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The Millionaire Next Door By William Danko And Thomas J. Stanley

1801 words - 8 pages

The Millionaire Next Door written by William Danko and Thomas J. Stanley illustrates the misconception of high luxury spenders in wealthy neighborhoods are considered wealthy. This clarifies that American’s who drive expensive cars, and live in lavish homes are not millionaires and financially independent. The authors show the typical millionaire are one that is frugal, and disciplined. Their cars are used, and their suits were purchased at a discount. As we read the book from cover to cover are misconceptions start to fade. The typical millionaire is very frugal in all endeavors and finds the best discounts possible. A budget is implemented daily, monthly, and annually for a typical millionaire. They live by the budget and are goal oriented. Living well below their means is crucial for a millionaire, and discovering ways to allocate time and money more efficiently. The typical millionaire next door is different than the majority of America presumes. Let’s first off mention what it is not. The typical millionaire is surprisingly not the individual with the lavish house worth a million dollars, owning multiple expensive cars, a boat, expensive clothes, and ultimately living lavishly. The individual is frugal and often looks for discounts for consumable goods. The book illustrates the typical millionaire in one simple word: frugal. It is shocking to believe that this is true, but it does make sense. To achieve financial independence is inherently more satisfying and important than accumulating wealth. According to the book the majority of these millionaires portray characteristics of being sacrificial, disciplined, persistent and frugal. In the book it states, “Being frugal is the cornerstone of wealth-building. Yet far too often the big spenders are promoted and sensationalized by the popular press” (Stanley and Danko, 40).
The lifestyle of a typical millionaire is frugal in all its endeavors and exhibits the seven factors discussed in the book. The average automobile choice by an average millionaire is less than speculated. Americans have the perception that individuals drive expensive cars that are over thirty thousand dollars or more are associated as wealthy individuals. According to the book this is far from the case. Typical millionaires will not spend over thirty thousand dollars for an automobile. The majority either rent or purchase used cars to save costs. This alleviates them from monthly payments and avoiding heavy consumer loans and interest payments. The trick is to live way below your means.
The typical millionaire does not own new cars; they do not live beyond their means in terms of housing choices, and buy inexpensive stuff on sale or discount. The typical millionaire does not have an extraordinary amount of debt. The lifestyle of a typical millionaire is frugal in all its endeavors and exhibits the seven factors discussed in the book. A typical house of an average millionaire is quite surprising when reading the book. Total...

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