The Millionaire Next Door

by | Jul 20, 2020 | Money | 0 comments

Book Description: The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don’t live in Beverly Hills or on Park Avenue-they live next door.

This is the book that started it all for me. The title can be off-putting (it is not a get rich quick manual) and it reads a little old-fashioned, but this book will get help you change your entire financial mindset.

The main idea is that most people who look like they’re living like millionaires are probably living way beyond their means. They probably live paycheck to paycheck and have very little in savings. They may have a huge house, nice cars, and a boat, but are one missed paycheck away from financial disaster.

In fact, your neighbor who lives in a modest home and has been driving the same car for fifteen years is probably a millionaire. They’ve been living within their means and have been saving for years.

The book points out that through consistent saving it’s not difficult to save over a million dollars by the time you retire (or earlier if you get really hardcore about it). In fact, most of us would probably achieve this by making sure we contribute to our work retirement plans.

This book made me realize we needed to stick to a family budget, break the paycheck to paycheck cycle, and start saving.

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