One of the most important messages in this book is that a high income is not enough.
If we account for inflation, those millionaires they studied would have a minimum of $1,860,000 today! If you don’t know, inflation is the name () for how money tends to become worth less over time.
Most other people, whether high or low income, simply consume all their income with extra spending.Ī quick note: Remember this book was published in 1996. They save a large portion (15% or more) of their income so they can invest it. (Over 80% of millionaires in America are first-generation rich.) They make a somewhat higher income than average, but the main reason they are wealthy is because of their lifestyle of self-discipline. Most millionaires are older men who tend to be self-employed, running a business that is blue-collar and boring. Nope, absolutely not-According to the studies done by Stanley and Danko. Or at least we need to be some superhero-level CEO, surgeon or lawyer. Thanks to pop culture, many of us have been fed the myth that to be a millionaire, we must become a famous athlete, win the lottery, or have a rich dad. The Wealth Formula: To become truly wealthy, a good income must be combined with smart investment They are respected experts in their field, having done research for the New York Stock Exchange and been published by the American Marketing Association.ġ. They also interviewed 500 millionaires personally before writing this book. From 1973 to 1996, they conducted many studies, with up to 1000 respondents answering 200 questions each. Danko (official website) spent 20 years studying wealthy people. Sound good? Then let’s go! About the authors What we can learn from them to build wealth and financial independence.So in this summary of the ever-popular book The Millionaire Next Door, we’ll get to understand: These were millionaires… hiding right next door to you and me. They are often older family men living low-profile middle-class lifestyles. These were the real-life typical millionaires that we never really notice. Shockingly, they were driving used domestic cars, wearing boring grey suits, and asking for sandwiches and beer! These were not the millionaires that get paraded in the media, wearing Guccis and driving Lamborghinis. So the first time they invited several millionaires to be interviewed, they prepared caviar and wine for their rich guests. When they began the project, the authors were also wrong, believing that millionaires in real life look like we see them on TV. The Millionaire Next Door was written after the authors conducted many studies and hundreds of interviews on the wealthy. Most of us grow up believing that a millionaire lives in a jaw-dropping mansion, with three sports cars, and closets packed with expensive designer clothing.
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