- ESI Money
- spent the past few years interviewing millionaires
- Millionaires
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A self-made millionaire who interviewed 100 other millionaires found there's a surprising habit many have in common
John of ESI Money spent the past few years interviewing millionaires only to find one common trend: Millionaires don't budget.
Many millionaires don't have budgets.
Turns out, many millionaires have more than huge bank accounts in common: They also don't have a budget.
That's what John of personal finance blog ESI Money, who retired early at the age of 52 with a $3 million net worth, found after interviewing 100 millionaires over the past few years. Forty-six of the 63 millionaires he asked don't have a budget, which he said surprised him.
"While it was not expected, the reasons millionaires don't need a budget makes sense — they make a lot and have self-control," he wrote in a blog post. "In other words, they make a ton, spend only a portion of it, and have plenty left over. Who needs a budget?"
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The median net worth of millionaires John interviewed was $2.3 million. While 90% of them were men, 93% were married, so John said he considers the women millionaires as well. The median age was nearly 50.
John interviewed one millionaire who spends $90,000 a year. He
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United Income CEO Matt Fellowes previously told Business Insider that making a budget is an effective way to identify and reduce unnecessary spending, and that it will help one retire as a millionaire.
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