SHOCKING NEWS ABOUT MILLIONAIRES:

Most people know that wealth in the U.S. is in the hands of a small percentage of the total population. And, today, most of those folks with a net worth of $1 million or more have earned it themselves.

They’re mostly entrepreneurs who create everything from high-speed networks to garbage haulers. They dig ditches and build houses and grow corn and make jewelry. They deal stamps or coins or artwork and control pests and cut lawns. They also cure people and give them new teeth. Others will defend their neighbors or even feed them.

And they’re not big spenders. In fact, most of those with big bucks live well under their means — think about Warren Buffett still living in that modest Omaha home — and they put their money instead toward investments that help them stockpile more wealth.

Funny, that’s not the kind of thing I’m hearing from the White House. The advice to live below your means and avoid using credit is good, though it seems to me I’ve heard all this before.