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No matter how much you make: if you spend more you’ll end up with debt instead of wealth. If you think about it, it’s quite obvious. Stanley and Danko state very clearly how important a good “defense” – frugality – complementing a good “offense” – the salary – is. In this post I want to highlight the three things I find most relevant – so you’ll get an idea but there’s enough left to read for yourself. The authors point out behavioural patterns that will – given comparable incomes – lead to disproportional accumulation of wealth. But attainable even with pretty average salaries and within one generation. As you can guess by the title, the “Millionaire Next Door’s” life is pretty tame. If living like that is your goal, this book is not for you. It might be paid by genuine wealth or by highly-leveraged cash-flow. Obviously that kind of lifestyle exists as well.
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You know what I mean: jet-set, glamour, parties, never further than a cigar’s length or Birkin Bag away from champagne, caviar and cocaine. But they are in stark contrast to the common picture of millionaires amplified by the media. Since I read the book after I had already been into the idea of financial independence for some time, I wasn’t very surprised about the findings. In any case the findings seem to be pretty timeless to me. It has been updated and I assume that figures have been adapted to inflation. To be more specific: their research into American households with a net-worth of more than one million dollar.įrom this, Stanley and Danko conclude which consumptive, as well as general behaviour is conducive to building up wealth and gaining financial independence, and which is rather detrimental. Danko present a summary of their wide research into behavioural and wealth building patterns of millionaires. And a big favourite with the Financial Independence or FIRE crowd. The Millionaire Next Door is one of the classics in the personal finance space. The title might let you suspect a romantic novel by Rosamunde Pilcher. You might have heard of it already: it’s called T he Millionaire Next Door. Hiya, today it’s time for another book recommendation.