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If you see yourself in these four Midwestern Millionaire traits, you're among America's best savers. You're also most likely one of its most reluctant spenders. Here's how to enjoy what you've earned.
By
Joe F. Schmitz Jr., CFP®, ChFC®, CKA®
published
27 March 2026
in Features
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If you're a lifelong saver, a coupon clipper, a DIYer or someone who still hears your parents' voices saying, "We're not stopping for dinner — we have food at home," you might belong to a very special club: The group we call Midwestern Millionaires.
Just because you might not be from the Midwest does not mean your values can't resonate with the Midwestern Millionaire's.
We've worked with thousands of retired military families, first responders, federal workers and government employees across the country who share the same deeply rooted values: Work hard, save diligently, spend wisely and create a life built on discipline rather than extravagance.
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Sign upThose outside the Midwest might call themselves Middle-Class Millionaires, and those in the West might say they're (Mid)Western Millionaires. Whether you call it a "Midwestern mentality" or simply "being raised right," these habits have created one of the most financially successful, but least self-indulgent, groups of retirees in America.
I wrote an entire book about this group, called Midwestern Millionaire, because the stories and traits are as authentic as they are entertaining.
After surveying more than 1,000 of our clients, we learned that the following traits consistently rise to the top.
About Adviser Intel
The author of this article is a participant in Kiplinger's Adviser Intel program, a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.
1. The best savers are the worst spenders
Most Midwestern Millionaires didn't get there by chasing the latest and greatest investment or making millions of dollars a year. They got there through discipline:
- Buying fruit only when it's on sale (I tell the story of my mom's love of blueberries and buying them only on sale in my book I Hate Taxes 😉)
- Driving cars until they cross 200,000 miles
- Paying off high-interest loans early and refusing to carry credit card interest … ever
- Brewing coffee at home because $5 lattes "don't compound well"
These retirees have avoided unnecessary spending all these years … and now sit on seven-figure nest eggs because of it.
2. Their frugality is a skill learned young
Several of the following habits were instilled by parents and grandparents who endured lean times, and that generational memory runs deep:
- Reusing plastic bags until they split
- Turning old shirts into shop rags (often to give their car an oil change themselves)
- Collecting soda cans to recycle in exchange for a few extra dollars
- Printing on both sides of the page because "paper costs money"
- Cutting worn-out jeans into shorts (because why buy new ones when you can make them yourself?)
It isn't about being cheap; it's about refusing to forget what you have. And for this group, frugality is a badge of honor.
3. They practice the art of everyday saving
For Midwestern Millionaires, it's not the big purchases, it's the small and subtle decisions that add up over time:
Stretching every dollar
- Asking for extra bread, chips or rolls at restaurants and always taking leftovers home
- Drinking water while eating out because paying $3 for soda "just feels wrong"
- Eating out only with coupons and gift cards or during happy hour
- Taking snacks to the airport when traveling to avoid paying airport prices
- Walking rather than paying for parking, even in freezing temperatures
The DIY gene
- Cutting their own grass (and enjoying it)
- Shoveling their own driveway, even if their back complains afterward
- Washing their own car (sometimes during a rainstorm to "save water")
- Fixing anything that might be fixable (with the help of YouTube)
- And, yes … sometimes cutting their own hair
Any of the above relate to you? If so, you might be a Midwestern Millionaire. 🙂
4. They're frugal but also generous where it counts
Here's the heartwarming contrast: Midwestern Millionaires are the last people to spend money on themselves, but the first people to spend money on others.
They'll reuse a Ziploc bag 20 times, but generously tip the neighborhood kid for shoveling snow. They'll stretch leftovers for three days, but donate faithfully to church, community groups and causes they believe in.
Frugality isn't selfishness. It's stewardship.
Looking for expert tips to grow and preserve your wealth? Sign up for Adviser Intel, our free, twice-weekly newsletter.
The irony: You might be too good at saving
After decades of sacrifice, many Midwestern Millionaires struggle with the opposite problem in retirement: They have more than they'll ever spend, but they can't bring themselves to enjoy it.
I've seen retirees become emotional reading the first 20 pages of my Midwestern Millionaire book because it represents their life in so many ways: The sacrifice, the discipline, the guilt that comes with spending, even when they have more than enough.
But here's the truth: You won't have a money-filled U-Haul following your hearse.
We always remind our clients that you can't take it with you, but you can and should enjoy the freedom you've worked so hard to earn.
You don't need to change your values
If this sounds like you, I have good news: I'm not suggesting that you stop being frugal. You simply need to understand the difference between saving as a necessity and saving out of habit.
Retirement is a new season of your life, and you've already done the hard part.
Our clients who thrive in retirement are the ones who finally allow themselves:
- The balcony room on the cruise
- Dinner out without a coupon
- Turning the air conditioning on before July
- Hiring help for projects that no longer bring them joy
Not because they've abandoned their values, but because they understand that they earned the right to enjoy the fruits of a lifetime of discipline.
If you saw yourself in this article, even five or six times, my book Midwestern Millionaire is for you (you can request a free copy here).
I also recently posted a fun video on our YouTube channel called "100 Things Midwestern Millionaires Do" if you want more reasons to laugh.
Related Content
- Are You a 'Midwestern Millionaire'? Four Retirement Strategies
- You're 62 Years Old With $1 Million Saved: Can You Retire?
- Do You Have at Least $1 Million in Tax-Deferred Investments?
- The Secret to Reducing Lifetime Taxes for Retirees in the 2% Club, From a Financial Planner
- Here's What Being in the 2% Club Means for Your Retirement
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
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Joe F. Schmitz Jr., CFP®, ChFC®, CKA®Social Links NavigationFounder and CEO, Peak Retirement PlanningJoe F. Schmitz Jr., CFP®, ChFC®, CKA®, is the founder and CEO of Peak Retirement Planning, Inc., which was named the No. 1 fastest-growing private company in Columbus, Ohio, by Inc. 5000 in 2025. His firm focuses on serving those in the 2% Club by providing the 5 Pillars of Pension Planning. Known as a thought leader in the industry, he is featured in TV news segments and has written three bestselling books: I Hate Taxes (request a free copy), Midwestern Millionaire (request a free copy) and The 2% Club (request a free copy).
Investment Advisory Services and Insurance Services are offered through Peak Retirement Planning, Inc., a Securities and Exchange Commission registered investment adviser able to conduct advisory services where it is registered, exempt or excluded from registration.