The Millionaire Next Door by Thomas J. Stanley
rating: 3 of 5 stars
I learned that there are seven characteristics or common denominators among millionaires in America.
They are:
1. They live well below their means - They are frugal,frugal, frugal. They make more than they can spend. Pretty cool.This comes as no surprise. Even if you earn a lot, you can never accumulate wealth and become rich or stable if you spend a lot. They make more than they can spend. Now what if you don't have enough income? All I can say is, if you cannot manage the small income that you have right now, why would the powers that be entrust with a better blessing?
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth - How else did they get there right? Well this goes for those millionaires who didn't inherit their wealth. This is in fact more familiar to the people who work for the corporate world. One must work smart, and not necessarily hard to accomplish bigger things. IF you can do that for someone else's company, why not apply that in your life? Makes sense?
3. They believe that financial independence is more important than displaying high social status - Practical. We have all witnessed rock stars, movie stars, professional athletes and many other high income earners go down the drain if they don't have the right money attitude. You can display high social status all you want, but if you're still dependent on active income then you're in a very vulnerable spot to be in.
4. Their parents did not provide economic outpatient care - Pretty good training ground, don't you think? They train their kids to be survivors and in the end, to be winners. This is the best legacy they can leave to their children.
5. Their adult children are economically self-sufficient - Pass on the buck right? That's why the rich get richer and the poor get poorer.
6. They are proficient in targeting market opportunities - Now this is one handy skill I want to get my hands on. They have to set the trend, and take the lead. And to do this you have to master your environment. I'm talking about social and economic environments. While others are too busy with work, millionaires are too busy trying to gain and preserve their wealth.
7. They chose the right occupation - Right! To wake up everyday itching so badly to get yourself to do the things you love. Ain't that a ball! It really wouldn't make sense to trap yourself in an occupation that you would never get to enjoy.
Learn from this. The lessons and ideas may seem repetitive, but the author is really trying so hard to drive home a point. We need to learn the lessons. He want us to. Well, we ought to. =)
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