The Millionaire Next Door
Published in 1996, This book sold over 2 million copies. Tragically its author, Thomas Stanley, recently died in a car accident at the age of 71 (1944-2015). What this book revealed is that most millionaires share SEVEN KEY TRAITS:
- They live well below their means
- They allocate their time, energy and money efficiently in ways that help build wealth
- They believe financial independence is more important than social status
- Their parents did not finance their lives
- Their adult children are economically self-sufficient
- They target market opportunities that fill a need
- They choose the right profession
Being a millionaire is NOT the point, but having a secure financial future is. As financial planners and investment advisors, too often we see clients putting their long-term financial security at risk by overspending, under-employment and / or acting as a financial crutch for adult children. We all want to enjoy a high quality of life, but at the same time we must remain responsible, prudent, creative and proactive to help assure we avoid financial hardships. It's a challenge, but one worth building your life around.
Revisiting the SEVEN KEY TRAITS seems timely with the passing of Mr. Stanley. The book offered a simple and clear message in 1996 that holds true today.