The Millionaire Next Door: The Unchanging Law of Wealth
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Description
Book Introduction
The millionaire next door is still going strong!
A new book from Thomas Stanley, a world-renowned authority on wealth who has spent his life uncovering the secrets of wealth!
Dr. Thomas Stanley, a world-renowned expert on wealth studies, has been researching and studying the question, "How do self-made millionaires accumulate wealth?" for 40 years.
His first wealth report, The Millionaire Next Door, published 20 years ago after analyzing thousands of millionaires next door, has sold over 5 million copies worldwide and is still widely read as the bible for those seeking to understand the 'formula for wealth accumulation.'
Completely shatters conventional wisdom about the wealthy, "The Millionaire's Secret" reveals the "real" self-made millionaires living next door, seemingly ordinary but possessing surprisingly high levels of wealth, making it an innovative and practical business book.
However, the myth of wealth that the only way to wealth is through 'a huge inheritance' or 'getting rich overnight' still persists among people.
Most people equate income with wealth, and a new generation of household finance managers follow the advice of so-called "personal finance experts" on financial blogs, podcasts, and YouTube channels.
However, these methods are mostly just simple experiences shared without scientific research or analysis, and because there is no data to support them, people are often deceived by a very small number of cases and studies.
Dr. Thomas Stanley and his daughter, Dr. Sarah Stanley Fallow, closely examined the financial status, decision-making methods, habits, and behavioral patterns of millionaires from the 1990s and 2000s to the recent 'new' millionaires, and investigated what has changed among millionaires in the 20 years since the publication of 'The Millionaire Laws'.
This book explains how the specific decisions, behaviors, and tendencies of millionaires influence their wealth accumulation across areas such as spending, budgeting, careers, investing, and general financial management.
You'll also gain insights into wealth from a master of wealth studies, meticulously analyzing the diverse and rich data required to become a millionaire next door today.
A new book from Thomas Stanley, a world-renowned authority on wealth who has spent his life uncovering the secrets of wealth!
Dr. Thomas Stanley, a world-renowned expert on wealth studies, has been researching and studying the question, "How do self-made millionaires accumulate wealth?" for 40 years.
His first wealth report, The Millionaire Next Door, published 20 years ago after analyzing thousands of millionaires next door, has sold over 5 million copies worldwide and is still widely read as the bible for those seeking to understand the 'formula for wealth accumulation.'
Completely shatters conventional wisdom about the wealthy, "The Millionaire's Secret" reveals the "real" self-made millionaires living next door, seemingly ordinary but possessing surprisingly high levels of wealth, making it an innovative and practical business book.
However, the myth of wealth that the only way to wealth is through 'a huge inheritance' or 'getting rich overnight' still persists among people.
Most people equate income with wealth, and a new generation of household finance managers follow the advice of so-called "personal finance experts" on financial blogs, podcasts, and YouTube channels.
However, these methods are mostly just simple experiences shared without scientific research or analysis, and because there is no data to support them, people are often deceived by a very small number of cases and studies.
Dr. Thomas Stanley and his daughter, Dr. Sarah Stanley Fallow, closely examined the financial status, decision-making methods, habits, and behavioral patterns of millionaires from the 1990s and 2000s to the recent 'new' millionaires, and investigated what has changed among millionaires in the 20 years since the publication of 'The Millionaire Laws'.
This book explains how the specific decisions, behaviors, and tendencies of millionaires influence their wealth accumulation across areas such as spending, budgeting, careers, investing, and general financial management.
You'll also gain insights into wealth from a master of wealth studies, meticulously analyzing the diverse and rich data required to become a millionaire next door today.
- You can preview some of the book's contents.
