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.