According to the study conducted by Thomas J. Stanley on The Millionaire Next Door, true blue millionaires are thrifty and hard-working people. Far from the glamorous and extravagant individuals, the media portrays. Oh!
Every day we are bombarded with images of people living the luxe life. Don't we all dream of becoming financially independent? The security of having more than enough for you, your family, and the generations after?
What Do Millionaires Have in Common?
How did they manage to change their economic status from rags to riches? Are you curious? I am!Here's a fact: Most of these millionaires are first-generation rich. Meaning they don't come from affluent families. They work their way out to becoming financially secure themselves.
What do all these millionaires studied in The Millionaire Next Door have in common?
Here they are according to the author, Thomas J. Stanley.
- They live well below their means.
- They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
- They believe that financial independence is more important than displaying high social status.
- Their parents did not provide economic outpatient care.
- Their adult children are economically self-sufficient.
- They are proficient in targeting market opportunities.
- They chose the right occupation.
First and third bullets are eye-opening! I too thought that if you don't flaunt it then you don't have it. You aren't a millionaire.
It's thanks to the culture and media for indoctrinating us with these wrong beliefs.
The Millionaire Next Door Book Review
I did a review of The Millionaire Mind before. Check it out here. I must say, I like The Millionaire Next Door better. It doesn't feel like you're reading a thesis/dissertation. It's simplified compared to the former and easy to digest.I enjoy reading The Millionaire Next door. I learned tons from the lives of the millionaires studied on how to make your way to becoming financially independent.
RATING: 4/5
It would have been a 5 if the author updated the study in our day and age. Hmm... I wonder what's the demographic now? Are you a millionaire yourself?
In Conclusion
Oh yes, I'm recommending The Millionaire the Next Door. It's a classic!Just because the media portrays millionaires as living the luxurious lifestyle doesn't mean it's the truth. You never know, your next-door neighbor might be one.
Want to find the secrets of America's wealthy? Check out The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley, CLICK the image link below!
I hope my book review of The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley is helpful. Have you read this book? If not, will you?
Well, you have an awesome day then! See you in my next book review. ;)