Preview
index
Entering the Path to Wealth: A Slow and Steady Revolution in Everyday Life
Chapter 1: The Millionaire Next Door is Alive and Well
Going out to find the millionaire next door / The emergence of the FIRE tribe, the young rich people who retired / A prerequisite for wealth: Value money / Does your income cover present and future consumption? / Income is not wealth / Portraits of 21st-century millionaires / The formula for success has not changed / The fake millionaire next door who 'pretends to be rich' / There is no 'only' way to become rich / The smart choice of a millionaire / The influence of social media and inflation / Be more restrained than others and think differently from others
Chapter 2: Debunking Seven Myths About Wealth
Myth 1.
To be successful, join a successful group/ Myth 2.
Income is wealth/ Myth 3.
The rich drive luxury cars/ Myth 4.
The rich don't pay taxes / Myth 5.
It's the rich people's fault I'm not successful / Myth 6.
You can't live better than others on your own / Myth 7.
The rich are evil / Anonymous donors / Hating the rich won't make you rich / To get rich, ignore the myths about wealth
Chapter 3: How Millionaires Are Made
Childhood experiences change financial habits / Parents' habits determine their children's financial success / How financial stress affects children / Wealth comes when you respect money / Overspending is prohibited unless you are in the top 1% / People who overcame hard times and became rich / The story behind the American dream / Wealth is ultimately the result of choices / What kind of person is a millionaire's spouse? / Criteria for choosing a wise spouse / The comparison game and social indifference / What does it matter what your neighbor does? / Why doctors need to drive expensive cars / The consumption addiction brought about by the connected economy / Don't be fooled by 'attention-grabbing' marketing / Saving is becoming a trend
Chapter 4: Millionaires' Money and Their Unique Spending Styles
Where Consumption Begins: Home / Lessons from the Real Estate Bubble / The Millionaire Next Door Doesn't Wear a Luxury Watch / The Ultimate Test of Consumption: Cars / Where Millionaires Spend Their Money / This Is Why They're Rich!
Chapter 5: The DNA of the Rich: Patience
Requirements for a household chief financial officer / 6 behaviors that build wealth / Why are engineers so good at accumulating wealth? / What is the millionaire next door doing these days? / Intelligence is not everything / Believe in yourself more than grades / A top university is not a shortcut to wealth / The success factors of the millionaire next door / People who are temperate do not go astray / To succeed, accept criticism / Things that take up our minds and time
Chapter 6: The Career Views of the Rich: Choosing Adventure Over Stability
You have to try and fail to know / The future changed by one job experience / Get out of the illusion of work / Working with today's millionaires / 3 elements to escape the trap of work life / Success comes from unique ideas that create value / Business is a long-term battle, patience is essential / You decide your own destiny / Entrepreneurs are made, not born / Accumulating wealth in the changing world of work
Chapter 7: Investment Advice for the Potential Millionaire Next Door
Everything about millionaire investing / 5 characteristics of successful investors / The richer you are, the more you think you 'know about investing' / Millionaire investors who enjoy risk / The worst investment mistakes caused by overconfidence / The rich do not trust financial experts / Fake rich people who seek experts / Investment advisors sought by the millionaire next door / Financial experts, from financial 'agents' to 'guides'
The emergence of robo-advisors and the changing financial services landscape. Hiring investment advisors in a changing financial world. From financial consulting to life planning. Invest more time in investment studies.
And the millionaire next door is actually inside you
Appendix 1.
Research Overview
Appendix 2.
Ranking of Profitability of Private Companies (1998/2015)
Appendix 3.
Occupations of the mass affluent (PAW) with high assets relative to income who also have side jobs
Chapter 1: The Millionaire Next Door is Alive and Well
Going out to find the millionaire next door / The emergence of the FIRE tribe, the young rich people who retired / A prerequisite for wealth: Value money / Does your income cover present and future consumption? / Income is not wealth / Portraits of 21st-century millionaires / The formula for success has not changed / The fake millionaire next door who 'pretends to be rich' / There is no 'only' way to become rich / The smart choice of a millionaire / The influence of social media and inflation / Be more restrained than others and think differently from others
Chapter 2: Debunking Seven Myths About Wealth
Myth 1.
To be successful, join a successful group/ Myth 2.
