Book Byte #244 "The Millionaire Next Door" by Thomas J. Stanley

The Surprising Secrets of America's Wealthy

📣 Curious Quotes from the Author

“Operate your household like a productive business.”

“QUESTION 2: DO YOU KNOW HOW MUCH YOUR FAMILY SPENDS EACH YEAR FOR FOOD, CLOTHING, AND SHELTER? Almost two-thirds of the millionaires surveyed (62.4 percent) answered “yes” to this question.”

“The advertising industry and Hollywood have done a wonderful job conditioning us to believe that wealth and hyperconsumption go hand in hand.”

“What if he had taken full advantage of the tax-advantaged benefit from the time he was first employed? Today he would be a millionaire. Instead, he is on the perpetual earn-and-consume treadmill.”

“For every millionaire who owns a $1,000 suit, there are at least six owners who have annual incomes in the $50,000 to $200,000 range but who are not millionaires.”

“Most millionaires measure their success by their net worth, not by their realized income. For the purposes of wealth building, income doesn’t matter that much. Once you’re in a high-income bracket, say $100,000 or $200,000 or more, it matters less how much more you make than what you do with what you already have.”

“if you’re not financially independent, you will spend an increasing amount of your time and energy worrying about your socioeconomic future.”

“There is an inverse relationship between the time spent purchasing luxury items such as cars and clothes and the time spent planning one’s financial future.”

“It is easier to purchase products that denote superiority than to actually be superior in economic achievement.”

“Courage can be developed. But it cannot be nurtured in an environment that eliminates all risks, all difficulty, all dangers.”

“Most of us want to be wealthy, but most of us do not spend the time, energy, and money required to enhance our chances of realizing this goal.”

“What are the implications of our findings? It’s easier to accumulate wealth if you don’t live in a high-status neighborhood.”

📚 Cognition of the Book’s Big Idea

Living below your means, saving regularly, and gradually increasing your assets over a long period of time are more important strategies for accumulating significant wealth than having a high income and a luxury lifestyle. You too may gradually increase your money until you become a millionaire by concentrating on your long-term financial objectives and resisting the lure of rapid returns or consumer culture.

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