all walks of life, and not all of them have a college or university education. Depending on what field or industry you’re working in, it might not be a good use of your time to be in school when you could be out making your idea or business into a reality.
Myth 3: Millionaires are all young geniuses
The reality: Yes, there are people like Mark Zuckerberg who started their empires while still in university, but this isn’t the case for everyone. Success comes at any age. Oprah Winfrey didn’t become a millionaire until she was 32 when her talk show became syndicated and now, at 67, she’s a billionaire.
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Myth 4: All millionaires have financial advisors
The reality: Most people with that much money likely have someone advising them on how to properly manage all their finances; however, there’s no proof that this is true for all millionaires. Some millionaires are financially literate enough that they don’t have someone helping them. Those who have a background and investing and accounting likely don’t require assistance to manage their millions.
Myth 5: Millionaires all have rich friends
The reality: Most people assume that rich folks stick together, having fancy yacht parties and doing other bougie activities together. Although most millionaire celebs tend to be friends with each other, there are tons of millionaires who are friends with less wealthy, regular people. If a millionaire like Chris Evans can be friends with a non-famous person like his friend Tara Testa, a real estate agent, then there’s hope for us all.
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Myth 6: All millionaires live in major cities like Toronto, New York, Vancouver or L.A.
The reality: Although millionaires can certainly afford to live a lavish life in large cities, there are plenty of them who have homes in different areas all over the world. Millionaires can live pretty much anywhere. Just take a look at Ed Sheeran, who has a giant home in Suffolk, England, a county with less than a million people.
Myth 7: Millionaires spend all their time relaxing and having fun
The reality: Sometimes we see pics of celebs like Kendall Jenner going out for dinner and lounging poolside, and it gives us the image in our minds that all millionaires do is enjoy a life of leisure. Many millionaires, especially non-celebs, have to work to maintain their wealth. Even our favourite rich actors and actresses have to keep getting booked for movies and TV shows to keep their money coming in.
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Myth 8: If you have a high-paying job, you won’t stress about money
The reality: Having a job that brings in millions, from being an investment banker to a lawyer might mean that because you’re financially secure, you don’t stress about money. From layoffs to having to stop working for personal reasons, even people who make millions are still worried about money. Rich people can end up filing for bankruptcy, so despite being wealthy there can still be concerns and stresses around maintaining a wealthy lifestyle.
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Myth 9: All millionaires wear designer clothes and drive fancy cars
The reality: Thanks to popular culture, too many of us think of millionaires and picture a Great Gatsby-eque lifestyle filled with mansions and name-brand clothes. But not all millionaires dress in head-to-toe Gucci and roll around in Ferraris. There are plenty of millionaires like Sarah Michelle Gellar, who love using coupons when they shop, just like regular people.
Myth 10: You can’t become a millionaire if you’re not famous
The reality: Many millionaires do things outside of being Oscar winners or supermodels, which is why there are so many you’ve never heard of before, from the founders of startups or owners of retail chains. People who aren’t always in the public eye can still be millionaires.