“Millionaires (the wealthy) believe that financial independence is more important than displaying high social status with material things.”
Three out of four millionaires (75%) said that regular, consistent investing over a long period of time is the primary reason for their success.
93% of millionaires said they achieved their wealth because they worked hard, not from big salaries or inheritance.
However, a college degree does matters, regardless where it comes from. Most millionaires do have college degrees. 88% have college degrees. Only 33% of U.S. adults have graduated college.
The majority of millionaires (wealthy) believe that financial independence is more important than displaying high social status with material things —
meaning having enough assets and income to support their desired lifestyle without relying on external sources such as a paycheck—over conspicuous consumption or ostentatious displays of wealth.
Key Points on This Belief
• Financial Independence: Wealthy people often focus on building lasting financial security and freedom, which allows them to live on their own terms without financial stress or dependence.
• Frugality and Smart Spending: Many millionaires adopt habits of disciplined saving and investing rather than spending excessively on luxury items solely to impress others.
• Value of Substance Over Status: The emphasis tends to be on accumulating meaningful assets, investments, and experiences rather than flashy possessions that symbolize high social status.
• Wealth Mindset: The wealthy often understand that true wealth is measured by financial stability and autonomy, not by outward appearances or social recognition.
In short, the belief that financial independence outweighs the pursuit of material status symbols aligns with many millionaires’ priorities on lasting wealth and personal freedom rather than superficial social signaling.
Source: https://www.linkedin.com/pulse/20-millionaire-facts-you-may-believe-habeeb-mahmood-5xpqf