How the Millionaire Next Door pursues Income

How the Millionaire Next Door pursues Income

Today’s post will be short as it links to another guest post I did. When it comes to pursuing financial independence there are many great tips to remember.My latest guest post looks at How the Millionaire Next Door Pursues Income.

Here’s a short exert from the article:

When it comes to accumulating financial resources and building wealth, I prefer to learn from people who have, “been there, done that.” That’s why I picked up [The Millionaire Next Door] many years ago.

About 1 in 15 households in America are millionaires when you include household equity. Compare that statistic with less than half of Americans having just $100,000, again, including household equity.

Many people we presume to be millionaires are, in reality, worth less, much less. In fact, one in ten drivers of an imported luxury vehicle are actual millionaires. The most common cars driven by most millionaires today include Toyotas, Hondas & Fords.

Don’t confuse rich with wealthy.

If we want to become financially wealthy then we should model the wealthy, not the rich. That’s why the book described financial defense as being critical. If we overspend our income, we will never become millionaires.

“A fat kitchen makes a lean will,” as Ben Franklin phrased it.

Check out the article by clicking here and leave a comment. I’ll be sure to read each one and respond!

-Matt
Master Distiller

4 comments… add one
  • Boris Nov 2, 2016, 5:48 am

    “Here’s a short exert from the article:”

    I think you mean “excerpt.” 🙂

  • Jay Nov 2, 2016, 6:20 pm

    The millionaire next door always has good and practical finance tips. I’ll go take a look… 🙂

  • Your First Million Nov 2, 2016, 6:41 pm

    It’s not very hard to look rich, however there is a major difference from looking rich and being rich. Anyone can drive down to their local Mercedes-Benz dealership and lease a $100,000 car for $800 per month. Anyone can drive down to the mall and finance a $10,000 rolex. Anyone can take a credit card and buy a $3,500 Gucci handbag with matching shoes. Unfortunately, people somehow easily mistake this lifestyle as being rich. The fact is, none of these actions will contribute to building real wealth in any way shape or form.

  • MoneyAhoy Nov 3, 2016, 8:44 am

    I really love The Millionaire Next Door. It taught me so much and how to spot all the posers that pretend to be rich when they are actually living paycheck to paycheck.

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