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tom@RICHHABITS.NET
In my five-year study of the habits of the rich, I studied the habits of 233 rich people and 128 poor people. I asked each person 144 questions about various aspects of their lives, for a total of 51,984 questions. Through my research, I learned some interesting things about rich people that I had never known or read about before.
One of the interesting things is that 92% of self-made millionaires say they don’t drive luxury cars. I just assumed most rich people own luxury cars, so this surprised me.
Another data point that surprised me is that 97% of the self-made millionaires in my study did not own a leased car. Instead, they almost all bought their own cars and chose the best of their own, allowing them to drive them for a decade or more. These millionaires only replace their cars when they need to replace the transmission or engine.
Here’s another fun fact – 55% of the self-made millionaires in my study only bought used cars. These are usually new cars with lease terms of two or three years.
I know from my research that most self-made millionaires view cars as a utility or tool to get from point A to point B. They are not interested in driving fancy cars or needing to impress others.
Before I started studying enrichment habits, I drove a Mazda RX7 sports car, a Jaguar, a Lincoln Continental, and even rented a Mercedes. Nice car!
My research data has me thinking hard about any car I might drive in the future.
In 2013, I purchased a new 2013 Hyundai Elantra. I spent about $26,000 at the time. I decided to pay $500 a month with the goal of paying off the car loan in 4 years, which I did.
When I bought that car, I wanted to do what most of the millionaires in my study did, drive it until the transmission or engine needed to be replaced.
Like the self-made millionaire I am, I have always worked hard to maintain my Elantra. I have been driving this car for 11 years and, as of this writing, have 196,400 miles on it. This year I set a goal to put 250,000 miles or more on my car.
I think my self-made millionaire would be proud of me.
