SUMMARY OF THE MILLIONAIRE NEXT DOOR

SUMMARY OF THE MILLIONAIRE NEXT DOOR The Surprising Secrets of America's Wealthy By Thomas J. Stanley and William D. Danko There must be hardly any person who is not interested in getting rich. We all want to know that one secret that all the rich seem to share. In “The Millionaire Next Door” authors Thomas Stanley & William D. Danko examine the common characteristics of millionaires, debunk the myths associated with millionaires and provide a detailed perspective of what a real millionaire looks like. Using real-life data and examples, the book analyses the habits of the wealthy and wheedles out their common attributes, practices and ways of life. The book makes for an interesting read and sheds perspective on the lives of millionaires. Key Takeaways  To be considered a millionaire, as per Stanley and Danko‟s definition, you must be worth US$1million or more.  Being a millionaire goes beyond “appearance”. Millionaires may not seem „wealthy‟ from the outside.  Frugality is a common trait of millionaires.  Millionaires learn how to be efficient and responsible with money.  The first step towards accumulating true wealth is planning how to spend your money.  As a wealthy parent, it is important that you take the time to consider how you raise your children. You want to encourage them to be responsible with money.  Consider whether you are truly benefiting your children when you gift them money. And question if it is actually having a negative impact on their future capabilities.  There is always going to be a difference between those who work hard for their wealth and those who are born with it