In a paper prepared for his book "The Millionaire in the Next Door", author Thomas Stanley interviewed more than 500 millionaires, and found that most of them do not spend on luxuries, and are interested in investments that increase their wealth without draining their energies and time.
In a report published by the US business insider site, author Liz Knifen sheds light on this study, which reveals 3 habits that self-made wealthy avoid to keep their money and support their earnings.
They do not use expensive credit cards
When talking about high net worth individuals, many believe that the millionaire always carries with him many high-cost credit cards that provide him with exclusive privileges for travel and luxury, but according to Stanley's research, only 6% of those surveyed use this type of card, and this does not mean that Self-made wealthy people do not use credit cards, but most of them do use low-fee cards.
Millionaires follow a long-term investment policy based on buying and holding stocks for several years (Getty Images)
They do not support their children as they grow up
The rich are very interested in education, and spend generously on their children and grandchildren in this field, but most of them stop that once the son reaches an age where he can rely on himself, and according to Stanley's research, the fortunes of parents who support their children in old age were much less than those whose children were financially independent .
Self-made wealthy believe that giving lots of gifts and money to adult children is not a good thing, and Stanley says that the more money adult children get, the less chances they have of making money on their own.
According to the study, the wealthy tend to present some valuable gifts to their children from time to time. About 60% of them helped their children buy a house, 32% of them supported their children in postgraduate studies, and 18% provided real estate that provides children with a stable income.
They don't spend much time managing their investment
Stanley found that owning stocks was an essential part of strategies to increase the wealth of 95% of millionaires, and most of them invested at least 20% of their wealth in the stock market, and most of them did not interfere in these investments directly, as 42 % Of HNWIs surveyed had any new portfolio deals in the year before the survey.
In fact, millionaires follow a long-term investment policy based on buying shares and holding them for several years, which raises their value and avoids them paying large taxes, as this means that they do not need to spend long hours managing their investments.