Americans become millionaires through frugality and investment


Everyone would like to become a millionaire overnight as presented in Patrick Muir’s account (“The Wannabe Millionaire,” Jan. 20). However, that is not how the “average” millionaire in the United States becomes a millionaire.

Recent studies, such as the one cited in The Millionaire Next Door, have shown us that the average American millionaire does not have a gimmick or idea that has earned him or her money. The average millionaire has invested the resources he or she has into education, a home, or a small business or the stock market. One common trait found among average millionaires is avoiding consumer debt, especially credit cards.

This often means being more frugal and doing without things such as new cars and expensive clothing. Although this portrait of the average millionaire’s success is not as glamorous as inventing a kitchen item, it is the truth.

However unexciting as this type of millionaire is, it is attainable to become such a millionaire, and the U can help you get there. The U offers a variety of classes that prepare students to stay out of debt, buy homes and invest their earnings. Students should not be concerned about inventing the next big thing. They should prepare themselves for a lifetime of building wealth by taking advantage of the classes the U offers.

Beth Hunsaker GarnFaculty, ?Family and Consumer Studies