The Millionaire Next Door, by Thomas J. Stanley

Living well below their means is crucial for a millionaire, and discovering ways to allocate time and money more efficiently. The typical millionaire next door is different than the majority of America presumes. Let’s first off mention what it is not. The typical millionaire is surprisingly not the individual with the lavish house worth a million dollars, owning multiple expensive cars, a boat, expensive clothes, and ultimately living lavishly. The individual is frugal and often looks for discounts for consumable goods.

These teachings of Jesus sound extreme to us, but if we believe scripture as God's word and highest authority, they should be viewed as the normal expectation for Christians. As the American Church, we must re-prioritize how we spend money, specifically in light of scripture's commands towards finances, or we challenge what it actually means to be a follower of Christ. Many Christians in America have nice houses, numerous expensive vehicles, fun toys, and excessive amounts of clothing and items. Not only does the church neglect attempting to prevent individuals from materialism, it sometimes encourages its members towards it. Marti... ... middle of paper ... ...e the American Dream mentality in the American Church, and the Church could slowly begin to be known once more for its extreme love.

The trend for the Christian church today is all about changing the way we do church by having a younger group or more contemporary worship. However, the elderly disabled cannot change that well with the times. If we are to be part of the body of Christ, aren’t we supposed to welcome everyone to the house ... ... middle of paper ... ...lled the more money I would make neglecting the care for the patients and the wellbeing of my residents. The doctors and the nurses that also worked for me had this mentality as well. While writing this research people I confessed of my shortfalls in the way I did business.

However, market forces create solutions to problems long before government regulations are put in place. After banking stocks fell due to the 2007/2008 financial crisis, risk management committees were set up and boards were reorganized to include directors with “finance and investment” experience. Because self-regulation focuses on maximizing shareholder value, it tends to be financially efficient. To say nothing of simple bureaucratic bloat, government regulations take a public opinion/stakeholder-focused approach, and therefore costs to businesses are far higher than what they would be under self-regulation. For example, General Motors recently announced t... ... middle of paper ... ...tates today - 12.2 percent of the $25.2 trillion in total assets under management tracked by Thomson Reuters Nelson - is involved in some strategy of socially responsible and sustainable investing.” Although the transgressions of a tiny percentage of corporate managers have hurt investors and the economy, market forces have mostly been able to direct proper corporate governance.

In the first four chapters of The Automatic Millionaire, David Bach recounts his experience with the McIntyres, the first couple to become automatic millionaires. While most people think that becoming a millionaire requires strenuous planning, a six figure income, or an inheritance, Bach shows how easily an average middleclass person can amass wealth. Bach goes onto explain how anyone can gain financial independence and accumulate millions of dollars by setting aside small amounts of money daily. Chapter One begins with Jim and Sue McIntyre, a middle class hardworking American couple, setting up a meeting with the author to go over their financial situation. The couple was excited about the thought of retiring in their mid 50's while most people in the United States are struggling to retire at the age of 65.

I believe that this quote is good for people who are in a relationship “Most people will never become wealthy in one generation if they are married to people who are wasteful. A couple cannot accumulate wealth if one of its members is a hyper consumer.” I believe that they is a key factor for getting wealth if you are in a relationship. Both parties need to agree on a budget and not overspend. Both parties also need to agree to the the fact that they do not to have a rich image about them. For my final quote I picked “One of the reasons that millionaires are economically successful is that they think differently.” I like this quote since it deals with the fact that you

If an investor is never likely to receive income from his holdings - then his holdings are worthless. Capital gains - the other form of income from shareholding - is also driven by earnings but it does not feature in financial equations. Yet, these theories and equations stand in stark contrast to market realities. People do not buy shares because they expect to receive a stream of future income in the form of dividends.

Diversification is required to generate good returns, but most investors do not achieve the degree of diversification that they should. The costs of brokerage and taxes incurred by investors are high. Behavioral finance is of the view that many investors are irrational. 2. Deviations from rationality cannot be random always.

This result indicates the company was poor in using its asset to generate revenue. The other ratio is receivables turnover which increased from 7.06 in 2010 to 7.34 in 2012. However... ... middle of paper ... ...n the process of cash collection. The liquidity of this company has improvement over the ability to pay short term obligations. However, the company is not able to repay all debts using its most liquid assets or cash flow generated from company’s operations.

You don’t need a fancy vacation to have a good time; it’s just a matter of who you spend it with. Over the years, humans have blown the value of money way out of proportion. People make it seem like if you’re not filthy rich, then you won’t live a good life but it’s not true. You can lack money and yet still live a perfect, happy life. In conclusion, I believe that money does not buy happiness.