“The Millionaire Next Door”book is one of my all-time favorites. It shows how common perceptions about the typical millionaire are not true. For example, many people are surprised to learn millionaires tend to be first generation wealth accumulators, who built their wealth over many years by diligently spending less and saving more. Many live right next door in your middle-class neighborhood.
You may be thinking a lot has changed since the book was released twenty years ago. How can any of the findings still apply today? The author pondered that same question and sought out to answer it in the “Next Millionaire Next Door” book released in 2018. While our world has certainly shifted a bit, many of the behaviors identified in the first book still hold true based on current research.
Discipline seems to be a dominant theme in both books and perhaps a key attribute we see in our clients who have been successful over the years. Having financial discipline does not mean you must follow a meticulous budget. Rather, it means having the discipline to make healthy choices about your financial behaviors, so you can grow and protect wealth. Here are a few behaviors proven to improve financial results.
Live below your means so you can save more for your future
Gain knowledge and composure to invest with confidence
Ignore headlines that distract from your goals
Avoid people and situations that negatively influence your financial health
Live with intention so you are passionate about your career, vocation, or daily activities
Focus on your long-term vision so you can prioritize how to get there
Contact our office today to talk with an advisor today about how you can be the next millionaire next door.