Images: Shutterstock
The book "The Millionaire Next Door" by Thomas J. Stanley and William D. Danko explains how ordinary people build extraordinary wealth through disciplined financial habits.
"Wealthy people live well below their means. They budget, plan, and track every expense to ensure financial discipline."
"Whatever your income, always live below your means." "Being frugal is the cornerstone of wealth-building. Most millionaires don’t drive new cars or wear expensive suits."
"Many people who live in expensive homes and drive luxury cars do not actually have much wealth."
"The problem is not that these people aren’t smart; most are. It’s that they are not goal-oriented enough when it comes to accumulating wealth."
"To build wealth, minimize your realized (taxable) income and maximize your unrealized income."
"It matters less how much more you make than what you do with what you already have."
"Never purchase a home that requires a mortgage that is more than twice your household's total annual realized income."
"One of the reasons that millionaires are economically successful is that they think differently."
Thanks for reading!
See next