The millionaire next door doesn’t always have to make headlines or bask in an elevated public profile. They probably built their fortune in a mundane and boring way and live an equally understated lifestyle.
These are what some may call the “stealthy wealthy” and their habits hold powerful lessons for anyone serious about financial freedom.
Here are the top seven habits you could replicate to boost your financial position or peace of mind.
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1. Avoid status symbols
The cardinal rule of the stealthy wealthy is to conceal your fortune (or at least not flaunt it) so that you can enjoy it in complete privacy. That means no flashy toys or glamorous status symbols that call atten to your wealth. A quietly rich person isn’t likely to buy a Saint Laurent belt or Hermès Birkin bag. In fact, it’s the middle-class consumers, presumably trying to signal their affluence, who account for more than half of all global luxury brand sales, according to the Wall Street Journal.
Put simply, you don’t need to prove your wealth to anyone if you already have plenty of it. Avoid the status symbols and shop based on value and durability instead.
2. Drive modest cars
Contrary to the stereotype, millionaires and multimillionaires are not all driving around in Aston Martins or Bugattis. In fact, Dave Ramsey’s survey of millionaires across America found that the top three most popular brands were Toyota, Honda and Ford.
Picking a practical and relatively inexpensive car is perhaps the best way to retain your fortune rather than burning it off through a sports car’s tailpipe.
3. Multiple streams of cash flow
A single source of income, perhaps from your full-time job, is rarely sufficient to build wealth — especially these days. To reach the top, you need a diversified pool of multiple income sources. Consider a side gig to boost your income and invest in passive income opportunities such as real estate or dividend stocks to get to your financial goals faster.
And don’t worry, if you’re new to investing you can still reap the rewards of investing without having to build up your knowledge from scratch.
Platforms like CIBC Investor’s Edge make it easy to invest in dividend stocks and ETFs while enjoying low commissions and no or minimal account maintenance charges, depending on the size of your portfolio.
Along with access to thousands of ETFs and stocks, a CIBC Investor’s Edge account gives investors access to a library of information to help you make more informed investing decisions.
Read more: Are you drowning in debt? Here are 3 simple strategies to help crush your balance to $0 in no time
4. Track and direct every dollar
A Northwestern Mutual survey found that a whopping 84% of wealthy individuals had a financial plan, compared to just 52% for the general public. In other words, rich people are simply more intentional with their saving and spending.
Adopting this proactive approach means telling your money what to do instead of helplessly reacting to the amount of money left in your account after you’re done spending. Start with a budget and update it frequently as you make progress on your financial journey.
You can use Monarch Money to both build and follow your budget to ensure you’re staying on track.
Within the Monarch Money app you have the option to choose either Category or Flex budgeting depending on your preference. The first involves assigning an amount of money to specific spending categories, and the second works by tracking your spending in flexible categories each month.
Whichever is best for you, Monarch Money keeps budgeting simple so you spend with intent.
5. Focus on privacy
Stealth wealth is rooted in a deep respect for privacy. By keeping your finances discreet, you not only protect yourself from fraud and financial crime, but also improve your chances of securing better deals and avoiding tension in personal relationships because “you can afford it.”
6. Avoid the hype cycle
The stealthy wealthy, as the Wall Street Journal reports, were most likely to make their fortunes in relatively overlooked and mundane niches of the economy. Think cup holder manufacturers, commercial carpet cleaning or industrial appliance maintenance.
Put simply, most successful entrepreneurs and investors are not chasing the latest hype cycle and are instead focused on lucrative, always-on industries with sparse competition. If you’re trying to build wealth too, stop trying to design a billion-dollar AI tech startup and focus on something more practical and mundane using Motley Fool’s Stock Advisor Canada.
The platform is tailored for Canadian investors, providing monthly stock recommendations from both the Toronto Stock Exchange (TSX) and U.S. markets. The service emphasizes a long-term, buy-and-hold investment strategy, advising subscribers to hold stocks for at least five years.
Join 30,000 investors and get unlimited access to Motley Fool’s library of expert stock recommendations for a special offer of $99/year — that’s just $1.90 a week. Or even better, grab a two-year subscription for just $149, which is less than $1.50 a week.
You can try it for the first 30 days and then cancel for a full refund of the membership fee if you’re unsatisfied.
7. Maximize tax efficiency
Making the most tax-efficient decisions is how most wealthy people retain their fortune and continue to expand it. Although your tax situation may greatly differ from someone with a seven- or eight-figure net worth, that doesn’t mean you can afford to neglect tax planning.
Take a page out of the stealthy and wealthy playbook and hire the best accountants and tax planners to help you minimize your liabilities.
— with files from Em Norton
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- Here are the top 7 habits of ‘quietly wealthy’ Canadians. How many do you follow?
Sources
1. The Wall Street Journal: Luxury Brands Need to Win Back Middle-Class Shoppers by Carol Ryan (June 21, 2024)
2. Facebook: The National Study of Millionaires by Ramsey Solutions
3. Northwestern Mutual: Planning and Progress Study 2023
4. The Wall Street Journal: Meet the ‘Stealthy Wealthy’ Who Make Their Money the Boring Way by Juliet Chung (May 2025)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.