The Millionaire Next Door is written by authors Thomas Stanley and William Danko and although it was written almost two decades ago, you will realize that it is just as relevant in the present context today as it was in the ’90s. The Millionaire Next Door discusses the varying aspects of financial planning, and it is ideal reading for almost everyone; in particular, the young entitled generation.
The Millionaire Next Door reveals that what people think about the culture of a millionaire is a misconception. Most of these people studied lead a simple lifestyle. In preparation for the book, Danko and Stanley did an extensive and detailed study of millionaires (decided upon their net worth) along with people who are likely to be millionaires (based on their salaries and age). The comparative study of the data created a profile of a “typical” millionaire. Then they interviewed a sample of their subjects to get their opinions on life, success, and money.
Most of us believe or have this idea that millionaires inherited property or got famous, but actually most of the millionaires about whom the study was based, are self-made, hard-working people, and with perfect financial planning they have earned their status more than anything else. The Millionaire Next Door tells us that these self-made millionaires are not only frugal but have wise heads on their shoulders. These millionaires cannot be distinguished from the crowd; they could be your next door neighbor.
To summarize the authors categorized the traits of millionaires and found that the following seven factors were true, and their findings probably will surprize many readers:
1. The millionaires live a pretty simple life that is below their means.
2. The millionaires find effective ways to build wealth by allocating their energy, time and money efficiently.
3. Millionaires are firm believers of financial independence rather than portraying high social lifestyle.
4. These self-made millionaires never got any economic cushion from their parents.
5. The adult children of these millionaires are self-sufficient financially.
6. Millionaires have the savvy to tap or cash in any market opportunity they see.
7. Millionaires never take hasty decisions in choosing their occupation.
I recommend The Millionaire Next Door for readers who like nonfiction and financial planning. But I absolutely think young people, who want to “make it big” in their lives so that they can live it up, should be enlightened!
Miss McCulla is a retired English teacher of 32 years. She has Mastery of the grammar and mechanics of English, and has taught expository, fiction writing, and rhetorical skills to hundreds of students and aspiring writers throughout her career. She has written/edited/self-published five books, and currently manages and edits a writing blog called The Underground Tutor where she gathers essays, articles, entries, papers, manuals, profiles, criticisms, analyses of literature, just like those asked of students in the university and publishers everywhere.
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