The Millionaire Next Door

Elizabeth Brit… |
Thumbnail

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:
 

  1. They live well below their means
  2. They allocate their time,  energy and money efficiently in ways that help build wealth
  3. They believe financial independence is more important than social status
  4. Their parents did not finance their lives
  5. Their adult children are economically self-sufficient
  6. They target market opportunities that fill a need
  7. 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.
 
Reference:
 
http://finance.yahoo.com/news/author-of-“the-millionaire-next-door”-dies-—-7-key-insights-from-his-book-213300777.htm