Apr 10 2014, 06:16 AM
QUOTE(adolph @ Apr 10 2014, 06:09 AM)
A good article to share , The Millionaire Next Door >
- Millionaires live frugally.
- They drive used cars.
- They buy their (used) car, instead of leasing one.
- They live in “less house” than they can afford, especially while they’re growing their wealth. Most of their neighbors are non-millionaires.
- More than half never received even $1 as an inheritance.
- Almost half never received any money for college tuition from their family.
- Nine out of 10 millionaires never received even $1 worth of ownership in a family business.
- Self-made millionaires have frugal spouses. The authors told one particularly compelling story about a husband who, -- after reviewing his net worth, announced to his wife that they were officially millionaires. The wife nods, then goes back to clipping coupons.
- Millionaires own their own business. Some have full-time jobs plus side businesses, while others are full-time business owners. “Self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires,” the book says.
- They tend to own “boring,” unglamorous businesses – the type that wouldn’t create interesting cocktail party conversation. The book says: “We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.”
- The one area in which they generously spend money is on their children’s education.
And, of course, my favorite observation:
The majority of self-made millionaires budget and track every penny. They know how much they spend on groceries, gas, and every other household line-item.
The authors say:
“Planning and controlling consumption are key factors underlying wealth accumulation … Operating a household without a budget is akin to operating a business without a plan, without goals, and without direction.”
INFO,
http://budgeting.about.com/od/Why_Budget/a...ake-Budgets.htm
- Millionaires live frugally.
- They drive used cars.
- They buy their (used) car, instead of leasing one.
- They live in “less house” than they can afford, especially while they’re growing their wealth. Most of their neighbors are non-millionaires.
- More than half never received even $1 as an inheritance.
- Almost half never received any money for college tuition from their family.
- Nine out of 10 millionaires never received even $1 worth of ownership in a family business.
- Self-made millionaires have frugal spouses. The authors told one particularly compelling story about a husband who, -- after reviewing his net worth, announced to his wife that they were officially millionaires. The wife nods, then goes back to clipping coupons.
- Millionaires own their own business. Some have full-time jobs plus side businesses, while others are full-time business owners. “Self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires,” the book says.
- They tend to own “boring,” unglamorous businesses – the type that wouldn’t create interesting cocktail party conversation. The book says: “We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.”
- The one area in which they generously spend money is on their children’s education.
And, of course, my favorite observation:
The majority of self-made millionaires budget and track every penny. They know how much they spend on groceries, gas, and every other household line-item.
The authors say:
“Planning and controlling consumption are key factors underlying wealth accumulation … Operating a household without a budget is akin to operating a business without a plan, without goals, and without direction.”
INFO,
http://budgeting.about.com/od/Why_Budget/a...ake-Budgets.htm
i can't stress how great this book is guys.
really inspires me to save and keeps me aligned and motivated.
the audiobook is available on youtube: http://www.youtube.com/watch?v=SuDhNYUKqX0
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