The Millionaire Next Door Book Cover

The Millionaire Next Door

The Surprising Secrets of America’s Wealthy
Publishing Year: 1996
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What’s inside

People have always had fantastical ideas about millionaires. Who exactly is a millionaire according to society? It is definitely someone who wears a lot of expensive clothing, commutes in luxury vehicles, wears ornaments, and so on. But that is not what a lot of surveys say and this insight is an account of just that. Millionaires have a lifestyle a lot of common people never think they would have. What is this lifestyle? Are the notions common people have about the millionaires wrong? Follow the insight to learn.

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Lesson 1. Millionaires Are Found Inside Diamond Mines

Millionaires are perceived as an exotic species by many. There are multiple ways as to how people view millionaires. The common perception is the belief that millionaires are always spending on things common people dream about. They wear glasses worth $10,000, watches that don’t go below $5000, and suits that are always tailored with the finest clothing. People don’t seem to consider anyone who drives a car that costs less than $70,000 a millionaire. The millionaire status is almost always associated with reckless spending and an elegant demeanor. But are the millionaires this extravagant?  No. Surveys state that millionaires of America (50%) don’t live in posh or upscale neighborhoods. This might come off as a really surprising piece of information, but many millionaires prefer a low profile livelihood. Why you ask? Millionaires are almost always self-made, and there are few who inherit properties and still retain the status of a millionaire. Therefore, since their birth, these people have lived in conditions that are not “fit” for millionaires, according to society. Throughout this insight, keep it in mind that many millionaires live below their means. 

Becoming a millionaire requires meticulous planning and efficient budgeting. It is very much possible that a person who earns $90,000 a year might become a millionaire but someone who earns $150,000 might not. It all depends on how these people accumulate their ‘wealth’. A lot of these millionaires make their wealth slowly and steadily.

Lesson 2. What Does It Mean To Be Wealthy?

 

Does earning a lot of money make one wealthy? Maybe, or maybe not. A lot of income is not an indicator of a wealthy person. Wealth is something that is accumulated over the years by saving and budgeting. A school teacher might have more wealth than a business owner. Sounds strange? Take the following example.

  1. Mrs Swift is a professor who has an annual income of $65,000. She is in her mid-fifties and is a millionaire. Shocking? Not at all. Mrs Swift is a meticulous planner when it comes to money. She spends her earnings on things that require immediate concern and are really important. Mrs Swift has owned the same vehicle for five years and lives in a middle-class neighbourhood. Doing all of this, she has earned a wealth of $1.2 million. She never had to take loans to pay her children’s tuition fees, and she has enough money to sustain herself for an extended period of time. Mrs Swift is wealthy and financially independent. 
  2. Mr Ove is the owner of a food mart in

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About the author

Thomas J. Stanley Image

Thomas J. Stanley, an esteemed author and researcher, delved into the intricate world of wealth and success. Stanley’s work focused on debunking myths about affluence, emphasizing frugality, discipline, and prudent financial habits as keys to lasting ...

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The Millionaire Next Door Book Cover
Chapter List
  • Lesson 1. Millionaires Are Found Inside Diamond Mines
  • Lesson 2. What Does It Mean To Be Wealthy?
  • Lesson 3. How Do Millionaires Live?
  • Lesson 4. Economic Outpatient Care
  • Lesson 5. How Do Millionaires Raise Their Children?
  • Lesson 6. Millionaires Are Good At Grabbing Opportunities Present In The Market 
  • Lesson 7. Millionaires Do What They Are Good At
  • Lesson 8. Millionaire Lives
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FAQs

In the summary of The Millionaire Next Door book, there are 8 key lessons. These lessons include:

  1. Lesson 1. Millionaires Are Found Inside Diamond Mines
  2. Lesson 2. What Does It Mean To Be Wealthy?
  3. Lesson 3. How Do Millionaires Live?
  4. Lesson 4. Economic Outpatient Care
  5. Lesson 5. How Do Millionaires Raise Their Children?
  6. Lesson 6. Millionaires Are Good At Grabbing Opportunities Present In The Market 
  7. Lesson 7. Millionaires Do What They Are Good At
  8. Lesson 8. Millionaire Lives

The Millionaire Next Door by Thomas J. Stanley was published in 1996.

Once you've completed The Millionaire Next Door book, We suggest reading out Nobel Prize Winner on Rethinking Poverty (and Business) as a great follow-up read.

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In the printed version of The Millionaire Next Door book have over 300 pages and usually takes 8-10 days to finish. However, with the Wizdom app, including its summary and audiobook, it can be completed in just 15 minutes.

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