The Millionaire Next Door.
Many people who live in expensive homes and drive luxury
cars do not actually have much wealth. Then, we discovered something even
odder: Many people who have a great. deal of wealth do not even live in upscale
neighborhoods
Wealth is not the same as income. If you make a good income
each year and spend it all, you are not getting wealthier. You are just living
high. Wealth is what you accumulate, not what you spend.
Millionaires and
you
Nearly one-half of our wealth is owned by 3.5 percent of our households. Most
of the other households don't even come close. Many live from paycheck to
paycheck. These are the people who will benefit most from this book.
The millionaires we discuss in this book are financially
independent. They could maintain their current lifestyle for years and years
without earning even one month's pay. The large majority of these millionaires
are not the descendants of the Rockefellers or Vanderbilts. More than 80
percent are ordinary people who have accumulated their wealth in one
generation. They did it slowly, steadily, without signing a multimillion-dollar
contract with the Yankees
The Seven Factors
Who becomes wealthy? Usually the wealthy individual is a businessman who has
lived in the same town for all of his adult life. This person owns a small
factory, a chain of stores, or a service company. He has married once and
remains married. He lives next door to people with a fraction of his wealth. He
is a compulsive saver and investor. And he has made his money on his own.
Eighty percent of America's millionaires are first-generation rich.
1. They live well below their means
2. They allocate their time, energy and money efficiently,
in ways conductive to building wealth
3. They believe that financial independence is more
important than displaying high social status
4. Their parents did not provide economic outpatient care.
Once the kid moved out the kid was responsible for one’s financial
responsibilities. Damn it is a hard knock life. Don’t worry girls yo can always
come home and raid my refrigerator.
5. Their adult children are economically self-sufficient.
These kids do not need to come home and raid my refrigerator. They can support
them self’s. Way to go mom and dad.
6. They are proficient in targeting marketing opportunities.
7. They chose the right occupation. It is now 2018 when technology
is having a huge impact on the world. Get into being creative learn how to
code, design games you should be happy in this occupation.
In The Millionaire Next Door, you will study these seven
characteristics of the wealthy. We hope you will learn how to develop them in
yourself.
The Research
What have we discovered in all of our research? Mainly, that building wealth
takes discipline, sacrifice, and hard work. Do you really want to become
financially independent? Are you and your family willing to reorient your
lifestyle to achieve this goal? Many will likely conclude they are not. If you
are willing to make the necessary trade-offs of your time, energy, and
consumption habits, however, you can begin building wealth and achieving
financial independence. The Millionaire Next Door will start you on this
journey.
The Millionaire
Next Door.
About two-thirds of millionaires are self-employed.
Interestingly, self-employed people make up less than 20 percent of the workers
in America but account for two thirds of the millionaires. Also, three out of
four millionaires who are self-employed consider ourselves to be entrepreneurs.
Our household's total annual realized (taxable) income is $131,000 (median, or
50th percentile), while our average income is $247,000. Note that those of us
who have incomes in the $500,000 to $999,999 category (8 percent) and the $1
million or more category (5 percent) skew the average upward.
On average, our total annual realized income is less than 7
percent of our wealth. In other words, we live on less than 7 percent of our
wealth.
Ok so exactly what does that mean? Millionaires, millionaires
who have million dollar ball park accounts are only living on $70,000 a year?
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