Income is wealth/ Myth 3.
The rich drive luxury cars/ Myth 4.
The rich don't pay taxes / Myth 5.
It's the rich people's fault I'm not successful / Myth 6.
You can't live better than others on your own / Myth 7.
The rich are evil / Anonymous donors / Hating the rich won't make you rich / To get rich, ignore the myths about wealth
Chapter 3: How Millionaires Are Made
Childhood experiences change financial habits / Parents' habits determine their children's financial success / How financial stress affects children / Wealth comes when you respect money / Overspending is prohibited unless you are in the top 1% / People who overcame hard times and became rich / The story behind the American dream / Wealth is ultimately the result of choices / What kind of person is a millionaire's spouse? / Criteria for choosing a wise spouse / The comparison game and social indifference / What does it matter what your neighbor does? / Why doctors need to drive expensive cars / The consumption addiction brought about by the connected economy / Don't be fooled by 'attention-grabbing' marketing / Saving is becoming a trend
Chapter 4: Millionaires' Money and Their Unique Spending Styles
Where Consumption Begins: Home / Lessons from the Real Estate Bubble / The Millionaire Next Door Doesn't Wear a Luxury Watch / The Ultimate Test of Consumption: Cars / Where Millionaires Spend Their Money / This Is Why They're Rich!
Chapter 5: The DNA of the Rich: Patience
Requirements for a household chief financial officer / 6 behaviors that build wealth / Why are engineers so good at accumulating wealth? / What is the millionaire next door doing these days? / Intelligence is not everything / Believe in yourself more than grades / A top university is not a shortcut to wealth / The success factors of the millionaire next door / People who are temperate do not go astray / To succeed, accept criticism / Things that take up our minds and time
Chapter 6: The Career Views of the Rich: Choosing Adventure Over Stability
You have to try and fail to know / The future changed by one job experience / Get out of the illusion of work / Working with today's millionaires / 3 elements to escape the trap of work life / Success comes from unique ideas that create value / Business is a long-term battle, patience is essential / You decide your own destiny / Entrepreneurs are made, not born / Accumulating wealth in the changing world of work
Chapter 7: Investment Advice for the Potential Millionaire Next Door
Everything about millionaire investing / 5 characteristics of successful investors / The richer you are, the more you think you 'know about investing' / Millionaire investors who enjoy risk / The worst investment mistakes caused by overconfidence / The rich do not trust financial experts / Fake rich people who seek experts / Investment advisors sought by the millionaire next door / Financial experts, from financial 'agents' to 'guides'
The emergence of robo-advisors and the changing financial services landscape. Hiring investment advisors in a changing financial world. From financial consulting to life planning. Invest more time in investment studies.
And the millionaire next door is actually inside you
Appendix 1.
Research Overview
Appendix 2.
Ranking of Profitability of Private Companies (1998/2015)
Appendix 3.
Occupations of the mass affluent (PAW) with high assets relative to income who also have side jobs
Detailed image
Into the book
The path to financial success requires a different way of thinking about life and money, as the FIRE Tribe exemplifies.
The path requires discipline and effort.
It also requires knowledge of your own strengths and weaknesses, your environment, and your market.
You must also excel at allocating resources—financial, emotional, cognitive, and time.
In other words, this means that while accumulating wealth, you should be frugal, not be swayed by trends, and not act like you're rich according to misconceptions.
For some, it means managing their current high income well to achieve future financial freedom.
That means, instead of buying a home that requires a salary of hundreds of thousands or millions of dollars to maintain, you should live a life that allows you to save and invest above average.
For others, it means pioneering work that mobilizes emotional and cognitive resources to allow for economic independence and freedom.
All these paths require courage and perseverance.
--- From "Chapter 1: The Millionaire Next Door is Living Well"
If we ignore the myths about how to become rich, what's left? Our own actions, choices, and lifestyles.
Income is statistically related to wealth, but wealth is not.
When you understand this fact, the importance of your saving rate will begin to appear.
