Tweet

So You Want to be a Millionaire?

Guest post by: Catherine Avery

Article Overview: In 1996 a new book hit a national nerve as it raced up bestseller lists in the New York Times, Business Week, the Wall Street Journal and Publishers Weekly. It’s title? “The Millionaire Next Door – The Surprising Secrets of America’s Wealthy.” Written by Thomas J. Stanley and William D. Danko, this landmark study revealed the results of more than 20 years comprehensive research on just how people become wealthy. Their findings may shock you - just as it did millions of other Americans.

So You Want to be a Millionaire?

How do you become wealthy?

Most people have it all wrong about how you become wealthy in America according to Stanley and Danko. It’s seldom inheritance or advanced degrees or even intelligence that builds fortunes in this country. Wealth in America is more often the result of hard work, diligent savings and living below your means.

The crux of this book’s message is that wealth is not the same as income. You can make millions of dollars a year and be unable to support your family beyond next month, while someone who makes a fraction of your salary is able to sustain themselves and their family for ten years without working. This is because no matter how much you earn, if you spend it, you are not getting wealthier. You are just living high. Wealth is what you accumulate, not spend.

The common denominators of America’s truly wealthy?

ü They live well below their means

ü They allocate time, energy and money efficiently in ways conducive to building wealth

ü They believe financial independence is more important than displaying high social status

ü They are not reliant on inheritance or gifting from their parents

ü Their own adult children are economically self-sufficient

ü They are proficient in targeting market opportunities

ü They chose the right occupation

Shattering Myths

This book tackles all the myths and shatters them. That ancestry and inheritance equal wealth. That people living in the biggest homes, driving the fanciest cars and living the most opulent lifestyles are the wealthiest. Not by a long shot. And not in real terms. In fact it’s far more likely that the middle aged, self-employed welding contractor living in an average middle class suburb and driving a second hand car is your millionaire next door.

You owe it to yourself to read this book. If nothing else it will make you stop and think…

Related Articles
  Do I Need to Have a Millionaire Mindset to Be Successful? Secret Revealed
  The Millionaire Mindset Part 2 of 4
  Picture Becoming A Millionaire! Now Discover The Way To Becoming A Millionaire
  The Millionaire Mindset Part 1 of 4
  Affirmations That Work
  Creating Success
  The Millionaire Mindset Part 3 of 4
  Five Reasons Why You Should Become A Millionaire And How To Get There
  Financial Independence: How to Think Like a Millionaire
  What I Learned from David Bach the Automatic Millionaire
  Millionaire Mentor Reviews
  The Millionaire Mindset Part 4 of 4
  800% increase of Millionaire households
  Many Millionaires Have Been Created During Recessions-Do You Have What It Takes To Join This Group of Millionaires
  Article #15 Are You A Self-Made Millionaire?
  Manifesting With the Law of Attraction
  How Top MLM Leaders explode their business
  Article #16 Another Millionaire Home Based Business?
  5 Questions to Catapult out of “Stuckville” and Into Massive, Focused Action
  Article #2 Fed Up With Not Being Rich?

Article Tags: Advice, Millionaires, Secrets
Referred by: http://elliacommunications.com



Related Forum Posts
Re: Dropped Out Of School To Startup! - Micheal Dell also dropped out of university. I have ordered for a book titled Millionaire Dropouts by Woodward. Read the Synopsis Millionaire Dropouts started as a list who's who of dropouts. Over the years and seven books later it as developed into an extensive list of great men and women who have overcame their obstacles and beat the odds of success. Some of the greatest companies and most profound inventions were founded and invented by people with very little education. How can someone without a degree and sometimes with very little money go onto build empires? It is the age old question, what drives one person to success while another stops at failure? This book list bullet bios of some of the greatest dropouts in history. Millionaire Dropouts will inspire and entertain. Not only are there over 50 biographies there is a master list of over 900 people who have dropped out and gone on to great success. Enjoy this inspiring work and share it with others.
Re: Do Articles For Businesswomen need to be written differently - One of the best books ever written to illustrate this point beautifully, half the book is written in a story style and then the same thing is written again in more of a text book style. The book is The One Minute Millionaire by Mark Victor Hansen and Robert G. Allen. Quite different and I am sure that each half appeals to different people in different ways. MichelleJ
Re: Automatic Millionaire by David Bach - Thanks for all the response. I also find it very informative and inspiring. The Automatic Millionaire is based on sound financial concepts. David Bach persuades readers to eradicate debt, to live economically, and to pay themselves first. However the core of his book is unique: rather than develop determination and self-discipline, Bach says, why not bypass the human element altogether? Why not make your path to wealth automatic? You’ve all heard that you’re supposed to “pay yourself first” but what does this really mean? This idea simply suggests that before you pay your bills, before you pay your taxes, before you pay anything else, you need to set money aside for yourself. This isn’t money to spend, but money to save for the future.
9 Lies that are holding you back - I've picked up this book to assist me with my conversations when coaching business clients and I've found it to be quite enlightening as distinctions are made. The book is titled "9 Lies That are Holding Your Business Back..." by Steve Chandler and Sam Beckford (aka Small Business Millionaire). I'll use this post in two ways: 1. To highlight A Lie 2. To help me internalize the concepts by writing about it in my own terms/understanding so that I can use it in future conversations (yes, I'm feeling a lil selfish and want to take you guys along with the journey) first post to arrive shortly on the First chapter: Lie#1: I Just Need to Know [i:23sag391]How[/i:23sag391] to Do This"
Topics of Interest - There have been some wonderful resources posted in this section. However, I also strongly advise any entreperneur to pick up a few books on personal financial planning; cash flow is key to any business and the best way to start planning good cash flow for your business is to learn some personal financial planning. I have always enjoyed the following: The Millionaire Next Door- Thomas Stanley and William D. Danko Richest Man in Babylon- George S. Clason Rich Dad, Poor Dad- Robert T. Kiyoski and Sharon L. Lichter There are many many more great resources on this topic. These should be read in conjunction with the other resources posted here. Good luck.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Designing Employee-Enhancing Training Programs

Convening a focus group for a niche product

The True Cost of Employee Turnover

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.