The Millionaire Next Door

Posted on 20 April 2018 by Thomas J. Stanley

The incredible national bestseller that is changing people s lives and increasing their net worthCAN YOU SPOT THE MILLIONAIRE NEXT DOORWho are the rich in this countryWhat do they doWhere do they shopWhat do they driveHow do they investWhere did their ancestors come fromHow did they get richCan I ever become one of them Get the answers in The Millionaire Next Door, the never before told story about wealth in America You ll be surprised at what you find out. Read The Millionaire Next Door – kino-fada.fr 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 makethan they can spend Pretty cool 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 3.They believe that financial independence isimportant than d 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 makethan they can spend Pretty cool 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 3.They believe that financial independence isimportant than displaying high social status Practical You can display high social status all you want, but if you re still dependent on active income then you re one very vulnerable fella 4.The...This was a great audio and text book yes, I got both versions I especially enjoyed the chapter that had Working for the Tax Man and The Martin Method 95% of the millionaires own stocks most have 20% orof their wealth in publicly traded stocks.Build a good money team accountant, attorney, financial advisor, and you and spouse.Looking to build your money team Ask your CPA If you do not have CPA get one.Be frugal, know your financial picture, and have goals with your money This was a great audio and text book yes, I got both versions I especially enjoyed the chapter that had Working for the Tax Man and The Martin Method 95% of the millionaires own stocks most have 20% orof their wealth in publicly traded stocks.Build a good money team accountant, attorney, financial advisor, and you and spouse.Looking to build your money team Ask your CPA If you do not have CPA get one.Be frugal, know your financial picture, and have goals with your money.The good millionaires know how much their costs are in life how much they spend shopping, traveling, etc.You heard of emergency fund, car fund, retirement fund, etc well I am adding the Go to Hell Fund The typical millionaire has a Go to Hell Fund which allows them to quit their job and not work for like 10 years orSo when you quit your job or get fired, you can say to your employer go to hell and walk out the door and not worry about working.I like this part in the book about UAWs and PAWs You...The point of this book comes through loud and clear, the people that we think are millionaires arethan likely swimming in debt Just because you live in a fancy neighborhood and drive an expensive car does not make you rich In fact it goes as far as to say that most millionaires live in less costly areas because it costs alot of money to keep up with the JONES In fact their study showed 37 percent of their millionaires bought used cars opposed to new and paid cash of course Now their us The point of this book comes through loud and clear, the people that we think are millionaires arethan likely swimming in debt Just because you live in a fancy neighborhood and drive an expensive car does not make you rich In fact it goes as far as to say that most millionaires live in less costly areas because it costs alot of money to keep up with the JONES In fact their study showed 37 percent of their millionaires bought used cars opposed to new and paid cash of course Now their used cars may be Mercedes but they save on the depreciation of the person that bought it new They reference one guy nameed W W Allen who is a self made MUTImillionaire He and his wife have lived in the same three bedroom house in the s...Most Americans believe wealthy and high income are synonymous Surprisingly, most high income earners are not wealthy although they earn a lot of money, they don t keep much of it To be wealthy is not to amass material possessions, but to increase net worth by collecting appreciating assets The book categorizes people as PAWs or UAWs Prodigious Accumulators of Wealth PAWs achieve, create wealth, become financially independent, and build from scratch Under Accumulators of Wealth UAWs Most Americans believe wealthy and high income are synonymous Surprisingly, most high income earners are not wealthy although they earn a lot of money, they don t keep much of it To be wealthy is not to amass material possessions, but to incre...It s rare that you can find a book that is as boring as it is sanctimonious But they pulled it off In a nutshell, millionaires aren t made by extraordinarily high incomes those people s spending tends to increase as well , in fact they re typically people with merely very good incomes who are zealous about frugality and long term investments Not a huge surprise actually, but its nice to have numbers to back up the story and they do Many are small business owners, many don t spend much on car It s rare that you can find a book that is as boring as it is sanctimonious But they pulled it off In a nutshell, millionaires aren t made by extraordinarily high incomes those people s spending tends to increase as well , in fact they re typically people with merely very good incomes who are zealous about frugality and long term investments Not a huge surprise actually, but its nice to have numbers to back up the story and they do Many are small business owners, many don t spend much on cars or suits and 80% are first generation millionaires not those who happened into big inheritances.And tha...According to this book, there are two kinds of people under accumulators of wealth UAWs , who spend everything they earn as soon as they get it to say nothing of credit cards and prodigious accumulators of wealth PAWs , people who live frugally, save, invest, and end up becoming millionaires So when you see someone who lives in a fancy house and drives a fancy car, chances are, he s not a millionaire He may be a high earner, but he s also a big spender, so he s a UAW A real millionaire A...There s a lot to say about this book, both positive and negative It had some great ideas in it, some which are possibly quite revelatory for some people, and some really useful information which I would love to ensure certain people I know read However, it was also a very dry read, somewhat repetitive and dwelled on some things I didn t think were all that fascinating like what sorts of cars millionaires drive It also had a lot of charts, which is fun from a stats perspective and lends cred There s a lot to say about this book, both positive and negative It had some great ideas in it, some which are possibly quite revelatory for some people, and some really useful information which I would love to ensure certain people I know read However, it was also a very dry read, somewhat repetitive and dwelled on some things I didn t think were all that fascinating like what sorts of cars millionaires drive It also had a lot of charts, which is fun from a stats perspective and lends credibility, but it s a bit too much irrelevant info to take in I honestly didn t care what sort of ancestry millionaires had or what cars they drove, but I saw that the authors were doing the Mythbusters th...Main message is Be Frugal, invest One driving a Benz is quite likely less worth than one driving a Ford F150 since the Benz owner has already spent money Max price paid by 75% millionaires for Suit 600, Shoes 200, watch 235 50% JCPenney has toughest quality control amongst all stores Millionaires wives are all frugal too They save coupons etc 1 All have annual household budget2 All have accountant3 All have investments in stocks, real estate, business etc4 Shopping method Main message is Be Frugal, invest One driving a Benz is quite likely less worth than one driving a Ford F150 since the Benz owner has already spent money Max price paid by 75% millionaires for Suit 600, Shoes 200, watch 235 50% JCPenney has toughest quality control amongst all stores Millionaires wives are all frugal too They save coupons etc 1 All have annual household budget2 All have accountant3 All have investments in stocks, real estate, business etc4 Shopping method and principles i.e car purchase VIMP It takes only one fancy item to start the snowball effect i.e Rolls Royce as a gift was denied by a millionaire because all his accessories, clothes etc things would needed an upgrade to match that status symbol Millionaires don t care about status symbols The author calls them artifacts ...I very much enjoyed listening to this audio book It was very interesting, easy to understand and not boring at all.The bottom line is Millionaires and those wanting to become Millionaires live well below their means People wanting to look rich will never accumulate any wealth since they are busy paying off debts This book talks mainly about self employed people but everyone with a decent household income living frugal and investing money can become a financially independent.A highly recommend I very much enjoyed listening to this audio book It was very i...Rubbish.It is not written about the majority of us It is written FOR the majority of us to make us believe that wealth is everpresent and easily accessible in our society.The numbers are often listed in a manner that does not acknowledge any actual analysis Nor is inflati...

English
20 April 2018

Thomas J. Stanley