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

What are the 10 things millionaires don't do? ›

The 10 things that millionaires typically avoid spending their money on include credit card debt, lottery tickets, expensive cars, impulse purchases, late fees, designer clothes, groceries and household items, luxury housing, entertainment and leisure, and low-interest savings accounts.

What is one thing all millionaires have in common? ›

Relying on perseverance and hard work rather than an inheritance or private education, it's unsurprising that 94% of the millionaires Corley studied told him they never gamble, on games of chance, sports or life and financial decisions. Millionaires rely on something other than random good luck for their wealth.

How do wealthy people spend their money? ›

The wealthy invest in retirement consistently, and they also invest in education. They take care of their health and, more often than not, pay their healthcare bills without incurring medical debt. They also tend to purchase high-quality products and food.

What do 90% of millionaires do? ›

Real estate investment has long been a cornerstone of financial success, with approximately 90% of millionaires attributing their wealth in part to real estate holdings. In this article, we delve into the reasons why real estate is a preferred vehicle for creating millionaires and how you can leverage its potential.

What makes 90% of millionaires? ›

If 90% of millionaires come from real estate, then 100% of billionaires come from private equity. And every month I acquire several new companies. We've gotten into the game of mergers, acquisitions.

What net worth is considered wealthy? ›

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

Do rich people keep a lot of cash? ›

Many, and perhaps most, millionaires are frugal. If they spent their money, they would not have any to increase wealth. They spend on necessities and some luxuries, but they save and expect their entire families to do the same. Many millionaires keep a lot of their money in cash or highly liquid cash equivalents.

What is the average IQ of a millionaire? ›

The average IQ of self-made deca-millionaires (over $10M net worth) is 118. The average IQ of self-made* billionaires is 133. The average IQ of self-made deca-billionaires (over $10B net worth) is 151. Of note, average incomes correlate well with IQ, however there is a much lower correlation between IQ and net wealth.

Do millionaires have lots of credit cards? ›

Millionaires tend to use the same banks that average Americans do. And millionaires aren't saints -- many disregard sound financial advice. The average American may be better off avoiding millionaire credit card habits. For one thing, millionaires carry a lot of cards.

What bank do millionaires use? ›

1. JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. “With J.P. Morgan, each client is given access to a panel of experts, including experienced strategists, economists and advisors.”

What kind of car do millionaires drive? ›

While some wealthy Americans drive luxury vehicles, an Experian Automotive study found that a whopping 61% of wealthy people with household incomes of more than $250,000 don't drive luxury brands. Instead, they drive less showy cars, such as Hondas, Toyotas and Fords, Ramsey said in an article.

Do rich people use credit cards? ›

While millionaires are less likely to have a cash back card than the average American, they're more likely to have every other major type of credit card, including travel rewards cards, balance transfer cards, gas and grocery cards, and sign-up bonus cards.

How do most millionaires go broke? ›

According to Entrepreneur, not having a budget is a common way that millionaires end up broke. These soon-not-to-be millionaires don't go over their bank statements or monthly bills to make sure that there aren't any unauthorized transactions or that they weren't overcharged.

What do most millionaires do for money? ›

Many self-made millionaires have money coming in from several places, including their salaries, dividends from investments, income from rental properties and investments they have made in other business enterprises, to name a few examples. If one income stream slows down, there's another that can take its place.

How do millionaires hide their money? ›

Real estate

And in a 1 percenter world, penthouses and waterfront mansions can help protect or launder your fortune. A recent Times investigation into one Manhattan property found that more than 200 shell companies had purchased units in the building, including corporate fronts for 17 billionaires—and Tom Brady.

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