Why Millionaires Drive Old Hondas 🚙

Why “rich” people drive 10-year-old Hondas and “poor” people lease BMWs 👀

Not a hot take. There’s actual research on this.

The Millionaire Next Door studied real millionaires and found most of them live BELOW their means. Old cars. Regular houses. Zero flex.

Meanwhile there’s a well-known economics study (Charles, Hurst & Roussanov) showing people with less wealth often spend MORE on visible stuff, cars, clothes, jewelry. Not because they’re bad with money. Because visible signals are doing more work when your bank account can’t do the talking.

It’s not rich vs. poor. It’s INCOME vs. WEALTH.

Some people optimize for how they look right now.
Some people optimize for their net worth in 20 years.

Same paycheck. Completely different outcomes.

The quiet millionaire isn’t cheap. She’s just playing a longer game 💅

Which one are you optimizing for?

1,708 views

44 Comments

Catherine

@ffcatherine · 7h

I’d say most people on this platform have that mentality of building wealth vs flexing …
Many of my neighbors have pros that come to deep clean their fancy cars as I use a bucket & rag to proudly clean my paid for toyota lol ..
Personally I shake my head at the boats & flex I see around me.
I was never in a competition to strangers but rather one against my past self as I become my future self

Shawn

@sstone · 6h

Nice post Lisa….

Myself I’m aiming for the quiet millionaire…

I drive a 2005 Pontiac vibe.. But I have my TFSA almost maxed out.. I own RRSPs..2 properties in the Philippines and my residence in Ontario, no mortgage.. Money in the bank.. I used too live pretty recklessly… new vehicles lots of parting and money wasted.. but as time goes on and you see your parents and loved ones pass away, it really hit home that I really don’t have much time to get my crap together if I want to live a decent retirement, so last few years a changed my lifestyle..

At the end of the day I know in 10 years from now it will be worth all the sacrifices i made.. ..

Aiming for early retirement next October when I turn 55 and I’m eligible for my Pension from work..

Must say that the Blossom community has helped me tremendously, and really helped me learn and grow in investing from people like yourself and the others I follow.. I now go around telling everyone that has kids old enough to download the Blossom app amd at least just read and learn what others are doing with their money.. it really gets you addicted to investing….

Take care and happy investing..

Mitchell Muir@mitchell2025 · 7h

Old pick up trucks are great for maintenance and for side hustles also 😎

Le Corb@lecorb · 7h

My Honda’s were/are driven to 14 years, 12 years, and currently ride is 8 years old…😂

David Monroe

@d0p3y71 · 4h

I have never bought a new car/ waste of money.
This society is teaching our children to value money 💰 and not freedom. I’m not worried 😟 at all about being retired and not able to travel 🧳 the globe 🌎. Plus I would miss my cats

You must have an account to viewCreate an account for the full Blossom experience!

Join the conversation with 500,000+ other investors 💸

Create an account to get access to everything Blossom has to offer!

📊 Personalized algorithm based on your investing style, experience level and interests
📈 Powerful portfolio and dividend tracking tools
👀 See what top creators and others in the community are investing in