3 of 3 people found the following review helpful
Two key takeaways and strong supporting data,
This review is from: The Millionaire Next Door: The Surprising Secrets of America's Wealthy (Millionaire Set) (Kindle Edition)
Ever since classic movie/musical High Society first posed the question: "Who wants to be a millionaire", many have have contradicted the words Cole Porter wrote next to say: "I do!" And even after 50-plus years of inflation, the one and six noughts still has the allure to charm many of us who don't already command this small fortune.
The Millionaire Next Door may be getting a little long in the tooth but still provides a few timeless nuggets of advice to those who wish to pursue the path of wealth accumulation. This comes from analysing data collated on the spending and investment habits of those who occupy the £1m-£10m wealth bracket (or at least those who did occupy that position in late 20th Century USA).
The findings were that the majority of these wealthy individuals had built their fortunes by salting away as much as they could, investing, and resisting the temptations of conspicuous consumption.
Data upon data reveals that these millionaires don't buy expensive cars, watches or suits. They live below their means and they take a long-term strategy when it comes to investing, with these investments often being in their own businesses (though, that said, they tend to set up their children as professionals in acknowledgement that the life of the entrepreneur is subject to factors often beyond the businessman or woman's control, as well as demanding a lot of hard work and luck.)
The book makes these points well and reinforces that for most of us the successful get rich quick schemes are far outnumbered by effective get rich slow schemes, the best one being to be frugal and invest well. Simple isn't it? ;)