Your savings rate is determined not by how much you earn, but by what you do with that money (how you spend and save).
It is up to us to save more than we spend and live below our means.
And that is the mathematical truth of accumulating wealth.
--- From "Chapter 2: Shatter the Seven Myths About Wealth"
Wealth seeks out those who respect money.
Respect for money also includes moderation and effective management of money.
People who don't budget or keep a running tally of their annual expenses lack a sense of value for money.
Children who grow up in such families tend to become wealthy on the income statement like their parents.
About 70% of the millionaires in our recent study said their parents were frugal.
--- From Chapter 3, How Millionaires Are Made
Ignoring trends, being indifferent to people's opinions and influences, and living frugally beyond their means are the hallmarks of those who are adept at turning their income into wealth.
As a result of this lifestyle, they are more free to change jobs, start their own businesses, and take risks.
Consistently moderate spending habits are a hallmark of those who can become wealthy on their own and of those who are currently wealthy.
--- From "Chapter 4: Millionaires' Money and Their Unique Consumption Styles"
There's a lot of talk about the importance of discipline in financial management, but there's little research to back it up.
More than 40 years of research on self-made millionaires suggests that frugality, hard work, and persistence are the keys to financial success.
From the Millionaire Mind study of high- and ultra-high-net-worth individuals to Datapoints' research on the general wealthy, we've seen "integrity" in how the wealthy run their businesses and manage their household finances.
Integrity was the most important success factor for millionaires, significantly affecting their net worth regardless of age or income.
--- From "Chapter 5: The DNA of Millionaires: Patience"
Unless you've ever had a windfall, a rich uncle, won the lottery, or found a rare coin in the change from a vending machine, we all have to work to earn our own income.
And you need to use this money for living expenses and save it to generate additional income.
Even those who choose to retire early must generate income in the early stages of their economic life.
The impact of careful management of spending and consumption, a stable environment, and a happy childhood on income generation is limited.
Recognizing your strengths and setting goals is just the beginning.
You can only plant the seeds of wealth by leveraging those strengths to increase your income.
How do financially successful people do this?
The path requires discipline and effort.
It also requires knowledge of your own strengths and weaknesses, your environment, and your market.
You must also excel at allocating resources—financial, emotional, cognitive, and time.
In other words, this means that while accumulating wealth, you should be frugal, not be swayed by trends, and not act like you're rich according to misconceptions.
For some, it means managing their current high income well to achieve future financial freedom.
That means, instead of buying a home that requires a salary of hundreds of thousands or millions of dollars to maintain, you should live a life that allows you to save and invest above average.
For others, it means pioneering work that mobilizes emotional and cognitive resources to allow for economic independence and freedom.
All these paths require courage and perseverance.
--- From "Chapter 1: The Millionaire Next Door is Living Well"
If we ignore the myths about how to become rich, what's left? Our own actions, choices, and lifestyles.
Income is statistically related to wealth, but wealth is not.
When you understand this fact, the importance of your saving rate will begin to appear.
Your savings rate is determined not by how much you earn, but by what you do with that money (how you spend and save).
It is up to us to save more than we spend and live below our means.
And that is the mathematical truth of accumulating wealth.
--- From "Chapter 2: Shatter the Seven Myths About Wealth"
Wealth seeks out those who respect money.
Respect for money also includes moderation and effective management of money.
People who don't budget or keep a running tally of their annual expenses lack a sense of value for money.
Children who grow up in such families tend to become wealthy on the income statement like their parents.
About 70% of the millionaires in our recent study said their parents were frugal.
--- From Chapter 3, How Millionaires Are Made
Ignoring trends, being indifferent to people's opinions and influences, and living frugally beyond their means are the hallmarks of those who are adept at turning their income into wealth.
As a result of this lifestyle, they are more free to change jobs, start their own businesses, and take risks.
Consistently moderate spending habits are a hallmark of those who can become wealthy on their own and of those who are currently wealthy.
