Monday, April 9, 2007

The Surprising Secrets of America's Wealthy

The Millionaire Next Door: The Surprising Secrets of America's Wealthy
by StanleyThomas, William Danko

According to authors Stanley and Danko there are seven wealth factors that set the wealthy apart from the rest of the population - and it isn't fancy cars, cigars and pinkie rings!

Check yourself off against this list and see if you've got what it takes…

  1. Millionaires live well below their means
  2. They allocate their time, energy and money efficiently in ways conducive to building wealth
  3. Millionaires believe financial independence is more important than displaying high social status
  4. Their parents didn't provide economic out-patient care i.e. they were left to make and correct their own financial mistakes
  5. Their adult children are economically self-sufficient
  6. They are profiicent in targeting market opportunities
  7. They chose an occupation that they enjoy and that best suits their talents
Essentially the book advocates frugality and caution with finances that at times borders on miserly, but the results speak for themselves. The individuals interviewed for the book amassed wealth and held onto it through economic downturns and trained their children to be financially independent. Food for thought!

This book has now spawned other titles including Millionaire Women Next Door


Lyn Perry said...

Nice summary...
mind if I re-post it with credit and a link to you at Thought Renewal?
Thanks, Lyn

wheatgerm said...

I better start saving

Spider said...

Leave It To Beaver had a very funny show about self-help books. Specifically, Beave bought his dad a book called "How to become a Millionaire" and then the hijinks began.

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Michael said...

Actually its a wonderful book that I had ever read. The research that Stanley did was astounding and I will keep reading this book beside reading classic self help book The Message of a Master by John McDonald...