The Myth About Millionaires

If you’ve read the book, The Millionaire Next Door, you’d probably know what I am trying to say. Stanley and Danko, the authors of The Millionaire Next Door breaks the pop culture concept of how millionaires are. When people think of millionaires, we think:

• The guy who just got off from the Lexus.
• The woman who’s just gone shopping in New York for her clothes.
• The young man who’s flashing his rolex watch.

Extensive research was done for Stanley and Danko to prove that most millionaires don’t do most of those things. Most millionaires:

• live well below their means.
• allocate their time, energy, and money efficiently, in ways conducive to building wealth.
• believe that financial independence is more important than displaying high social status.
• had parents did not provide economic outpatient care.
• have adult children are economically self-sufficient.
• are proficient in targeting market opportunities.
• chose the right occupation

From the way I see it, luck didn’t play a part in making most millionaires millionaires.

Here’s a pretty trivial article I wrote a few weeks ago about how to become a millionaire in 10 years.

Photo by Stephen Angelo

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