The Millionaire Next Door
How does one earn the title of wealthy? Authors Dr. Thomas J. Stanley and Dr. William D. Danko have studied how people become wealthy for over twenty years. They have conducted research, written books, conducted seminars, and advised major corporations on whom the wealthy are and what are the characteristics of the affluent in America. The research for The Millionaire Next Door was comprised of personal, as well as focus group interviews, with more than 500 millionaires. A survey of 1,115 high net worth and/ or high income respondents was also compiled. The authors define the threshold for being wealthy as having a net worth of $1 million or more. This is one distinction that the authors make in comparison to what most Americans might perceive is the definition of wealth. As opposed to what most Americans in our society believe, a measure of an individual’s material possessions does not necessarily equate to being wealthy. According to the authors, wealth is what you accumulate and not what you spend. Based on the author’s definition of wealth, only 3.5% of American households meet their criteria for status as a millionaire. Of this small percentage, 95% of millionaires have a net worth between $1 million and $10 million. The authors chose to focus on this segment of millionaires because this level of wealth can be attained in one generation and by many Americans.
The characteristics of the affluent researched in the book share seven common traits that have helped them achieve financial success:
1. They live below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important...
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...oice that it is more advantageous to their financial well being to accumulate wealth instead of material belongings. Frugality, planning, living below your means and a smart investment strategy are paramount to accumulating wealth
Stanley, Thomas, and William Danko. The Millionaire Next Door. New York: Simon and Schuster, 1996, p.1.
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Brian purchased the finest penthouse that his money could buy. After all, “I deserve it”, he would boast to friends. Expensive white Italian silk suits, alligator shoes, and a red Lamborghini sports car with license plates that read “MONEY” were his trademark. His penthouse apartment held a sweeping vista of the city along with elegantly appointed rooms, marble entry, a swimming pool and a sauna. Art work from the masters and rare collections were an impressive site to visitors. Brian had all the latest toys and electronics gadgets a young man could desire. A staff of servants cooked, cleaned and pampered him where ever he desired.
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Tobias Wolff’s short story “The Rich Brother” is about two brothers who are very different from each other but must get along because of Donald’s inevitable dependence on Pete. Pete is responsible, hard-working, and modestly successful. He is married, has two daughters, a career, a house, and a boat. On the other hand, Donald is unreliable, dependent on others, and not successful at all. He does not have a stable job, is single, and lives by himself. After trying out a few different religions and churches, Donald decides to commit to a particular church and move to a farm where members of the faith community live and work together. Everyone who is living on the farm is assigned chores daily, and sometimes Donald has the responsibility of grocery shopping and cooking dinner for the entire community. The majority of the story takes place in Pete’s car right after he picks Donald up from the church farm because he has recently been expelled from the community. Donald has a few character traits that contradict each other. Throughout the story, Donald is very caring and generous, but he is also extremely gullible and irresponsible. These two character traits work against him to create an ongoing recipe for disaster in his life and in his relationship with his brother, Pete.
main idea discussed is whether or not being rich is a good thing. The story