The bestselling Pdf eBook of The Millionaire Next Door by Dr. Thomas J. Stanley distinguishes seven common traits among those who have acquired wealth. Most of the actual wealthy in the USA don’t live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, incorporates a new foreword for the twenty-first century.
This book is an interesting examination of the affluent in American society and An interesting sociological work.
The Millionaire Next Door Description
The authors analyze the behavior of those who are “PAWs” (Prodigious Accumulator of Wealth) and those they call “UAWs” (Under Accumulators of Wealth).
Their conclusions that millionaires are disproportionately centered in middle-class and blue-collar neighborhoods and not in more wealthy or white-collar communities came as a surprise to the authors who expected the contrary.
Stanley and Danko’s book demonstrates why, noting that high-income white-collar professionals are more likely to dedicate their income to luxury goods or status matters, thus neglecting savings and investments.
Some of the main points mentioned in The Millionaire Next Door are listed below:
Spend less than you earn
Anyone who consumes more than they earn will fail to increase their net worth.
Avoid buying status objects or leading a status lifestyle
Buying or leasing brand-new, fancy imported vehicles are of poor value. Buying status objects such as branded consumer goods is a never-ending cycle of depreciating assets.
The authors point out that Hyperconsumers must understand more income to afford luxury items and become more exposed to inflation and income tax.
PAWs are willing to take a financial risk if it is worth the reward.
PAWs are not misers who put every single penny under their mattresses. They invest their money for good returns and consider riskier investments if they’re worth the reward.
Family and Generational Wealth
The authors also observe that UAWs tend to have children who require an influx of their parents’ money to afford the lifestyle that they expect for themselves. They are less likely to have been taught about money, budgeting, and investing by their parents.
Download The Millionaire Next Door Pdf eBook
Get this Pdf eBook, which is compilation of research done by the authors in the profiles of American millionaires.
It is one the most popular International bestseller book, which provide valuable financial information to the readers.
Click on the button below to get The Millionaire Next Door Pdf download to your devices: