My Millionaire Next Door « Beating Debt News Archives

My Millionaire Next Door February 13, 2008

Posted by BDO in Money Received, Money Spent, Reviews.
Tags: book, Debt, millionaire, mindset, review
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The book The Millionaire Next Door by Thomas J. Stanley, PhD and Williams D. Danko, PhD creates the foundational research into the lifestyle required to beat debt. Through their research, they found that the majority of the wealthy individuals in America are not the Hollywood types that we dream about being someday. They are your neighbors that understand money is suppose to be a tool and not a slave master. These neighbors have the following concepts mastered:

“1. They live well below your means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important than displaying high school status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They chose the right occupation.”

If we are to master this tool called money and use it in such a way to help us beat debt, we must understand the above concepts and be able to alter our mindset/financial decisions. Unfortunately, most of us are not born nor raised to understand this very emotional tool called money. With good books like The Millionaire Next Door we can help train our mind and discipline our spending to master money into beating debt.

I would highly recommend this book as a start to your financial education. It is a great book to help you realize the mindset needed to achieve financial freedom from debt.

Have you read this book? What have you learned from this book that has helped you succeed?