For many people there is a misconception that millionaires are a special breed that somehow got lucky and hit a jackpot or inherited large sum of money. In reality, the secret to becoming a millionaire is having a consistent and persistent savings plan and save part of the income on a regular basis. Success does not arrive overnight. Some of the most well known billionaires are consummate thrifts. For example, Warren Buffet is famous for living in the same modest house he has lived for number of years and driving a beat-up car.
Compare this to those who are spenders who want to live in the present and not worry about saving regularly. These are the people who do not hesitate to shell out $5 for a coffee or taking out a loan to go on a nice vacation.
In general, savers have learned to exercise self control, something that spenders have hard time following. So what are the other differences between savers and spenders? Read the Infographic below to find out.
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