![]() ![]() ![]() For example, the authors would list out of the brands of cars driven by what percentage of millionaires they surveyed. They illustrate these points using a blend of stories, charts, and statistics. In fact, Stanley and Danko emphasized the fact that millionaires and PAWs spend a lot of time each year planning their finances compared to AAWs and UAWs. They live in lower class areas than they can actually afford, spend carefully on big-ticket items, forego luxury items and homes, and track every dollar that comes into and leaves the household each year. ![]() The premise of the book is that millionaires live well below their means. In fact, the authors go into a lot of detail about what kind of cars PAWs drive, how they purchase their cars, where they live, how much they spend on suits and watches, and other high-ticket items you might wonder about when it comes to millionaires. Habits reviewed include budgeting and money tracking, saving and investing, and living habits. The Millionaire Next Door spends a lot of time explaining the habits of the rich. But I’ll leave that to the book to explain. They also have some handy formulas that help you determine which of these you fall into. They hang on to very little of the money they do get. These people may or may not get a lot of money. These people get and keep an average amount of money-we don’t hear about them much in the book. These people get and keep a lot of money. PAW = Prodigious Accumulator of Wealth.The authors begin by explaining their particular jargon, which is important because they’ll use these words throughout the book. This book explores those habits by surveying many millionaires over a long period of time. More importantly, though, what are the habits that allow you to continue to build? For those building wealth, being a miser to some extent, and enjoying watching money grow, is a necessary trait to have. I think that habits and character are the two defining traits that make someone successful in building wealth, and this book hits on the habits side of things sweetly. Rather, they spent a large amount of time studying them and their habits. I should note before we begin that the authors are not themselves millionaires. ![]() It has a popularity akin to Rich Dad Poor Dad and The Four Hour Workweek. I had wanted to read this book for some time mainly because of its reputation. I was pretty excited to listen to The Millionaire Next Door, although I had a fair idea the type of information it would impart. ![]()
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