They start earning and investing as early as possible in their adult life. However, their concerns and habits are completely different when it comes to the time they actually spend working on building wealth. Regarding achieving wealth, under accumulators of wealth (UAW) share nearly the same goals as prodigious accumulators of wealth (PAW). People who become wealthy use their time, energy, and money wisely in order to increase their affluence. They allocate their time, energy, and money efficiently. The authors share the 4 common practices of wealthy households, and how the millionaires play offense with income-generation, and play defense with their spending.Ģ. Frugality was found to be a crucial foundation of wealth-building. In the book, they discuss some of the interviews they had with what they called “decamillionaires”, or people worth at least $10 million dollars or more. WATTLES 1) They live well below their means. Read Also: The Science Of Getting Rich Summary BY WALLACE D. They are proficient in targeting market opportunities.ħ. Their adult children are economically self-sufficient.Ħ. Their parents did not provide economic outpatient care.ĥ. They believe that financial independence is more important than displaying high social status.Ĥ. The book’s authors discovered seven common denominators among those that they interviewed who successfully built wealth.ģ. The 7 Key Lessons Of The Millionaire Next Door associated with the millionaires studied. The book also includes numerous tables and statistics, breaking down the income and expenditure amounts, time allocation, mean earnings, types of businesses etc. The book is presented mainly through examples and excerpts of the authors’ numerous interviews and surveys, giving the reader good insights into how the first-generation self-made millionaires think and make their decisions.
However, these findings are a powerful reminder of how the average person can become a millionaire through a few (timeless) disciplines and principles, and how accumulated wealth can easily be lost by those who inherit them. This book was first published in 1995, and the business and societal landscape has obviously changed significantly in today’s internet age.
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