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I shop at Walmart

Sunday, October 10, 2010

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #2:

"I shop at Wal-Mart."

Millionaires may not buy the 99-cent paper towels, but they know what it is to be frugal. About 80% say they spend with a middle-class mind-set, according to a 2007 survey of high-net-worth individuals, published by American Express and the Harrison Group. That means buying luxury items on sale, hunting for bargains and even clipping coupons.

Don Crane, a small-business owner in Santa Rosa, Calif., certainly sees the value of everyday saving. "We can afford just about anything," he says, adding that his net worth is more than $1 million. But he and his wife both grew up on farms in the Midwest, where nothing was wasted. His wife clips coupons to this day.

In fact, most millionaires come from middle-class households, and roughly 70% have been wealthy for less than 15 years, according to the AmEx-Harrison survey. That said, there are plenty of millionaires who never check a price tag.

"I've always wanted to live above my means because it inspired me to work harder," says Robert Kiyosaki, the author of the 1997 best-seller "Rich Dad Poor Dad." An entrepreneur worth millions, Kiyosaki says he doesn't even know what his house would sell for today.

Source: Smart Money


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