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The Millionaire Next Door Essay

1565 words - 6 pages

The Millionaire Next Door: A Brief SynopsisThe Millionaire Next Door written by, Thomas J. Stanley and William D. Danko, is a book about discovering who the real wealthy are in America. When people are asked the question, "who are the wealthy in America?" the typical response would be the man/woman who drives the latest foreign luxury cars, with the biggest house and the most material possessions. If one were asked to define the definition of wealthy, many would give the definition found in Webster's dictionary. Wealthy to these would mean those who have an abundance of material possessions. In respect to the definition provided by Stanley and Danko, wealthy is defined as those who "get much more pleasure from owning substantial amounts of appreciable assets than from displaying a high-consumption lifestyle". This book provides implicit instruction on how to become wealthy through the seven characteristics found common amongst most millionaires. These steps will be explored further along in this paper.Most of us would probably agree that the wealthy in America are those with the abundance of material possessions. The very first chapter in the book is almost a "slap in the face" because it clearly disproves this belief. The millionaire in America is more likely to be the one with the least of these material possessions. With this in mind, many ask the question who is the real American Millionaire? What would he tell you about himself? These are a few of many characteristics of the millionaire. He would tell you that he is a fifty-seven-old male, married with three children. About seventy percent of his family earns eighty percent of the household income. Many of the types of businesses that they are involved in are the dull-normal. These businesses include such things as welding contractors, auctioneers, rice farmers, owners of mobile home parks, pest controllers, coin and stamp dealers, and paving contractors. About one in five of these millionaires are retired. Two thirds of them who work are self employed. Self employed people make up less than 20 percent of the work force in America and account for nearly two thirds of the millionaires. Many of those who are self employed consider themselves entrepreneurs and the rest are self employed professionals such as doctors or accountants. The wealthy live well below their means; they don't wear expensive clothes, drive expensive cars, and they don't lease the cars that they drive. As a group these people are well educated and believe that education is important for themselves and their families. They spend heavily on education. They are also staunch investors, investing nearly 20 percent of their total household income. Most invest about 15 percent of their realized annual income. Lastly, they feel that their daughters are more financially handicapped than their sons. It has been noticed that men who occupy the same jobs as women get paid more, thus making it more likely for the millionaire to share...

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