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(Take 15% of your earnings and set them aside as "untouchable" for personal spending.) The two main approaches used to accumulate their assets are budgeting and the "pay yourself" or set aside approach. Instead, they are excellent at managing their assets. The wealthy did not necessarily accumulate their wealth from high salaries or high incomes. Of the remaining 80%, more than two-thirds are headed by self-employed owners of businesses. Most of their businesses are not Fortune 500 corporations.Ģ0% of affluent households in America are headed by retirees. Self-employed people are four times more likely to be millionaires than those who work for others.
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Most of the wealthy have their own businesses. (57.7% of the vehicles millionaires are driving are American cars or trucks.) Many of them buy used cars (about 36%).
THE MILLIONAIRE NEXT DOOR BOOK REVIEW FULL SIZE
They live in modest homes and mostly drive full size American cars. They do not live in extravagant homes and drive Rolls Royces or BMWs. I am going to focus on first-generation wealthy Americans here, because they give the most valuable lessons for acquiring wealth. Contrary to the belief of many people who believe most wealth is inherited and "you can't make it in America today," eighty percent of America's millionaires are first-generation rich. They have performed extensive statistical research to profile who wealthy Americans are, how they acquired their wealth, how they live, and how their families function.įrom the inception, Stanley and Danko make it clear that the image of "Lifestyles of the Rich and Famous" has nothing to do with the lifestyle of most wealthy Americans, especially first-generation wealthy Americans. Thomas Stanley and William Danko are professors of sociology who have made studying wealthy Americans their specialty.
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The Millionaire Next Door is one of the most important books recently published on the subject of personal finance. *A Book Review* The Millionaire Next Door By Thomas J.