Middle-Class Millionaires

If you are one of the unlikely millionaires who made all your money with your Discover Card bonus points, then stop reading. You won't like this story.

There are now 8.4 million households in the U.S. with a net worth between $1 million and $10 million. The number of middle-class households that are turning into rich households is growing at a rate of 15% a year. Even though the nation as a whole is getting into debt more and more each year, the people who do it right (living on less than they make) are still thriving.

What It Takes to Keep It

A funny thing happens when people finally hit a seven-figure net worth ... they stick with the middle-class values that got them there. They don't run out and buy a $50,000 sports car. They choose their next house based on the quality of the schools and not based on the maximum monthly payment that they can afford.

A person who earns their millions knows what it takes to keep their millions. When you earn and build wealth like that, it changes you. Since it took you many years to make your money, you manage it carefully because you know what it took to get it. You don't want to make a stupid decision and lose the money because it would mean earning it all over again. You paid the price to win once; so stick with that same lifestyle—it means you're winning!

So What Is This Lifestyle?

It has nothing to do with car payments, credit card debt or 90 days same-as-cash. Don't try to get fancy with your money. Keep it simple and do things like your grandmother used to do. Save up and pay for things, and you won't have to worry about collectors or interest rates ever again.

It's all right to own nice things that you pay for with cash. But when you have to make payments, the stuff owns you, not the other way around. Staying away from payments and saving that money instead is what makes you wealthy. You've just seen the numbers that prove it's true. Middle-class people who do rich people stuff become rich people.