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Overview

Have you ever wondered what it would be like to be a millionaire? Most of us have probably spent some time dreaming about how we would use that kind of wealth, but you might be surprised to learn that millionaires don’t live and spend the way we think they do.

The show will take a short break for the month of April. This is because I like to practice what I preach about self-care; to stay at my optimal health, I’ll take this break and then return with more shows in May. Today’s show centers around topics presented in a book I read recently, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas J. Stanley and William D. Danko. Let’s dive into the best takeaways from this book!

What We’ll Learn

  • How the authors interviewed many millionaires and found out their habits, professions, and how they accumulated wealth
  • Three Key Takeaways from the book:
    • We need to think both offensively AND defensively about our income. Consider multiple income channels and IRA’s, 401K’s, and HSA’s.
    • Most millionaires don’t live the lifestyle or have the consumption patterns we think they do. Most live below their means, are frugal, and pay for quality, but not for image.
    • Millionaire parents don’t provide economic outpatient care for their children. They model frugal behaviors for their kids.
    • A Bonus Tip: Millionaires selected certain professions that are surprising. They chose the right one, with self-employed people being 4x more likely to become millionaires, which is based more on lifestyle choices more than an actual profession.

Resources

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley and William D. Danko

 

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Thank You for Listening

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