Ever dream about what it would be like to be a millionaire? Almost everybody does at one time or another. In their minds, they see chauffeurs, yachts, mansions, glamorous clothes, vacation homes on palm-treed islands. Lots of free time. No worries.

If you want something, you buy it. And a servant carries it into the house for you. Money is no problem, right? Let’s see how much you really know about millionaires. Here are the facts.

Most millionaires inherited their money - FALSE. Only 19% of millionaires were given any income or wealth from their families.

Millionaires don’t actually work - FALSE. Most work more than 45 hours a week. That’s more hours than most employees work in a week.

Millionaires shop in very exclusive stores, not where ordinary people shop - FALSE. 43% of millionaires have Sears or Carrefour charge cards.

Millionaires drive impressive cars - FALSE. Only 23% of millionaires drive a new car – that is, one manufactured in the current model year.

Most millionaires make their money in glamorous ways - FALSE. Most millionaires work in very ordinary jobs. They are paving contractors and owners of mobile-home parks, etc.

Millionaires have lots of credit cards, so that they always have enough money to buy things on the spur of the moment - FALSE. Many keep only one credit card, and most pay it off in full at the end of each month. Millionaires don’t like paying interest on debt.

Most millionaires own their business - TRUE. Lots of people think that millionaires work for large well-known companies. Most millionaires consider themselves to be entrepreneurs (people who start their own business from scratch). This fact may explain why they work more hours than you would think – they are the decision makers for their companies.

Many poor people become millionaires by winning the lottery - FALSE. The chances of winning the lottery are 1 in 12 million to 120 million. How likely are you to win the lottery? You have a better chance of being struck by lightening. Your chances of that are 1 in 9 million.

Most millionaires are college graduates - TRUE. 4 out of 5 millionaires are college graduates. 24% have earned masters or doctoral degrees. Another 14% have earned medical or law degrees. Most millionaires are well educated.

There’s a good possibility that you can be a millionaire - TRUE. It wouldn’t be hard to do either. Let’s say you invest $3,000 every year and earn just under 8% interest. You begin investing when you are 21. By the time you are 64, you will have saved a million dollars! If you save more, or if interest rates rise, you’ll be a millionaire sooner.

All of this is good news for the rest of us. It means that if we get an education, work hard, save our money, and avoid debt, we, too, might become millionaires.

People who became millionaires got there because they worked hard, didn’t give up, planned, and were careful with their money.

Wealth is not the same as income. You can earn a good income and blow it all on expensive things. Wealth is the money you accumulate. You save it and invest it. Many wealthy people do not live in expensive homes, and their personal habits seem pretty normal. Why aren’t millionaires more extravagant? Perhaps that’s why they’re millionaires. It’s something to think about.

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