[Ebook] ➨ The Millionaire Next Door: The Surprising Secrets of America's Wealthy Author Thomas J. Stanley – Burberry-outlets-online.co.uk

The Millionaire Next Door: The Surprising Secrets of America's Wealthy The Incredible National Bestseller That Is Changing People S Lives And Increasing Their Net Worth CAN YOU SPOT THE MILLIONAIRE NEXT DOOR Who Are The Rich In This Country What Do They Do Where Do They Shop What Do They Drive How Do They Invest Where Did Their Ancestors Come From How Did They Get Rich Can 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 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 that s it.The rest of the book is filled with awkward, pedantic number twisting to prove that people who spend less on houses and cars will have left for retirement What s maddening is the constant tone that people who choose to spe The point of this book comes through loud and clear, the people that we think are millionaires are than 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 same middle class neighborhood for nearly forty years Living in less costly areas can enable you to spend less and to invest of your income You will pay less for your home and corresponding 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 simply display a high status lifestyle Most wealthy people PAWs don t drive new cars, buy expensive clothes, or live in upscale neighborhoods.I read this book because it was recommended by one of my favorite financial authors, Robert Kiyosaki, author of the Rich Dad Poor Dad series This book explains 7 factors that contribute to wealth building These factors aren t set forth in a step by step how to become wealthy checklist, but are indirectly investigated through statistics and interviews explaining the behavior of the wealthy.The briefest formula for wealth given be frugal, invest, and own a profitable business I found it interesting that as of 1996 self employed people entrepreneurs and self employed professionals are less than 20% of the American workforce, but 33% of millionaires Also, 80% of American millionaires are 1st generation rich, people who earned This book was so difficult to get through.I have been trying to read one financial book a week I love Suze Orman, Dave Ramsey I enjoyed the Millionaire Mind I found it inspiring I did not enjoy the Millionaire Next Door.This book is heavily recommended on so many of the financial online forums and blogs I read, so I borrowed it from my library this week.I found the first chapter very interesting, and then they lost me I think the premise of this book could be summarized into one chapter But then, you can t sell a book on one chapter I do not think the writing is good The authors are annoyingly repetitive I think they bored their editor so much that the editor didn t catch that they repeat sentences over, and over, and over The book is fluffed out with tons of boring, didactic charts The writing is not organized at times, it seems like streams of conscientiousness writing jumping around too much.I think they completely lost my interest on page 75 when they write How else does one explain why two experts on wealth are not wealthy in part, because they spent a combined total of nearly 20 years pursuing higher education So on page 106 they tell a great story of Mr Martin who won t hire advisers who don t have personal accounts of at least 200,000, because otherwise they are full of baloney But back on page 75, they admit they are poor themselves So why sh 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 lives humbly and isn t into consumption He might even live right next door Now that s an inspiring idea, one that made me go into this book with some hope of getting rich someday, but I didn t have to read very far to realize that I m in a hopeless UAW rut That made reading it a pretty unpleasant look in the mirror, especially since I believe that what the authors are saying is completely true I ve seen it first hand I ve worked for two estate planning attorneys and a bankruptcy attorney I ve seen both sides.For me, the most painful, shame inducing p 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 thing and making sure people didn t believe in completely false things I felt they spent an incredible amount of this book talking about what happens to the kids of the rich However, this can be used as a great parental tool to ensure parents teach their kids the right money tactics, whether starting rich or not It also 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 They own, Ford F150 , Cadillac, Lincoln Town cars, Jeep, Lexus, Mercedes,, Oldsmobile, Chevy, Toyota, Buick, Nissan, Volvo, Chrysler, Jaguar They tend to go for weight per dollar criteria subconciously comforts, reliability, safety The book gives distribution of folks per their ancesterial origin, job function, inheritance Frugal millionaires have less worries in general Doctors Lawyers t 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% or of 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 or So 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 got three categories to millionaires.UAW Under Accumulator of Wealth 1 2 of AAW AAW Average Accumulator of Wealth PAW Prodigious Accumulator of Wealth 2 AAW To figure out what category you are in do the following formula Age 10 x IncomeExample Age 30, 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 livi


About the Author: Thomas J. Stanley

Dr Stanley wrote The Millionaire Next Door and The Millionaire Mind These books spent than 170 weeks combined on the New York Times Best Sellers list His Millionaire Women Next Door was selected as a finalist for the business book of the year by the Independent Publishers Association and was on several business best sellers lists Dr Stanley s first three books, Marketing to the Affluent


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