You might wonder why with all that money, they would be so budget-conscious? Millionaires reach this status, and remain there, mainly by budgeting and controlling their expenses. Ultimately, your typical millionaire lives a modest life, and budgets wisely. If you’re curious about what it takes to be truly wealthy, who better to take advice from than two renowned social scientists, who have been studying the habits of affluent people for over three decades? In this book, they unpack the millionaire-next-door profile, his or her financial practices, and what we can learn from a frugal mindset. This summary briefly takes us through wealth management and attaining financial freedom. This insight is the key to this book, because it shows that the millionaire-next-door is usually best described as frugal. Many were also under-dressed for the occasion, wearing well-worn suits. The only food they indulged in was the crackers.
For example, not one person ordered any delicacies, nor drank the most expensive wine. The authors made some significant observations. As part of their research, they threw a penthouse party and invited the typical millionaire-next-door types to attend, to interview them about their journey to wealth. This research is the most comprehensive ever conducted on America’s millionaires, and is an important text that shares information on who they are, and how they got to be so wealthy.ĭuring their research process, the authors met over 500 millionaires face-to-face. Furthermore, the advertising industry, the music industry, and Hollywood, have done an exceptional job convincing us that wealth and hyperconsumption go hand in hand. Many of us have no idea about the actual inner workings of a wealthy household. Authors Thomas Stanley and William Danko, debunk the myths about the millionaire lifestyle, and give us a more accurate, yet surprising portrait of the average American millionaire.
On the contrary, the typical American millionaire enjoys quite a modest life, in a middle-class suburb. The majority of America’s wealthy don’t live the Hollywood high life, wear designer shades, and have garages full of fancy cars. The authors studied the profiles of the rich, and provide critical insights into achieving financial independence. The Millionaire Next Door, aims to dispel myths about the wealthier sector of society, and it reveals that many of us are misinformed about what it actually means to be rich. What do you imagine when you picture the lifestyle of the rich and the famous? Many of us are under the impression that millionaires are conspicuous consumers who purchase high-end designer items, and splash their cash with frivolous abandon.
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