Since I read the book after I had already been into the idea of financial independence for some time, I wasn’t very surprised about the findings. In any case the findings seem to be pretty timeless to me. It has been updated and I assume that figures have been adapted to inflation. To be more specific: their research into American households with a net-worth of more than one million dollar.įrom this, Stanley and Danko conclude which consumptive, as well as general behaviour is conducive to building up wealth and gaining financial independence, and which is rather detrimental. Danko present a summary of their wide research into behavioural and wealth building patterns of millionaires. And a big favourite with the Financial Independence or FIRE crowd. The Millionaire Next Door is one of the classics in the personal finance space. The title might let you suspect a romantic novel by Rosamunde Pilcher. You might have heard of it already: it’s called T he Millionaire Next Door. And in the process – upgrading your money-making toolbox.Hiya, today it’s time for another book recommendation. This channel is about filling your mind with those ideas. Warren Buffett – the greatest investor of our time – says that you should fill your mind with competing ideas and then see what makes sense to you. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. My goal with this channel is to help you make more money and improve your personal finances.
– Last but not least, number 5 is that you can decide if you are on the right track towards becoming a millionaire by taking your age, multiply it by yearly pretax income, divide it by 10 and then comparing it to your net worth. – Number 4 is that cash gifts are counterproductive to accumulate wealth.
– Takeaway number 3 is that opportunity costs, both in terms of money and of time, should be added to estimate the true cost of a purchase. – The second takeaway is that you must play a great defense to accumulate wealth. – Frist, becoming a millionaire is a result of hard work, lifestyle decisions, planning and self-discipline, not inheritance or luck. They might surprise you …Ī playlist of books that will help you to reach your financial freedom goals faster:Ġ:17 The 12 Characteristics of a MillionaireĦ:51 How to Decide if You Are on The Right Track Describes the characteristics of a millionaire.
Support the channel by getting The Millionaire Next Door by Thomas Stanley here:Īs an Amazon Associate I earn from qualified purchases.Īnimated top 5 takeaways of The Millionaire Next Door by Thomas Stanley.
0 kommentar(er)
