Asked by Jacob
A typical millionaire spends less money than her or she makes
True
False
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Answered by
GPT-5 mini
AI
True.
Most self-made millionaires accumulate wealth by consistently spending less than they earn and investing the difference (frugality and saving). Studies like The Millionaire Next Door and wealth-management research show that living below one’s means, not extravagant spending, is a common trait among typical millionaires (though exceptions exist, such as inherited wealth).
Most self-made millionaires accumulate wealth by consistently spending less than they earn and investing the difference (frugality and saving). Studies like The Millionaire Next Door and wealth-management research show that living below one’s means, not extravagant spending, is a common trait among typical millionaires (though exceptions exist, such as inherited wealth).
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