6 signs you're richer than you think, according to a wealth adviser for millionaires

Antony Jones/Getty Images for Cartier

• Not all millionaires drive Lamborghinis and live in mansions.
• If you carry little to no new debt, have long-term investments, and are a hard worker who is resourceful and aware, you might be richer than you think.
• That's according to Bill Van Sant, senior vice president and managing director atUnivest Wealth Management, which has $3.4 billion in assets under management.
• Below, Van Sant outlines six common traits of millionaires.

---

YBill Van Sant, CFP, 

ou know the saying, "not all heroes wear capes"? Well, similarly, not all millionaires drive Lamborghinis and live in mansions. In fact, they might live right next door to you.

I'm talking about those who live comfortably, and while they may be wealthier than you, they don't necessarily live like they are. In the financial planning industry we call these folks the "millionaires next door."

I've met a handful of these financially-savvy individuals throughout my years working as a wealth adviser and there is a lot to be learned from them. I'd like to highlight some of the characteristics and traits of the millionaire next door to shed some light on how they got there. Who knows, you might not be far away from becoming one yourself.

If you carry little to no new debt, have market appreciation, and are a hard worker who is resourceful and aware, you might be richer than you think. When all of these things come together, most people are surprised that on paper they're considered a millionaire.

Here are six of the most common traits my millionaire next door clients possess:

1. They live within their means.

Charley Gallay/Getty Images for Veuve Clicquot

Millionaires next door drive modest vehicles and live in modest homes.

 They're not living below their means by any standard, but they also aren't 

purchasing lavish cars and living in oversized houses with Olympic-sized

 swimming pools.

Both their car and their home purchases were smart, calculated and based 

on reliability. They've lived in their home for 20 to 25 years and it is paid 

off or close to being paid off. Also, they are not looking to upgrade or move 

any time soon.

2. They focus on what's important.

Harry Metcalfe/Flickr

Family well-being is far more important than wealth. Sure, they have wealth, 

but when I'm in a financial planning meeting with a millionaire next door,

 they talk about their wealth and their financial goals in a way that always 

circles back to family.

They say things like, "I want to retire earlier so I can spend more time with 

my grandchildren." They understand that building savings and having more 

money is the contributor to reach their goals and not the end goal.

3. They were never CEO.

Sebastiaan ter Burg/Flickr

The millionaire next door never had the highest paying job. They held a 

wide range of jobs where they worked hard and manufactured a decent 

income, but you would never know it by looking at their net worth and assets. 

They always have stability in their career which allowed them to build 

their wealth over time.

4. They are very resourceful.

Sebastiaan ter Burg/Flickr

The DIY mindset is a common trait among millionaires next door. 

They are careful and resourceful in the allocation of their money. 

Just because they can afford a lawn service, doesn't mean they pay for it.

 They try to fix problems around the home themselves before calling in a

professional because they are cognizant of that cost.

However, they do know when it is appropriate and beneficial to hire an

 expert. Most of the time when I begin working with a millionaire next 

door, I find they've been navigating a lot of the planning themselves for 

some time, and this is the first time they've asked for help.

5. They are diligent savers and have been since the 

beginning of their work history.

Shutterstock

Most millionaires next door have been working since age 16 or 18 and 

have been saving from the get go. They didn't start off putting money

 right into a 401(k) as an 18-year-old, but they understood the power of

 saving and put money away in a drawer. These aren't folks that started 

saving late in life, they started early and remained consistent through the 

years.

6. They don't focus on tweaking investments.

Dan Kitwood/Getty Images

Most millionaires next door are not actively trying to time the market; 

rather, they are committing a good portion of their income to a well-diversified

 investment plan and regular intervals. This steady nature helps them in the

 long run.

Instead of diligently watching the markets and trying to score that one home 

run, their money is in smart investments steadily growing over time and 

being reviewed, periodically, to ensure the allocation of their investments 

is in line with their goals.