In The Millionaire Next Door: The Surprising Secrets of America's Wealthy, professors Thomas J. Stanley and William D. Danko reveal the common traits of America's millionaires—and uncover the secrets of the wealthy.
After reading this book, you'll understand that displaying high social status and being wealthy can be two very different things.
You'll find that “Most of the truly wealthy in the United States don’t live in Beverly Hills or on Park Avenue. They live next door.”
The authors label those who are adept at building wealth as Prodigious Accumulator's of Wealth (PAW's). While those who are poor at building wealth are labeled Under Accumulator's of Wealth (UAW's).
The most memorable part of the book for me was a case study of two high-earning physicians. They each earned roughly $700,000 a year—and had vastly different levels of wealth—despite what outward appearances suggested.
Reading this book was a turning point in my life and has led me to look at money in an entirely new light.
The authors met with over 500 millionaires face to face, to gather the data found in this New York Times best-selling book.
As Dr. Stanley said: “For the price of a book, the reader is essentially buying the equivalent of more than $1 million worth of invaluable research and interpretation.”
The Millionaire Next Door will show you how people become millionaires by living below their means and focusing on building wealth—instead of their income.
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