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In general I've personally known and been friends with many millionaires (not that I am one or ever have been). Most of these people are from Wall Street, independent investors, private business people and software industry (I've never known any from 'adult').
From what I've learned over the last 15 years, is that when payday hits, one needs to be as frugal as possible during that cycle. Probably 90% of these folks who were rolling in it 10 years ago, are dry and barely making it today, or at a GREATLY reduced rate. My observation is when you're on top, live like nobody would know it, then when the cycle turns against you, you'll have enough to hopefully continue living at close to the same conservative level. Because the 'up' cycle NEVER lasts indefinitely.
When I see people obviously living large, putting on bling, limos everywhere, leasing big houses, etc... well I know that probably in 5 years or less they will be in for a big fall. I also know that folks who are REALLY doing well financially typically don't go around trying to convince people that they are... there's no internal need for it. They are among the most quite and unsuspecting.
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