Seven Secrets Of Wealthy People

Posted on January 15th, 2013

Book notes from: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley, William Danko

Usually the wealthy individual is a businessman who has lived in the same town for all of his adult life. This person owns a small factory, a chain of stores, or a service company. He has married once and remains married. He lives next door to people with a fraction of his wealth. He is a compulsive saver and investor. And he has made his money on his own.

Eighty percent of America’s millionaires are first-generation rich. Affluent people typically follow a lifestyle conducive to accumulating money. In the course of our investigations, we discovered seven common denominators among those who successfully build wealth. 

  1. They live well below their means. 

  2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.

  3. They believe that financial independence is more important than displaying high social status. 

  4. Their parents did not provide economic outpatient care. 

  5. Their adult children are economically self-sufficient. 

  6. They are proficient in targeting market opportunities. 

  7. They chose the right occupation.

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