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You may have met a quiet millionaire and just don’t know it.
Quiet millionaires, as defined by money experts George Kamel and Rachel Cruze, are individuals who are debt-free and have paid off everything they own, even their home. The purchases they make also tend to be more on the practical side. A quiet millionaire will never be seen driving a brand-new Bentley or another flashy luxury car brand.
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In a recent episode of their YouTube show Smart Money Happy Hour, Kamel and Cruze did a deep dive into what it looks like to be a quiet millionaire today and the financial principles that have proven to work in building real wealth.
Here are 10 subtle habits which reveal you may be in the presence of a quiet millionaire.
1. Their Style Is Timeless
Quiet millionaires aren’t in the habit of buying and wearing clothes and accessories with loud colors, patterns and big logos.
Rather, they prefer to have their outward appearance reflect timeless style. They’re much more likely to be spotted in cream, navy, black and hunter green colors and invest in well-made apparel with a tag boasting 100% of its pure material. (Think 100% leather or cashmere.)
2. They Drive Reliable Car Brands
Kamel cited a study conducted by Ramsey Solutions, The National Study of Millionaires, where more than 10,000 millionaires were surveyed to learn how they got to where they are today.
The report’s key findings revealed 16% of surveyed millionaires said they drive a Toyota and 15% drive a Honda. Neither of these brands are flashy or loud, but they are known for offering reliable luxury.
3. They Paid Off Their Home
A quiet millionaire doesn’t stay locked into a 30-year mortgage. They've bought their home, paid it off in full and have since taken the extra money and invested it.
4. They Keep the Conversation Focused on You
Quiet millionaires tend to be curious individuals. When they’re talking to you, they want to know about you and are interested in you. They’re not going to loudly talk about themselves and how much money they made last year.
5. They’re Highly Disciplined
Spur of the moment decision-making? Impulse shopping? That’s so not in a quiet millionaire’s wheelhouse. They have a routine and are consistent in what they do and how they do it.
6. Picking Up the Check
This move is often done nonchalantly by sneaking over to the waiter to cover the tab.
7. Their Hobbies Are Interesting
Having margin frees up enough time to take on interesting hobbies, like gardening and charity work.
8. They Own, Not 'Owe'
Debt-free living is a quiet millionaire’s specialty.
The true millionaires, Kamel said, do not carry credit card balances or car payments. Being debt-free contributes to their actual net worth and gives them peace of mind knowing they don’t owe any money.
9. They Don’t Have Outstanding Student Loans
And if they did take out student loans, they paid them off a long time ago.
10. They Still Budget
They may have achieved millionaire status, but they’re still conscious of where their money is going every month and intentional how they manage their finances.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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