Food for thought

Food for thought

Book Review: The Millionaire Next Door

Book Review: The Millionaire Next Door

Saifuddin's photo
·Feb 6, 2022·

2 min read

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The Millionaire Next Door I very much enjoyed listening to this audiobook. It was very interesting, easy to understand and not boring at all. The bottom line is Millionaires and those wanting to become Millionaires live well below their means.

The key lessons learned from the book is:

  1. They live well below their means - They are frugal, frugal, frugal. They make more than they can spend. Pretty cool.

  2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth - How else did they get there right? Well, this goes for those millionaires who didn't inherit their wealth.

  3. They believe that financial independence is more important than displaying high social status - Practical. You can display high social status all you want, but if you're still dependent on active income then you're one very vulnerable fella.

  4. Their parents did not provide economic outpatient care - Pretty good training ground, don't you think? They train their kids to be survivors and in the end, to be winners. This is the best legacy they can leave to their children.

  5. Their adult children are economically self-sufficient -Pass on the buck right? That's why the rich get richer and the poor get poorer.

  6. They are proficient in targeting market opportunities - Now this is one handy skill I want to get my hands on.

  7. They chose the right occupation - Right! To wake up everyday itching so badly to get yourself to do the things you love.

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