Stanley and Dank discovered that the majority of millionaires spent their time smartly in order to efficiently earn and save money. In other words, they respected their wealth and kept their spending on a tight leash. In addition, the majority of the interview millionaires reported that they followed a household budget. In fact, they spent well below their means given their fortunes. Related to the last takeaway, the authors found that the vast majority of millionaires didn’t spend a lot of money. Stanley and Danko assert that millionaires frequently remind themselves that those who spend all their cash on high-priced luxury items often don’t have much wealth to their names. A 3 Minute Summary of the 15 Core Lessonsįirst and foremost, maintaining your financial independence is more important than showing off your wealth. They bring their findings to the reader so you, too, can adopt their positive habits. In it, they interview many of America’s millionaires to determine what, if any, aspects of their decision-making or personalities played a part in their success. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy is a famous book by Thomas Stanley and William Danko.
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