We think we can recognize them when we see them. However, millionaires tend to blend in a lot more than we think especialy with their remortgage rates. In fact, your next-door neighbor or your son’s friend’s parents may be multimillionaires, and you would never know the truth. These self-made wealthy live a secret life, masquerading as “average Joes” with larger than life bank accounts. How do they do it? We have five of the best-kept millionaire secrets right here.

Real Estate Savvy

Many millionaires have lived in the same home for many years. Even billionaires like Warren Buffett and Carlos Slim have found few reasons to bite off bigger home purchases. In fact, Buffett has lived in the same home for nearly 50 years, according to recent news stories about the lifestyles of the rich and richer. Slim has also owned the same home for multiple decades. The moral of the story? Bigger is better – as long as you are talking about the size of your bank, account rather than the size of your property.

Hello Wal-Mart!

Millionaires may enjoy fine dining and the occasional indulgence, but much of their wardrobe is often purchased off the rack at retail stores. You might even find a few wealthy holed up at Wal-Mart, searching out the big deals.

Millionaires know that spending too much on disposable goods is wasteful, and they save their money for better values. In the meantime, they live in middle-class neighborhoods and drive used cars – often, until the wheels fall off and they have to trade in their beloved auto for a newer model.

The Joy of Education

The majority of millionaires do have a college degree, although few were straight-A students throughout school. Members of this upper echelon also believe whole-heartedly in the value of education, and they are willing to spend their hard-earned cash to ensure their kids get the education they need to succeed.

Money Growing

Most millionaires are avid savers and investors, living well below their means each month to sock a little more away in CDs or the stock market. Squirreling away money allows them to prepare for any unexpected emergencies that might arise without having to rely on more debt to see them through. In fact, few millionaires rely on debt of any type to finance their lifestyle, preferring to save before spending in the majority of decisions they make.

Risk Taking

Many millionaires today are self-employed and have willingly taken a few risks along the way. This elite group understands that no guts mean no glory, and they are willing to take on a degree of risk if it means success down the road. In fact, you will probably find millionaires willing to disclose a list of failures they had to endure before they reached the level of success they enjoy today.

Millionaires are living all over this country, with many of them undoubtedly residing in areas where you would least expect them. This wealthy group understands basics like taking risks, living below their means and saving for a rainy day. Their secrets are slowly coming out so others can capitalize on their success with the same techniques and financial smarts that got those millionaires where they are today.