Fancy purchases, large inheritances and risky money decisions might come to your mind when you think of millionaires. However, the truth is that many millionaires don’t necessarily show off their wealth and frugality, hard work and risk management are often important parts of their lives.
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In a YouTube video, personal finance expert and self-made millionaire George Kamel discussed eight surprising things that millionaires do. Learn how you can start adopting these wise habits to build your wealth.
Certain assets, like mobile homes, gadgets and cars, aren’t ideal for wealth building since they lose value.
Instead, Kamel said that millionaires usually own homes that appreciate and grow their net worth. Federal Housing Finance Agency data showed that home prices increased by 4.8% between January 2024 and January 2025 alone.
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At the same time, millionaires usually don’t take 15 to 30 years to pay off their mortgages. Kamel said that the average time was 10.2 years, based on a Ramsey Solutions study. This shorter timeline adds up to substantial interest savings.
Despite misconceptions, you’re more likely to find a millionaire with a Ford or Honda than a BMW or Mercedes. There’s less of a need to look impressive.
“Our study showed that the average millionaire drives a four-year-old car with 41,000 miles on it and eight out of 10 millionaire car buyers drove away without a car payment,” Kamel said.
Going with a more modest vehicle makes it easier to build wealth, especially when you consider the average $739 monthly new car payment that Cox Automotive reported in March 2025. Kamel explained that you can put the cash saved toward a better vehicle in the future.
Millionaires don’t need to “dress to impress” either. Kamel explained that the average one has a lower monthly clothing budget than the typical American and even uses coupons at least occasionally.
To build wealth, you can get frugal with your clothing choices, like checking out what’s available at Target or Costco, heading to the thrift store or even occasionally borrowing from others.
While it might sound surprising, millionaires prioritize having an emergency fund to protect themselves from risks like large, unexpected expenses.
Kamel said many millionaires from the Ramsey Solutions survey were saving 16% or more each month. He recommended that anybody have at least three to six months of monthly expenses in a high-yield savings account.
