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The Millionaire Next Door – The Seven Factors Why They Become Wealthy

Currently, I’m reading a Book entitled ‘The Millionaire Next Door : The Surprising Secrets of America’s Wealthy. As we know, America’s is most wealthy country in the world (and being caught by China). The book is about the author and his team research on how people become wealthy. They do survey across the America and discovered something odd such as people who live in expensive homes and drive luxury cars do not actually have much wealth and found that many people who are wealthy do not even live in upscale neighborhoods.

In this article I’ll share the seven factors that being discussed in the book. From their finding usually the wealthy individual is a businessman who has lived in the same town for all of his adult life and owns a small factory, a chain of stores or a service company. In their investigation they discovered seven common denominators among those who successfully build wealth such as :-

  1. Most of them live well below their means. It means they know the border of spending. Don’t finish what they own.
  2. They allocate their time, energy and money efficiently, in ways conducive to building wealth.
  3. They believe that financial independence is more important than displaying high social status.
  4. Their parents did not provide economic outpatient care.
  5. Their adult children are economically self-sufficient.
  6. They are proficient in targeting market opportunities.
  7. They chose the right occupation.

This seven characteristics of the wealthy has been studied and discussed in the book. Much of their research was developed from the most recent survey conducted. Their studies included personal and focus group interviews with more than five hundred millionaires and surveys of more than eleven thousand high-net worth and/or high income respondents.

This book is good as it give many case studies to show how those millionaires doing in their life. I think it is better for you to get the book by yourself. Just order the book at Amazon below

Wish that I could become wealthy too before I’m retired.

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This post first appeared on Only The Best Finance Source — Good Finance Have A Great Life, please read the originial post: here

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The Millionaire Next Door – The Seven Factors Why They Become Wealthy

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