Millionaires clip coupons and other secrets of the rich! on clarkhoward.com

New figures from Smart Money show that only 3% of millionaires inherited their wealth. That means 97% earned their vast fortune themselves. Smart Money also reports that 80% of millionaires are extra thrifty shoppers. Many of them even clip coupons!

Interestingly, only 8% of millionaires consider themselves wealthy, and 1 in 5 don't think they're wealthy at all. In addition, 75% are newly wealthy, and half of all millionaires made their money running their own business.

Clark has always despised debt. Overwhelmingly, millionaires are people who never like carrying debt either. In fact, Donald Trump is one of the only high-profile millionaires that Clark can think of who likes to do everything with borrowed money.

Borrowing should be targeted to creating wealth in a business. You'll find that millionaires in the making don't borrow heavily for lifestyle. Most who become wealthy only borrow to build their business, not to buy that 3-year old used car. They pay cash for the car instead.

What others are saying

saving pennys
I made my millions from saving working hard not marring, living with out heat in winters , going for quality and not quailty , not having fun as much , keeping same life style as income goes up , takeing risks . 10 houses paid for and millions in the bank now . and i don;t think i am rich , now 61 old , drive old car same condo for 35 years , paid $12,000 then , simple guy simple life ...
By rodney @ 10/21/08 10:28:22 AMreport abuse
Just cut and paste
I tried cutting and pasting the link as it's shown in your posting and that worked fine.
By MKJ @ 10/20/08 08:31:30 PMreport abuse
Smart Money link
http://www.smartmoney.com/spending/rip-offs/10-Things-Millionaires-Wont-Tell-You-23697/
By Arthur @ 10/20/08 04:34:39 PMreport abuse
Smart Money link
The link to the article "10-things-millionaires-will-not-tell-you" is not working at the Smart Money web site?
By Arthur @ 10/20/08 04:27:08 PMreport abuse
During todays show, Clark inferred that the homeseller exemption of $25000/$500000 would no longer be available if the home had been the owners rental or second home even though the owner lived in it for 2 years.
By Richard @ 10/13/08 07:23:06 PMreport abuse

saving pennys

I made my millions from saving working hard not marring, living with out heat in winters , going for quality and not quailty , not having fun as much , keeping same life style as income goes up , takeing risks . 10 houses paid for and millions in the bank now . and i don;t think i am rich , now 61 old , drive old car same condo for 35 years , paid $12,000 then , simple guy simple life ...

By rodney @ 10/21/08 10:28:22 AMreport abuse

Just cut and paste

I tried cutting and pasting the link as it's shown in your posting and that worked fine.

By MKJ @ 10/20/08 08:31:30 PMreport abuse

Smart Money link

http://www.smartmoney.com/spending/rip-offs/10-Things-Millionaires-Wont-Tell-You-23697/

By Arthur @ 10/20/08 04:34:39 PMreport abuse

The link to the article "10-things-millionaires-will-not-tell-you" is not working at the Smart Money web site?

By Arthur @ 10/20/08 04:27:08 PMreport abuse

During todays show, Clark inferred that the homeseller exemption of $25000/$500000 would no longer be available if the home had been the owners rental or second home even though the owner lived in it for 2 years.

By Richard @ 10/13/08 07:23:06 PMreport abuse

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Oct 13, 2008 -- Millionaires clip coupons and other secrets of the rich!

What others are saying