Emphasize Net Worth-Part IIPosted on October 13th, 2011
In the previous blog, I reflected upon the millionaire next door's Rule #2 for building wealth. I'd like to thank Mr. "Cropmate" for reminding me of this concept. In an Amazon book review for Stop Acting Rich he stated:
I first heard of him [Stanley] and his then new book [The Millionaire Next Door] from an excerpt in a financial magazine. . . . This was a life changing book for me in that it destroyed my previous beliefs that those who owned fancy cars, wore fancy clothes, lived in huge houses, and partied at the local country club were, in fact, not truly rich in terms of actual saved wealth (with a few exceptions of course). I feel fortunate to have gotten this insight very early in my career before I could get myself going down the wrong road of material consumption which many of my friends and colleagues have gone. I am a professional and it is true that some of the worst culprits of overconsumption are the lawyers, dentists, and physicians-many I know have very little wealth,very little money left to be able to save after paying the bills, and yet earn hundreds of thousands each year! (but at least they have huge houses, vacation homes, and fancy cars!) I, for one, have managed to pay off all debts, saved completely for all of the kids' college, own my modest house outright (and all our cars), simply by living WAY below our means. If you look at us and how we're dressed and what we drive, you'd never know we were millionaires (which we are), simply by living the lessons shown by Dr Stanley in his books. What is even more remarkable is that I was able to achieve millionaire status (unassumingly and secretly) shortly after turning forty, about 6 years ago. If not for this book [The Millionaire Next Door] I know I easily would have been led down the wrong path of hyper consumerism and be nowhere near as happy, content, and secure as I am now. This new book reviews a lot of what was previously written and updates it with new and interesting examples and data. READ THIS BOOK and become a millionaire yourself!
The same happened to me.
I am now 42y/o I read the book The millionaire Next Door 4 years ago and was then inspired.I am grateful I was able to put up 7 different companies in a span of 4 years. It became a habit already for me to re-invest annualy,80-90% of realized income after taxes made from my income generating assets to build another strong business and so on.
Thank you Mr Thomas J. Stanley and Mr William Danko
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