4 Misconceptions About Wealthy People


4 Misconceptions About Wealthy People

Everyone wants to be wealthy. Imagine the feeling of not having to worry about money, being less stressed about bills, having the luxury of time for vacation travelling to places you want to visit, and the various other benefits of being wealthy.

But despite how much everyone would love to be rich, there seems to be a large group of people who seem to hold some negative beliefs and thoughts about wealthy individuals. With that in mind, this article is going to take a look at some common myths and misconceptions that many people hold towards wealthy people, and explain why they are wrong.

They Are Always Better Educated

When most people think of a wealthy person, they think of an experienced and educated individual. However, this isn’t always the case. While having a good education can certainly help, it isn’t always a precursor to making a lot of money. In fact, nearly a third of billionaires around the world don’t have a college degree at all, let alone a prestigious one. These include Michael Dell, Steve Jobs, Bill Gates, and Mark Zuckerberg, among others.

There are many ways to become wealthy, and going to university is just one of them. Plenty of individuals have worked hard and met with the right individuals to become successful, without having to get anything past a college education.

They All Live Extravagant Lifestyles

If you daydream of what you would do if you were wealthy, your dreams are likely full of yachts, vacations, nice clothes and fancy cars. But in reality, this type of wealthy person is a small subset of the actual population of wealthy individuals. Sure, some get private jets and purchase huge homes, but this is far from normal.

Most wealthy people are just like you and I. They live in the same type of homes, drive the same type of cars and eat the same type of food. You never know, the neighbor you live next to might be a millionaire and you wouldn’t even know it.

They Have Better Credit Than Normal People

When we picture financial success, we think of a sky-high credit score and a spotless credit report. So in turn, when we think of wealthy individuals, we seem to just assume that they have high credit scores. However, that isn’t always the case. In fact, your income and how much you have saved has no impact on your credit score.

Also, many rich individuals might have a lower-than-normal credit because they don’t often borrow money or use a credit card, as they can pay for things in cash. This is one reason why the wealthy don’t need to worry about improving their credit. While each person is different from the next, there is hardly a relation at all between the amount of money a person has in their accounts and how strong their credit is.

They Are Greedy

Sadly, a lot of people are brought up to believe that rich individuals are greedy and care about their money more than anything else. Whether that is from the TV or media, it is indeed a misconception. While there are definitely some wealthy people who are greedy, there is a much bigger number that are generous. Bill Gates and Warren Buffett, along with other billionaires set up the largest private foundation in the world with Bill and Melinda Gates Foundation.

Many rich people give away millions to their favorite causes each and every year. Wealthy individuals are responsible for helping a variety of different causes all around the world. In addition, many of them also volunteer their time aside from their money. Charities are very important to many wealthy individuals, as it allows them to give back to the community in a meaningful way.


Tyrone is a passionate financial literacy advocate. He started this blog on November 2008 when he watched The Secret which talked about Law of Attraction because he wanted to become a millionaire and wanted to know how a millionaire acts. At the age of 26, he achieved his first million. To find out more about him, click here or follow him at Instagram

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