Just because you live in a fancy neighborhood and drive an expensive car does not make you rich. The point of this book comes through loud and clear, the people that we think are millionaires are more than likely swimming in debt. To figure out your actual net worth - do the following formula: Assets - LiabilitiesĮxample: Age 30, Income $45,000, Credit Card Debt $12,0000, Car Loan $20,000 This person should have net worth of $135K. To figure out what category you are in - do the following formula: Age/10 x Income PAW = Prodigious Accumulator of Wealth (2 * AAW) UAW = Under Accumulator of Wealth (1/2 of AAW)
You got three categories to millionaires. I like this part in the book about UAWs and PAWs. So when you quit your job or get fired, you can say to your employer "go to hell" and walk out the door and not worry about working. The typical millionaire has a "Go to Hell Fund" which allows them to quit their job and not work for like 10 years or more. You heard of emergency fund, car fund, retirement fund, etc. The good millionaires know how much their costs are in life - how much they spend shopping, traveling, etc. get one.īe frugal, know your financial picture, and have goals with your money. Looking to build your money team? Ask your CPA. This was a great audio and text book (yes, I got both versions) - I especially enjoyed the chapter that had "Working for the Tax Man" and "The Martin Method."ĩ5% of the millionaires own stocks - most have 20% or more of their wealth in publicly traded stocks.īuild a good money team: accountant, attorney, financial advisor, and you (and spouse).
The lessons and ideas may seem repetitive, but the author is really trying so hard to drive home a point. This is the best legacy they can leave to their children.ĥ.Their adult children are economically self-sufficient -Pass on the buck right? That's why the rich get richer and the poor get poorer.Ħ.They are proficient in targeting market opportunities - Now this is one handy skill I want to get my hands on.ħ.They chose the right occupation - Right! To wake up everyday itching so badly to get yourself to do the things you love. You can display high social status all you want, but if you're still dependent on active income then you're one very vulnerable fella.Ĥ.Their parents did not provide economic outpatient care - Pretty good training ground, don't you think? They train their kids to be survivors and in the end, to be winners. Pretty cool.Ģ.They allocate their time, energy, and money efficiently, in ways conducive to building wealth - How else did they get there right? Well this goes for those millionaires who didn't inherit their wealth.ģ.They believe that financial independence is more important than displaying high social status - Practical. I learned that there are seven characteristics or common denominators among millionaires in America.ġ.They live well below their means - They are frugal,frugal, frugal. At Georgia State University he was named Omicron Delta Kappa’s Outstanding Professor. He was a university professor for 20 years, leaving to pursue a career in research and writing about America’s millionaires. Stanley received his doctorate in business administration from The University of Georgia. He served as the chief advisor for DataPoints, a technology and research company based on his research and work, from 2013 to 2015. Stanley served as chairman of the Affluent Market Institute through which he has developed research based marketing and selling strategies for identifying, attracting and retaining wealthy clients. His work has been cited in the national media, including The Wall Street Journal, The New York Times, Forbes, Fortune, Time, Money Magazine, U.S. Stanley appeared as a featured guest numerous times on The Today Show, 20/20, and The Oprah Winfrey Show. Stanley authored more than 40 published articles which deal with the affluent in America.
Stanley’s books have been sold worldwide.ĭr. In total, more than three million copies of Dr. Stanley’s first three books, Marketing to the Affluent, Selling to the Affluent, and Networking with the Affluent and Their Advisors, were all designated as outstanding business books. His Millionaire Women Next Door was selected as a finalist for the business book of the year by the Independent Publishers Association and was on several business best sellers lists. These books spent more than 170 weeks combined on the New York Times’ Best Sellers list. Stanley wrote The Millionaire Next Door and The Millionaire Mind.
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