--- From "Chapter 4: Millionaires' Money and Their Unique Consumption Styles"
There's a lot of talk about the importance of discipline in financial management, but there's little research to back it up.
More than 40 years of research on self-made millionaires suggests that frugality, hard work, and persistence are the keys to financial success.
From the Millionaire Mind study of high- and ultra-high-net-worth individuals to Datapoints' research on the general wealthy, we've seen "integrity" in how the wealthy run their businesses and manage their household finances.
Integrity was the most important success factor for millionaires, significantly affecting their net worth regardless of age or income.
--- From "Chapter 5: The DNA of Millionaires: Patience"
Unless you've ever had a windfall, a rich uncle, won the lottery, or found a rare coin in the change from a vending machine, we all have to work to earn our own income.
And you need to use this money for living expenses and save it to generate additional income.
Even those who choose to retire early must generate income in the early stages of their economic life.
The impact of careful management of spending and consumption, a stable environment, and a happy childhood on income generation is limited.
Recognizing your strengths and setting goals is just the beginning.
You can only plant the seeds of wealth by leveraging those strengths to increase your income.
How do financially successful people do this?
--- From "Chapter 6: The Career Views of the Rich Who Choose Adventure Over Stability"
Publisher's Review
Even at this very moment, a 'Millionaire Next Door' is being born!
7 Secrets of People Who Look Ordinary But Have a Million Dollar Fortune!
Twenty years ago, a book that revealed the lives of ordinary-looking but incredibly wealthy people living next door created a sensation in the global financial technology and marketing markets.
This is the book 『The Millionaire Next Door』, which first introduced the concept of the so-called 'Millionaire Next Door' to the world.
Dr. Thomas Stanley, the author of this book, is a world-renowned authority on wealth studies who has conducted research on all aspects of wealth for 40 years. He has published over 40 papers and 10 books using almost all data and cases related to wealth and millionaires, and has contributed to dozens of media outlets around the world.
People often think that millionaires are born with a large inheritance or make a fortune overnight.
They are considered to be people with 'innate wealth', so to speak.
The one who broke this stereotype was Dr. Stanley's millionaire neighbor.
He said that the 'real' rich, who are never shaken by any crisis and have wealth that never dries up throughout their lives, are ordinary self-made people, and he investigated in detail the way they accumulated wealth, organizing the absolute laws of wealth and revealing that 'moderation' is essential at the foundation.
Contrary to some critics' objections, Dr. Stanley is clear: "The odds of starting from nothing and becoming incredibly rich are not very high."
But on the other hand, research has repeatedly demonstrated that we can change our economic situation through our actions.
His life was just like that.
He meticulously and consistently changed his behavior to overcome his extremely poor childhood and achieve economic independence.
_From the introduction
How do today's millionaires next door live? And how do emerging millionaires accumulate wealth? Dr. Stanley's latest "Wealth Report," a new study of the stories of the millionaires next door, has finally been released, addressing these two questions.
"The Millionaire Next Door: The Unchanging Laws of Wealth" analyzes the behavioral patterns of thousands of wealthy people to examine how the lives of millionaires next door have changed over the past 20 years, how the 30-40 new millionaires are accumulating wealth in a rapidly changing world, and whether the wealth accumulation formula discovered 20 years ago is still valid. It organizes the wealth accumulation formula into 7 laws and newly verifies them.
What are the seven laws of wealth rewritten by Dr. Stanley from The Millionaire Next Door? This book is packed with all the secrets to wealth.
“A remarkable bible that marks the pinnacle of wealth reporting!” — The New York Times
Income, spending, work, relationships, investments... The powerful laws of wealth that will transform your life!
"The Millionaire Next Door: The Unchanging Laws of Wealth" is divided into seven chapters.
Chapter 1 compares the millionaire next door from 20 years ago with the millionaire next door today.
It tells the story of the "FIRE Tribe," a group of young, wealthy retirees, and the millionaire next door who retired as a millionaire at age 55, and shows what the basic and prerequisites of wealth are that are evident in all millionaires.
