According to Reuters, in 2009 there were 7.8 million millionaires in the U.S. which means 1 in 40.6 people are a millionaire. Hence, Business Insider said that a millionaire might be living in the next door but neighbors may not know since they may not look like one.

BI added that a true millionaire, who is financially afloat, will not be easily recognized and that is their secret. Here is a list of secrets of being a millionaire with more than sheer luck.

1. They spend less than they earn

2. They know that patience is a virtue as the wealth will be accumulated gradually by diligently saving money over multiple decades

3. They do not obsess over cars or houses. They live in modest three-bed two-bath house and drive a ten-year-old economy sedan. The thing is that they do not think this is cheap.

4. They pay off credit cards in full every month. They know that if they cannot afford to pay cash for something, then that is just not affordable.

5. They have known that money does not buy happiness since early on.

6. They never forget that financial freedom comes from the state of mind of a debt-free person, which can be attained regardless of income level.

7. Get a second job. Not only it increases the income level but it also keeps time moving and makes it difficult to spend money.

8. They know that money is like a toddler. It only grows and matures with some form of credible money management.

9. They build their savings by building financial discipline and instilling it into their lives.

10. They know that life is too short to do something they do not enjoy. They work for something that they truly enjoy, whether that is visible or not.

11. They know the importance of planning. The few millionaires that reached that milestone without a plan got there only because of dumb luck.

12. They know it is important to have a big vision when it comes down to setting savings goals. Big goals bring a big savings account.

13. They found out that financial mistakes can often be helped out by working hard. They know that financial crisis will come at some point.

14. They remember that the potential for bankruptcy is always possible whether it is caused by the death of the family’s provider, divorce or disability that may lead to early retirement. Hence, they always insure against the risk.

15. They take the maximum benefit of compounding interest on their savings account since their twenties which eventually showed them the power of compounded interest.

16. Even though they have the money and do not have to work anymore, they have a job that they love.

17. They treasure all that they own as every penny counts. This is not them being stingy, but knowing how to appreciate.

By Ha Ji-won, intern reporter (jiwonha@heraldcorp.com)