If you want to retire comfortably, one of the must-read is the #1 best selling book “The Millionaire Next Door” by Thomas J Stanley and William D Danko. The book revealed that, contrary to popular notions, most of America’s millionaires are not the high-income people!
According to the authors, one of the key traits of America’s millionaires is that they are meticulous planners and they spend years carving their financial future. They allocate significantly more time planning, managing and studying their financial futures and investments than non-millionaires.
The other key trait of millionaires is that they understand the foundation of wealth-building is being frugal. And few live a high-consumption lifestyle and become a millionaire at the same time. Many maintain a family budget and have tight control over their expenditure.
If becoming a millionaire is that simple, why aren’t there more millionaires? Because despite the knowledge, most people don’t have the discipline to do what it takes to accumulate wealth. It’s similar to getting physically fit – most people know what is required but can’t lift the finger, so to speak!
“The Millionaire Next Door” is available in www.amazon.com. Check it out. Cheers.
Monday, November 5, 2007
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