Books That Have Changed My Perceptions: Thomas Stanley’s The Millionaire Next Door
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This is part 2 in a series titled "Books That Have Changed My Perceptions". If interested, check out the other 3 parts of the series!
Growing up, there were always a few things on my mind that I wanted to do, and one of those was to be wealthy to afford virtually anything I wanted. Well, I'm not close to being there yet, but Thomas Stanley's book The Millionaire Next Door changed my perception of what it took to be a millionaire, as opposed to what popular media said it took to achieve millionaire status. Mr. Stanley took polls and surveys of affluent people all around the United States to determine what traits people had in accomplishing their apparent millionaire status. He found 7 traits which were most common in the people he polled:
- They live well below their means - meaning they don't just buy anything they want (i.e. crap!).
- They spend their time, their energy, and their money on activities which would help them to build wealth.
- They placed a higher value on financial independence than having a high status in their society. Basically, they didn't go around flaunting their wealth. They took care of it, and the only carefree spending was spent on charities that were important to them, but not with a lot of fan fare.
- The millionaires overwhelming did not come from "old money", and did not or could not depend on their families for financial assistance. They were basically self-made success stories.
- In succession with #4 above, they did not provide financial assistance to their adult children.
- They were very good at finding markets or niches for their businesses and then taking advantage of those opportunities where others did not.
- This is number 7, but it's almost #1: the millionaires surveyed chose the correct career path for them. What this means (to me) is that they chose something they enjoyed doing, found success in the work they enjoyed, and continued to multiply that success with the love of the career.
So, how did the book change my perceptions? I had felt that there must be some way to be successful, but just wasn't sure how to go about doing so. In The Millionaire Next Door, I found that if you live below your means (meaning don't buy crap!), spend your time on pursuits that are enjoyable yet profitable, and stop expecting your parents to bail you out every time you get in money trouble, you will be a much happier, healthier, and successful person!
As I said, I'm not there yet, but we are getting there, and the perceptions I've fostered by reading this book, along with the others in the list, have made life more enjoyable!
Let me know what you think about The Millionaire Next Door in the comments below, or check out the other 3 books in this series of blogposts!
The Millionaire Next Door by Thomas Stanley at Amazon
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The Millionaire Next Door: The Surprising Secrets of America's Wealthy
List Price: Sale Price: $8.06 You save: $8.89 (52%)  |
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The Millionaire Mind
List Price: Sale Price: $7.99 You save: $9.00 (53%) |
The Millionaire Next Door on Sale at Barnes and Nobles
The Millionaire Next Door by Thomas Stanley at Auction on Ebay
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The Millionaire Next Door: The Surprising Secrets of America's Wealthy
Selling for Only: $3.99 Sale Ends In: 9h 54m |
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The Millionaire Next Door by Thomas J. Stanley, PhD & William Danko, PhD
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The Millionaire Next Door
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Millionaire Women Next Door: The Many Journeys of Successful American Businesswo
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THE MILLIONAIRE NEXT DOOR:The Surprising Secrets Of America's Wealthy CASSETTE
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EXTRAS SHIP FREE Thomas J. Stanley, William D. Danko,The Millionaire Next Door
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The Millionaire Next Door:SECRETS ~ HC, DJ, BRAND NEW..
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The Millionaire Next Door:Rich, Personal Finance,Motivational,PB,1998
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The Millionaire Next Door by Thomas Stanley (2010, Paperback, Reissue)
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