The Millionaire Next Door
The Millionaire Next Door
This book is an introduction to the American culture of wealthy people and the habits they applied to become the way they are. Stanley and Danko have gathered enough information to profile the actual meaning a millionaire and the aberrant meaning of a millionaire. The narrative is more explanatory than informative and helps focus on the true aspect of the wealthy individuals who were genuine on the way they got their wealth. According to the author, individuals who are truly wealthy are those who have high income and low spending. Their expenses are low making their savings very high. Individuals who behave millionaires by spending are not real millionaires. They only pretend to be millionaires, but real wealthy people are high income earners, and their spending is very low. In other words, wealth is not what an individual spends, but it is what is accumulated and used in the proper manner, (Thomas & William, 1996).
What the authors of this book want to put across is that real millionaires are not children of people who were rich one day. Aberrant millionaires are individuals who inherit wealth from their parents or become lucky in their life and get some money. This is not the case with individuals who are real millionaires. For people who are wealthy in the real manner, they are hard working people who live the simple life and their spending is not conspicuous. They know how to accumulate wealth and do not show up by extraneous spending so that people can recognize that they have money. They are people who are financially independent and always find means to get more but not ways to spend what they have, (Thomas & William, 1996).
Authors of the millionaire next door discovered some strategies that real millionaire individuals apply in their day to day activities. The book explains seven basic rules that people apply in their life in order to get wealth. It took these authors to conduct as research behind the aspect of becoming a wealthy person. According to the authors, these seven basic rules range from selecting the best career to living below your means. It does not mean that if you have money you must live an extraneous life. The first thing that this book puts across is that a real millionaire does not look like a millionaire. Their life does not resemble who they are, and that is what makes them achieve their set goals. The book highlights how millionaires look at themselves and their living as compared to individuals who pretend to be rich people, (Thomas & William, 1996).
By conducting research behind the secret of becoming a millionaire, these authors provide vital information that is helpful to any given person of any status. It also creates an environment that helps a common person to become rich. Application of the seven basic rules of becoming rich, an individual may be able to change his or her life entirely. Below are the seven basic rules that wealthy people apply in their life. (1) Living below their means. (2) They strategically and effectively allocate money, energy, and time when creating wealth. (3) Did not get any economic outpatient care from parents. (4) Have children who are economically self reliance. (5) Do not display their social status rather they believe on financial independence all the time. (6) Choose the right occupation and finally, (7) they are perfect in targeting market opportunities, (Thomas & William, 1996).
Work Cited:
Thomas J. S. & William D. D.The Millionaire Next Door: The Surprising Secrets of America’s Wealthy: New York: Longstreet Press, 1996
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