Several of the millionaires interviewed by Stanley and Danko found through their life experiences that luxury items that force an individual to carry extensive debt are often not worth the cost or effort. #8 Luxury Items are Not Necessarily Good Investments Alternatively, they pursue occupations or careers that are guaranteed to provide a good paycheck, as well as push their children to pursue a similar career law school and medical school were two common trends among most successful millionaires. Most millionaires do not necessarily follow what their heart desires instead, they go for businesses (often by founding their own) that has a good chance of returning their investments. But teaching your children to become financially self-sufficient will allow you to accumulate wealth later in life without that wealth being drained from your offspring’s subpar financial activity. It’s no secret that children are one of the greatest drains on personal wealth that you can have. They took charge of their own finances and created their own financial security without relying on their parents’ wealth or financial advice. Stanley and Danko discovered that most millionaires didn’t have much oversight from their parents. In other words, millionaires are more likely to provide services to other millionaires rather than to average people. It seems that wealthy people often earn much of their money by providing services or products to those with money to spend. As an example, most of the millionaires spent time planning their finances rather than shopping for luxury items or spending the wealth they had accumulated. Stanley and Dank discovered that the majority of millionaires spent their time smartly in order to efficiently earn and save money. In other words, they respected their wealth and kept their spending on a tight leash.
In addition, the majority of the interview millionaires reported that they followed a household budget.
In fact, they spent well below their means given their fortunes. Related to the last takeaway, the authors found that the vast majority of millionaires didn’t spend a lot of money. Stanley and Danko assert that millionaires frequently remind themselves that those who spend all their cash on high-priced luxury items often don’t have much wealth to their names. A 3 Minute Summary of the 15 Core Lessonsįirst and foremost, maintaining your financial independence is more important than showing off your wealth. They bring their findings to the reader so you, too, can adopt their positive habits. In it, they interview many of America’s millionaires to determine what, if any, aspects of their decision-making or personalities played a part in their success. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy is a famous book by Thomas Stanley and William Danko.
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