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The Millionaire Next Door
We here at the Dollar Stretcher are a frugal lot, it's true. But how many of us can imagine where that frugality could lead us...?
You will never look at your next-door neighbor again with the same eyes after reading this book. It is the result of interviews of "millionaires" from every walk of life. The authors studied those persons who had a net worth of at least one million dollars and found some very interesting things to be true about them.
For the most part, these monied folk are first generation millionaires who have acquired their money the "old fashioned way - they earn it!" But the one thing that stood out is THEY DON'T SPEND IT! Forget the flashy European sports cars, expensive watches, grand estates. They almost never spend a dime they don't REALLY have to. Many were reported to have made comments like - why buy a BMW when you get to the same place in a Chevy? You can choose the most expensive thing on the menu but why? Tuna sandwiches are good....
These people are savers and investors. They invest at the risk levels they are personally comfortable with but they are frugal in that, too. No wheeling and dealing - just carefully thought out financial planning. "Millionaires" report spending four times the amount of time that the average person does on their money management.
Most are entrepreneurs who have built "boring" empires: drycleaners, construction companies, laundromats, mobile home parks. But they are providing a needed service and have slowly, consistently built their businesses by the same frugal principles with which they manage their personal finances. They are very likely to be found fixing a washer, running a register or hammering nails.
This book will give you hope that your frugality will one day pay off with a net worth statement in the 7-digits. None of the strategies presented is difficult (in fact, aren't many of us are already practicing "millionaire" habits!) and if these average "neighbors" can do it.....why not you?
Bonnie works with the Family and Consumer Sciences Cooperative Extension Service. Their motto is: "Educating People To Help Themselves". Occasionally she shares her knowledge with our Dollar Stretcher readers.
The Millionaire Next door is available at Amazon.com.
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