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The Millionaire Next Door: The Surprising Secrets of America's Wealthy Hardcover – October 28, 1996
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Copyright 2001 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
Top Customer Reviews
The majority acquired their wealth in one generation and followed these factors of wealth accumulation: *Live well below your means. *Spend your time, energy and money efficiently in ways that build wealth. *Believe that financial independence is more important than social status *Their parents didn't help. *Their adult children are economically seW-sufficient. *They know how to pick market opportunities. .They chose the right occupation.
As a group, they all have supreme confidence in their own ability. If you thought ancestry had much to do with it consider this: The highest concen-trations of millionaires by ancestry in order of rank are Russians; Scotts; Hungarians; Latvians; Australians; Egyptians. Self-employment is a major correlate of wealth.
They are frugal and their spouses even more so. Not only are they planners and budgeters, they don't shop where you might think; their two favorite stores are J. C. Penny and Sears. Most answer these questions the right way: -Does your household operate on an annual budget? -Do you know how much your family spends each year for food, clothing, shelter? -Do you have a clear, defined set of daily, weekly, monthly, annual and lifetime goals? -Do you spe'd a lot of time planning your financial future? -Do you niinnnize your taxable income and maximize your other income? While nearly all own stocks, they don't follow the ups and downs of the market. They firmly believe the more intellect, time and energy you spend hiring a financial adviser, the more likely you will be to find a successful one. They use CPAS to not only do taxes, but also to provide investment advice and they usually choose one with the most millionaire clients. They believe it is easier to earn a lot of money than it is to accumulate wealth.
A couple of charters are devoted to their relationships with their children. They believe the more dollars they give to adult children, the fewer dollars these children accumulate (a statistically proved relationship). Here are the rules they more or less live by in dealing with their offspring: -Never tell your kids you are wealthy. -Teach your children discipline and frugality. -Minimize discussion on what your kids will inherit. -Never give cash or significant gifts as part of a negotiation. -Stay out of your adult children's' family matters. -Emphasize their achievements.. .not your success. -Assure them many things are more valuable than money. Millionaires encourage their children to become seW-employed professionals such as doctors, attorneys, engineers, architects, accountants and dentists. They believe only a small number of professional people fail to make a profit any given year and they earn more than the average for small businesses. "You can lose your business, but not your intellect," they say. Most own their own business because they believe self-employment is less risky than working for another.
Well worth reading. You can learn a lot about how to accumulate wealth.
The book should really be titled "Everything Your Mom Taught You (or Should Have Taught You) is Right." If you follow all the rules laid out in this book, you will never be poor (except for some disaster that you have no control over, but in that case you'd be poor no matter what you did.) The rules are the ones that Americans used to live by before the coming of the 60s and 70s and the "turn on, tune out" generation's destructive, infantile philosophy.
These rules are: 1.) Complete at least high school (a college degree is better, but not necessary. 2.) Marry a hardworking reliable spouse, not a flake, and stay married. (Advice is good for both sexes -- divorce is a huge wealth-killer). 3.) Live below your means, save and invest the left-over money. 4.) Buy good quality stuff, not trendy "stuff" that goes out of style or falls apart after a few years, and keep it for a long time. 5.) Buy used, good quality stuff rather than new, poorly made junk for the same price. 6.) Don't do stuff that harms your health, like substance abuse and promiscuous sex. 7.) Don't buy on credit. Pay off your credit cards every month and save up for what you want rather than financing it at 18 percent interest. 8.) Realize that excessive consumerism is really another word for slavery. It really is better to have a couple hundred thousand dollars in the bank and be able to sleep at night than to have the latest model luxury car and the biggest house, and not be able to sleep at night.
Most Recent Customer Reviews
Everyone should read this book.