A major part of the American Dream is to strike it rich, to become a millionaire. However, for the vast majority, that is just a dream. 3.5% of our population holds nearly half of our wealth. Back in 1996, a couple of Ph.D.s, Thomas J. Stanley and William D. Danko, decided to do some research into America’s millionaires. The surprising answers they got are reflected in the title of their book, The Millionaire Next Door.
That book provides all sorts of great information about what millionaires look like, how they got to be millionaires, and why so few of them successfully pass on their wealth to their children. That’s why in this episode of the podcast, I wanted to talk about this book (which has been updated over the years), how it lays out how these people became millionaires (or at least wealthy), and how you can use this information to become wealthy (and maybe even a millionaire) as well!
In this episode you will learn:
- What an American Millionaire Looks Like
- What Does It Take to Become a Millionaire?
- How to Know If You Are Wealthy
- How to Pass Wealth On to Your Children
Links & Resources
- The Millionaire Next Door
If you enjoyed this episode, you might also like:
- Episode 86: Quitting Like a Millionaire
- Episode 13: Online Budgeting Tools - EveryDollar
- Episode 22: Phone Apps That Help Save You Money
- Episode 34: Changing Your Financial Mindset
- Episode 35: Putting Your New Financial Mindset to Work Now
- Episode 36: Putting Your New Financial Mindset to Work Long Term
If you enjoy listening to this podcast, it will put a big smile on my face if you left a review on Apple Podcasts, or wherever you like to listen to podcasts.