Champagne wishes and caviar dreams.

Unlike the misbehaving celebrities we see on TV, the vast majority of wealthy people are not Ivy-league educated, luxury seeking socialites. They are—surprise!—hard working, small business owners with middle class values.

The fabulous life of … you!

Lifestyles of the Rich and Famous is a television series that aired in syndication from 1984 to 1995. Hosted by Robin Leach for the majority of its run, the show featured the extravagant lifestyles of wealthy entertainers, athletes, and business moguls. Leach ended each episode with a twangy wish for his viewers that became his signature phrase: “Champagne wishes and caviar dreams.”

You aren’t what you drive.

“Wealthy” is often defined as having at least $5 million in net worth (excluding your primary home) or having at least $500,000 in annual discretionary income. But the wealthy are poorly understood by the average American (framing trap*), claims The New Elite: Inside the Minds of the Truly Wealthy (2015). Some counter-intuitive characteristics of America’s wealthy are:

• More than 90% come from poor or middle class backgrounds.
• Most are self-employed or own their own businesses and love what they do.
• Roughly 95% describe themselves as very happy.
• They attain their wealth after years of hard work and low compensation.
• The vast majority don’t want people to know that they’re wealthy.

That’s not all Noel. Drawing on 20 years of research on wealthy American families, affluence authorities Thomas Stanley and William Danko (2010) argue that the rich and famous we see in the media are not representative of the wealthy households of this country and how they live (see: The Rich are Different). The majority doesn’t live that way at all, they say, and they are often the least likely people you would suspect:

• Half of the millionaires interviewed lived in average neighborhoods in average houses.
• They lead frugal lifestyles, live below their means, and make use of sales and coupons (about 80% shop at Target and Best Buy).
• Around half consider luxury items to be a waste of money.
• Many consider themselves lucky.

You deserve it. Not.

Today, many NeXters feel confident of the success they expect and deserve (superiority trap*). But feelings of entitlement regarding financial gain are unwise. If you’ve got an itch to be rich, essentially there are two ways you can make a million dollars:

1. The easier (but least likely) way:

• Be born (or marry) into a wealthy family.
• Luck out, win the lottery, or be the next pop star on American Idol or The X Factor.
• If you have extreme talent, you stand a slim chance of making millions as a professional athlete or creative artist.

2. The harder (and much more likely) way:

• Decide what you are good at, be disciplined, tenaciously persevere, have a smidgen of luck, and
• Run a profitable small business, create a big enterprise, be at the top of a lucrative occupation, or manage a major company.

Planning to be the next Teresa Giudice? You’re gonna have a problem—it’s not enough to simply have faith that you will be rich. You must be motivated to discover what means, actions, or conditions are required to achieve these goals. Most wealthy people become wealthy by driving in the front seat, not by watching the scenery from the back seat. They accept responsibility for their own success and work hard to achieve it. How about you? Are you steering or cruising? What will it be: Beluga … or fish sticks?

* Questionable beliefs can “trap” our better judgment, leading to poor decisions and unintended consequences. In the superiority trap, we often exaggerate the extent of our knowledge, ability, or importance. Learn more about this, and other interesting topics, in the Young Person’s Guide to Wisdom, Power, and Life Success.

Image credit: “On future social networks” by alphaspirit, licensed from 123rf.com (2018).