Appropriate Car based on net worth?

Question

If your worth 5 million dollar, you should ride 50,000 $ car?

If your wroth 10 million dollar, you should ride 100,000 $ car?

Is this right?

Answer 1

I add my vote to those above.  "The Millionaire Next Door" makes the point that people who spend their income lavishly don't increase their wealth, people increase their wealth by spending less than they make for a long period of time.

Material possessions don't make a person happy. Be a good steward of your money and increase your wealth for the purpose of serving others rather than trying to make yourself happy.

God bless!

Answer 2

No!  People with high net worths get high net worths by NOT wasting money on very expensive cars!

If you want to be a millionaire, drive an affordable car!  See the powerful book "The Millionaire Next Door" for additional insight on this issue.

Best wishes and good luck.

Answer 3

If you think like that, you won't be a millionaire because you waste your money.

Most people with high net worths got there by being sensible with their money.  Warren Buffet, for example, is the richest man in the USA, but he still lives in a modest house in Nebraska and drives a 12 year old pickup truck!

The people who buy $100,000 cars are usually people who either don't earn their own money or are going to be bankrupt in a few years.  Look at all those entertainers who were once millionaires but are now broke!

Years ago, a company did a study to figure out how to sell their luxury cars to millionaires.  So they rounded up dozens of people who had verified net worths of over $1 million for focus groups at an exclusive resort with fine catering, etc and asked them all sorts of questions about what luxury items they preferred.  They were shocked when the millionaires arrived wearing modest clothes, describing modest middle class houses, and driving ordinary used cars.  The millionaires didn't know what to make of the fancy food laid out for them-- instead of the fine champaigne they wanted Budweiser.  The executive who put together the group was frustrated to learn that these millionaires balked at the very notion of paying so much for his luxury cars.  "Where are the millionaires who act like millionaires!?!" he asked.  "Well, if we acted like your idea of a millionaire, we wouldn't be millionaires!" one of them said.  

Further research showed that the people buying the luxury cars the company was looking to sell often had negative net worths.  They took home a lot of money from high paying jobs, but they had more debts than assets and were often highly stressed by the threat of bankruptcy or job loss.  These people made a point of flaunting the money they were making, even when they couldn't afford it.

Those millionaires with high net worth lived modestly, avoided debt or extravagent purchases as much as possible, put their disposable income into investments that went up in value, adding to their net worth, and saw money as a means to security rather than luxury.  If they lost their job or had a financial crisis, they could tap into their assets and be fine, so they had peace of mind.  That was what they valued most.