The Millionaire Next Door
This is one of the best books in accumulating wealth. The book was published after a study in the late 90’s about the wealthy in America. The study found out some shocking revelations on who are the wealthy in America;
- The wealthy live way below their means
- They rarely have articles of social status like expensive cars, suits, watches, or jewelry
- They are extremely frugal
- Most do not live in upscale neighborhoods
- Their net worth can support their lifestyle for ten years or more if they lost their current income
- Most are self-made and accumulated their wealth in one generation
In sharp contrast the people that we believe are millionaires are actually not. The majority of people displaying high social status are merely living high because of a high income. Most cannot survive for 3 months if they lost their job.
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