Upon interviewing multiple decamillionaires, they made a few random but very important observations that say a lot about the road to wealth. This caught them by surprise because they expected someone of that net worth to be dressed much fancier. The first person they interviewed was a real estate investor and owner of multiple businesses, and he showed up in an older run-down suit. They prepared a very fancy gourmet meal with expensive beverages and invited the decamillionaires to a fancy penthouse to interview them on their path to wealth. In the book, they discuss some of the interviews they had with what they called “decamillionaires”, or people worth at least $10 million dollars or more. The Millionaire Next Door describes these 7 attributes that are followed by PAW’s to grow their wealth to self-made millionaire status.Īccording to The Millionaire Next Door, three main words come to mind when discussing the importance of living below your means: “FRUGAL, FRUGAL, FRUGAL!” They also are more likely to use bad debt like credit cards, personal loans for unnecessary purchases and other similar financial habits. They are the spenders who don’t take the time to budget or invest their money and often give in on impulse purchases. They use their time properly, spend on a budget, live below their means, and invest regularly. PAW’s are those who efficiently build wealth to become millionaires or decamillionaires.
1% of millionaires have vehicles that are at least 2 years old, 12.4% three years old, 6.3% with vehicles at least 4 years old, 6.6% with vehicles at least 5 years old, and 12.3% with vehicles that are six years old or older.70% of millionaires never paid more than $29,200 for a new vehicle, and only 5% ever paid more than $57,500 for a new vehicle.50% of millionaires pay less than $235 for a watch, and only 25% ever pay over $1,125 for a wristwatch.75% of millionaires never pay more than $199 for a pair of shoes, and 50% pay less than $140.Other amazing statistics that might get you excited: Go figure right? So scrap that dream of a $10,000 suit. They are proficient in targeting market opportunities.Įye-opening statistics learned from this 20-year study are things such as how much millionaires actually pay for clothing.Īccording to the study, millionaires who purchase white collar suites in most cases don’t ever pay more than a couple of hundred bucks, and below 5% of millionaires ever pay more than $1,400 for a suit.Their adult children are economically self-sufficient.Their parents did not provide economic outpatient care.
They believe that financial independence is more important than displaying high social status.They allocate their time, energy and money efficiently, in ways conducive to building wealth.
This book is the ultimate personal finance textbook.Īfter studying how millionaires became wealthy for over 20 years, they concluded seven powerful lessons that everyone should know to become a millionaire. Danko we learn some valuable lessons from the millionaires of today. In “The Millionaire Next Door” by Thomas J. Are you an Under Accumulator of Wealth (UAW) or are you a Prodigious Accumulator of Wealth (PAW)?
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