What's the best way to learn about accumulating wealth and becoming rich? It's probably by asking the rich and wealthy how they got where they are and what they had to do to reach their level of success. The Millionaire Next Door does just this. In fact, The Millionaire Next Door was after twenty years of interviews with the ultra-wealthy in the United States.
What's in the Book?
Not everyone truly wants to become rich and wealthy. Sure people dream about it but only a few people are motivated to work hard enough to reach there. In addition, most people think that living the rich life includes luxury cars, mansions, and blowing copious amounts of money with no regard. However, as you'll discover, the authors of The Millionaire Next Door found the exact opposite is true.
The Seven Principles of the Rich
After countless interviews with the rich, Thomas Stanley and William D. Danko found that the ultra-rich all have seven things in common, which they call the “Seven Principles of the Rich.”
These principles are:
* Rich people spend much less than they make.
* Rich people spend their time, energy, and existing money efficiently so they can focus on building their wealth even further.
* Financial security and independence are much more important than displays of wealth and status (like cars and mansions).
* Most rich people did not receive what Stanley calls “economic outpatient care.” In other words, most wealthy people made their own wealth, instead of relying on their parents to live a certain lifestyle.
* If the rich do have adult children, their children as completely financially self-sufficient.
* The rich are very good at taking advantage of smart investment opportunities. Instead of spending lavishly all the time, the rich invest their money effectively and thoughtfully.
* The ultra rich chose and succeeded in the right career for them.
The Millionaire Next Door Review Summary
Instead of appealing to the hopes and dreams of most people, Stanley offers a no-nonsense guide to accumulating wealth. While the appearance of wealth and status may appeal to some people, Stanley shows that having a bit of humility and thinking about the future is the real way to accumulate wealth.
In fact, based on these principles, your next door could be a millionaire without you even knowing it. Who knows, maybe they are?
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