This book opened many people’s eyes about how to become wealthy without making a vast fortune. The tip talks about the main themes of the book.
The bestseller “The Millionaire Next Door” has really opened people’s eyes about how one becomes wealthy. Unlike what most people believe, it’s not about having very high income. There are two very important principals that the book points out.
First, live within your means. This is hard for many of us to do, but it’s the root of all wealth creation. You can’t accumulate wealth if you don’t have any extra money to work with. Mike Tyson is almost broke, yet he has earned more than $100 million as a professional boxer. He has the trappings of wealth, but not the wealth itself. It’s all been spent. On the other hand, I have a couple as clients, he works as a carpenter (when he can get work), and she is a hospital clerk. They will have a net worth of over $1 million before they are 50. The secret? They only spend about 70% of what they make, and invest the rest. It takes some discipline, but with a little creativity and sacrifice, almost anyone can have some extra funds to work with.
Second, pay attention to your investments. People who have accumulated wealth don’t do so by accident. They spend significant time watching over their investment portfolio. It requires some time and dedication, but the rewards can be significant. If *you* personally don’t have time to watch over your investments, then it’s important to find someone who can and who will have your best interest at heart.
Becoming wealthy (or maintaining existing wealth) is an easy thing to describe, but can be a difficult thing to do. It requires sacrifice, time, and help. But the rewards are an amazing peace of mind and better control of your life.