5 Strange Things Millionaires Do With Their Money, But Most of Us Have Never Tried (2024)

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Life would be a whole lot easier if someone would just Venmo us $1 million, but unfortunately the chance of that happening is, well, probably zero. (Venmo doesn’t allow transactions that large anyway.)

But even though our chances of becoming a millionaire are slim, we can still manage our money like one. No, we’re not going to tell you how to buy hundreds of shares of Apple stock. Or how to pick out the perfect yacht.

These are simple money moves any normal, non-millionaire person can maketoday. Each tip can get you closer to achieving your big goals.

Take a look:

1. Cancel Your Car Insurance

Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.

Use a website called EverQuote to see all your options at once.

EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.

2.Own a Piece of Amazon or Netflix — Even if You’re Not Rich

Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common: They own another company.

But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.

That’s why a lot of people use the Public app. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies.

That’s right — you can invest in pieces of well-known companies, such as Amazon, Google or Netflix, even if you’re not rich. The best part? Some companies even pay you every quarter for your share of the profits, called dividends.

It takes just minutes to download the app, and when you finish setting up your account, Public even will give you a $10 sign-up bonus.

*Valid for U.S. residents 18+ and subject to account approval. See Public.com/disclosures/.

3. Stop Paying Your Credit Card Company

If you have credit card debt,you know. The anxiety, the interest rates, the fear you’re never going to escape…

Your credit card is getting rich by ripping you off with insane rates, but a company calledAmOnecould help you pay them off tomorrow.

Here’s how it works: AmOne will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster.Plus, no credit card payment this month.

AmOne won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free tocheck online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.

4.Add $225 to Your Wallet Just for Watching the News

It’s been a historic year in news, and we’re all constantly refreshing for the latest updates. You probably know more than one news-junkie who fancies themselves an expert in respiratory illness or a political mastermind.

And research companies want to pay you to keep watching. You could add up to $225 a month to your pocket by signing up for a free account with InboxDollars. They’ll present you with short news clips to choose from every day, then ask you a few questions about them.

You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than $56 million.

It takes about one minute to sign up, and start getting paid to watch the news.

5. Add up to 300 Points to Your Credit Score

When it comes to your credit score, it’s important to stay organized and keep tabs on it. After all, it’ll play an essential role in any big purchase you want to make — whether that’s a home or a car.

So if you’re looking to get your credit score back on track — or even if it is on track and you want to bump it up — try using a free website called Credit Sesame.

Within 90 seconds, you’ll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You’ll even be able to spot any errors holding you back (one in five reports have one).

James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.* “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.

Want to check for yourself? It’s free and only takes about 90 seconds to sign up.

*Financial investment involves the risk of loss

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5 Strange Things Millionaires Do With Their Money, But Most of Us Have Never Tried (2024)

FAQs

How have most millionaires earned their money and status? ›

The majority of the millionaires in the study said they earned their money through long-term investing. When it comes to spending, millionaires used a common tool for saving money: a shopping list.

Do most millionaires come from money? ›

A study published by Wealth-X found that around 68 percent of those with a net worth of $30 million or more made it themselves. Further, a second study by Fidelity Investments found that 88 percent of all millionaires are self-made, meaning they did not inherit their wealth.

What do 90% of millionaires do? ›

90% of millionaires made their money in Real Estate. I became a millionaire without owning a single property. But I own 6 small businesses that make me $725k/year. Here's why I prefer buying businesses over Real Estate: -- 1) Cash Flow The average rental property in the U.S. cash flows ~$300-$500 (some even less).

What do 90% of all millionaires become so through owning? ›

Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.

What occupation has the most millionaires? ›

By those standards, the five jobs with the most millionaires are engineer, accountant, teacher, people in management, and lawyer.

What is the best job to get rich? ›

Jobs That Make a Lot of Money (17 high-paying careers in 2024)
  • 10. Entertainment Professional. ...
  • Investment Banker. ...
  • Lawyer. ...
  • Pharmacist. ...
  • Physician or Surgeon. ...
  • Professional Athlete. ...
  • Real Estate Developer. ...
  • Software Developer.

Do most millionaires go broke? ›

Fact #2: The Average Millionaire Goes Bankrupt at Least 3.5 Times. I love this fact. Businesses use bankruptcy all the time when it suits their financials, and yet we have so much shame when it happens personally.

How did the majority of rich people get rich? ›

The wealthiest people earned their coveted places by investing in risky assets like their private businesses and then multiplying the returns, regardless of whether or not they had initial wealth from rich parents.

What percentage of Americans have a net worth of over $1,000,000? ›

Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.

Do 90% of millionaires make over $100,000 a year? ›

And one crucial detail to note: Millionaire status doesn't equal a sky-high salary. “Only 31% averaged $100,000 a year over the course of their career,” the study found, “and one-third never made six figures in any single working year of their career.”

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