Chapter 2 discusses seven long-standing wealth myths and proves them to be completely false, drawing on the lifestyles, thoughts, and attitudes of the millionaires next door.
It helps you gain a proper understanding of wealth, which is often obscured by prejudices such as, “Income equals wealth,” “The rich don’t pay taxes,” and “It’s the rich’s fault I wasn’t successful.”
Chapter 3 talks about the basic requirements of the millionaire next door.
It explains why it is essential to develop a sense of money and the ability to manage it during one's formative years, how to manage wealth in relationships with spouses and family members with whom one shares wealth, and how environments that stimulate consumption in daily life are created and how to respond to them.
Building on this, Chapter 4 uses various research data to explain how millionaires spend, what they buy, and what they absolutely do not buy.
What's striking is that when it comes to buying a house or a car, which costs a lot of money, the millionaires next door have a very realistic and cool-headed judgment: "I won't buy it."
This is because it is seen as a factor that makes it impossible to plan for the future with unmanageable loans and assets. Interestingly, in reality, most millionaires next door do not live in 'rich neighborhoods' and even if they do own a home, it is extremely rare for it to be larger than 54 pyeong.
Chapter 5 talks about the economic decision-making methods and habits related to “patience,” which can be said to be the DNA of the wealthy.
The millionaire next door is not swayed by what others say, but rather overcomes the limitations of knowledge, strengthens self-confidence, tolerates criticism from others, and overcomes the temptations of body and mind to achieve his financial goals.
Chapter 6, which discusses the occupations and careers of wealthy people with these characteristics, explores the career perspectives of millionaires who have an extraordinary ability to turn their abilities into money.
Finally, Chapter 7 provides a glimpse into the choices of millionaires next door in the area of 'investment'.
It discusses topics such as, "The rich don't trust financial experts," "Who is the investment advisor that the millionaire next door seeks out?" and "What kind of investment advisor should you hire in the changing financial world?"
In closing, Dr. Stanley says:
“The millionaire next door is actually already within you,” he said.
The birth of a millionaire next door is not possible due to just one factor.
You can become a millionaire next door through thorough self-management in all areas of life, including income, consumption, work, relationships, and investments.
As Dr. Stanley's life showed, only those who make the choices and take the actions to transform themselves into millionaires can possess inexhaustible wealth and enjoy financial freedom that others cannot.
"The Millionaire Next Door: The Unchanging Laws of Wealth" is the ultimate bible containing powerful laws of wealth that never change, no matter how the world changes.
7 Secrets of People Who Look Ordinary But Have a Million Dollar Fortune!
Twenty years ago, a book that revealed the lives of ordinary-looking but incredibly wealthy people living next door created a sensation in the global financial technology and marketing markets.
This is the book 『The Millionaire Next Door』, which first introduced the concept of the so-called 'Millionaire Next Door' to the world.
Dr. Thomas Stanley, the author of this book, is a world-renowned authority on wealth studies who has conducted research on all aspects of wealth for 40 years. He has published over 40 papers and 10 books using almost all data and cases related to wealth and millionaires, and has contributed to dozens of media outlets around the world.
People often think that millionaires are born with a large inheritance or make a fortune overnight.
They are considered to be people with 'innate wealth', so to speak.
The one who broke this stereotype was Dr. Stanley's millionaire neighbor.
He said that the 'real' rich, who are never shaken by any crisis and have wealth that never dries up throughout their lives, are ordinary self-made people, and he investigated in detail the way they accumulated wealth, organizing the absolute laws of wealth and revealing that 'moderation' is essential at the foundation.
Contrary to some critics' objections, Dr. Stanley is clear: "The odds of starting from nothing and becoming incredibly rich are not very high."
But on the other hand, research has repeatedly demonstrated that we can change our economic situation through our actions.
His life was just like that.
He meticulously and consistently changed his behavior to overcome his extremely poor childhood and achieve economic independence.
