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Their adult children are self-supporting.Their parents didn’t provide them with financial support as adults.They prioritize attaining financial independence over displaying social status.They use their time and money efficiently to build wealth.They spend far less than they earn (live below their means).The authors’ research found that average millionaires share these common characteristics: The key to their success is they live a lifestyle that makes it possible for them to build wealth. They own a business, are married, and live in a modest neighborhood. They’re self-made businesspeople who have lived in the same town most of their adult lives. The typical millionaires in The Millionaire Next Door book defy stereotypes of the wealthy. More than 80% of them accumulated it over their own lifetime. But they didn’t inherit their wealth from their families. The millionaires described in The Millionaire Next Door book could maintain their lifestyles for years without a paycheck-they’re financially independent. They’ve accumulated enough to live without working for at least 10 years.
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They pay for expert financial and legal advice, but also study the markets and make their own investment decisions.
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They wear non-brand name clothing and accessories, and often drive used cars. For instance, they live in modest-looking, rather than showy, homes. They’re entrepreneurs or professionals in non-flashy fields-for instance, they may be welding or paving contractors, factory owners, accountants, or auctioneers.
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High-income people who spend freely and ostentatiously fit the Texas description, “big hat, no cattle.” In other words, they put on a show, but lack substance-they have very little accumulated wealth. Read on to learn how The Millionaire Next Door book can help you become wealthy too. These wealth-building principles outlined in Thomas Stanley’s Millionaire Next Door remain relevant today. Danko and Thomas Stanley’s Millionaire Next Door book explains the characteristics of the everyday millionaire and shows how they make, keep, and grow their wealth. What is The Millionaire Next Door book about? Is The Millionaire Next Door still relevant today?
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Like this article? Sign up for a free trial here. Shortform has the world's best summaries and analyses of books you should be reading. This article is an excerpt from the Shortform book guide to "The Millionaire Next Door" by Thomas J.