Financial Freedom Secrets Only Rich Know - Millionaire Next Door Book Summary
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What do you imagine when you picture the lifestyle of the rich and the famous? Many of us are under the impression that millionaires are conspicuous consumers who purchase high-end designer items, and splash their cash with frivolous abandon.
The Millionaire Next Door, aims to dispel myths about the wealthier sector of society, and it reveals that many of us are misinformed about what it actually means to be rich. The authors studied the profiles of the rich, and provide critical insights into achieving financial independence.
There’s a popular saying about wealth; 'The first generation makes the money, the second generation builds on this, and then the third generation blows it.' Millionaires next door, tend to be happy with their lifestyle. They live within their means, always saving rather than spending.
One of the key ways to reach financial freedom, is to live below your means. One of the book’s research subjects, a qualified engineer, told the authors that she’s incredibly frugal. After college, she and her husband both got good jobs, but decided to live on one income and save the other. Every time they received a raise in salary, they saved more. She and her husband have lived in the same modest 1,900-square-foot home, for twenty years. She’s also instilling frugal values into her children. Who sometimes ask if they’re poor, because there are times their parents make them order from the $1 value menu.
Successful children from wealthy households tend not to get cash gifts from their parents. Their parents have also instilled the values of frugality, discipline, and independence. The idea is to teach your children how to invest well and to spend wisely.