Take a look inside the lives of surprisingly frugal millionaires and billionaires
," in which she surveyed more than 600 millionaires in America.
To identify characteristics most predictive of net worth, Stanley Fallaw conducted two studies that included a group of individuals with a net worth ranging from $100,000 to $1 million and a group of high- and ultra-high-net-worth individuals. She found that six behaviors, which she called"wealth factors," are related to net worth potential, regardless of age or income. One of those is frugality — a commitment to saving, spending less, and sticking to a budget.
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