With all the sound financial advice in “The Millionaire Next Door”, you can quickly be on your way to making solid financial decisions. Taking Steps to Become the Millionaire in Your Neighborhood Both partners (if married) contribute and buy into the smart financial decisions.Staying away from high-status neighborhoods – keeping up with the Joneses can be expensive, from lawn care, housekeeping, nice cars, and more.Playing both the offensive (making money) and defensive (saving money) game together.
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It is the new ideas, the innovation, and the grit that power industry in any society. Those first-generation entrepreneurs keep the economy flourishing. This is true of most money matters, but it’s also wonderful confirmation that this rings true for millionaire families. The book itself goes over this part in depth, but I think it’s good to note that it takes both adults on board for a family to be affluent. Surprisingly, and most notably, these millionaires said their wives were more frugal than them. Because starting a business often requires one to be frugal and financially savvy, this is where the millionaire earners are born. Many of these men work as first-generation entrepreneurs. In 70% of these households, the male contributes 80% or more of the total income. Well, nearly 95% of the affluent households are composed of married couples. Stanley and Danko argue that most millionaires don’t have a lifestyle anything like that. What mental image do you have when you think of a millionaire? Do you think of someone living in a mansion with several luxury vehicles and a maid? Which, probably leads you to consider the next point… Millionaires aren’t who you would think They married frugal – a large majority of the men surveyed were married and many said their wives were more conservative than them with money.Many were first-generation millionaires – fewer than 20% inherited 10% or more of their wealth.What did many of these millionaires have in common? And, in fact, they’ve discovered seven commonalities. Stanley and Danko begin the book by explaining all the common traits among the millionaires they’ve interviewed.
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Could You Have a Millionaire Next Door?.