_From the introduction
How do today's millionaires next door live? And how do emerging millionaires accumulate wealth? Dr. Stanley's latest "Wealth Report," a new study of the stories of the millionaires next door, has finally been released, addressing these two questions.
"The Millionaire Next Door: The Unchanging Laws of Wealth" analyzes the behavioral patterns of thousands of wealthy people to examine how the lives of millionaires next door have changed over the past 20 years, how the 30-40 new millionaires are accumulating wealth in a rapidly changing world, and whether the wealth accumulation formula discovered 20 years ago is still valid. It organizes the wealth accumulation formula into 7 laws and newly verifies them.
What are the seven laws of wealth rewritten by Dr. Stanley from The Millionaire Next Door? This book is packed with all the secrets to wealth.
“A remarkable bible that marks the pinnacle of wealth reporting!” — The New York Times
Income, spending, work, relationships, investments... The powerful laws of wealth that will transform your life!
"The Millionaire Next Door: The Unchanging Laws of Wealth" is divided into seven chapters.
Chapter 1 compares the millionaire next door from 20 years ago with the millionaire next door today.
It tells the story of the "FIRE Tribe," a group of young, wealthy retirees, and the millionaire next door who retired as a millionaire at age 55, and shows what the basic and prerequisites of wealth are that are evident in all millionaires.
Chapter 2 discusses seven long-standing wealth myths and proves them to be completely false, drawing on the lifestyles, thoughts, and attitudes of the millionaires next door.
It helps you gain a proper understanding of wealth, which is often obscured by prejudices such as, “Income equals wealth,” “The rich don’t pay taxes,” and “It’s the rich’s fault I wasn’t successful.”
Chapter 3 talks about the basic requirements of the millionaire next door.
It explains why it is essential to develop a sense of money and the ability to manage it during one's formative years, how to manage wealth in relationships with spouses and family members with whom one shares wealth, and how environments that stimulate consumption in daily life are created and how to respond to them.
Building on this, Chapter 4 uses various research data to explain how millionaires spend, what they buy, and what they absolutely do not buy.
What's striking is that when it comes to buying a house or a car, which costs a lot of money, the millionaires next door have a very realistic and cool-headed judgment: "I won't buy it."
This is because it is seen as a factor that makes it impossible to plan for the future with unmanageable loans and assets. Interestingly, in reality, most millionaires next door do not live in 'rich neighborhoods' and even if they do own a home, it is extremely rare for it to be larger than 54 pyeong.
Chapter 5 talks about the economic decision-making methods and habits related to “patience,” which can be said to be the DNA of the wealthy.
The millionaire next door is not swayed by what others say, but rather overcomes the limitations of knowledge, strengthens self-confidence, tolerates criticism from others, and overcomes the temptations of body and mind to achieve his financial goals.
Chapter 6, which discusses the occupations and careers of wealthy people with these characteristics, explores the career perspectives of millionaires who have an extraordinary ability to turn their abilities into money.
Finally, Chapter 7 provides a glimpse into the choices of millionaires next door in the area of 'investment'.
It discusses topics such as, "The rich don't trust financial experts," "Who is the investment advisor that the millionaire next door seeks out?" and "What kind of investment advisor should you hire in the changing financial world?"
In closing, Dr. Stanley says:
“The millionaire next door is actually already within you,” he said.
The birth of a millionaire next door is not possible due to just one factor.
You can become a millionaire next door through thorough self-management in all areas of life, including income, consumption, work, relationships, and investments.
As Dr. Stanley's life showed, only those who make the choices and take the actions to transform themselves into millionaires can possess inexhaustible wealth and enjoy financial freedom that others cannot.
"The Millionaire Next Door: The Unchanging Laws of Wealth" is the ultimate bible containing powerful laws of wealth that never change, no matter how the world changes.
GOODS SPECIFICS
- Publication date: December 18, 2019
- Page count, weight, size: 400 pages | 606g | 152*225*20mm
- ISBN13: 9791162541197
- ISBN10: 1162541199
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