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They consciously choose restraint over ostentatiousness. This all relates to their attitude toward money. Similarly, they would rather wear a Seiko watch than a Rolex. Because they prefer financial independence over showing off, they tend to drive modest cars and keep them for a long time rather than trading them in every three years. They realize that cars, for example, can become a huge expense over the years. Millionaires next door understand the difference between having a high income and being a big spender. And they certainly don’t use debt to purchase items to compete with the Joneses. If they take on debt, it is to buy assets that tend to appreciate, as opposed to consumer debt, which is used to buy things that depreciate. They stick to a strict budget and keep expenses under control. Millionaires next door invest their time and money early and wisely. They emulate Warren Buffett, one of the richest people in the world, who has lived in the same quaint house in Omaha, Nebraska, for decades, even though he could easily afford a 50-bedroom McMansion in a showy community - and pay for it with cash. They tend to live in modest homes in humble neighborhoods. They focus on long-term financial goals rather than instant gratification. Ironically, they could buy gold-covered trinkets but choose not to, because they are not focused on what their neighbors and admirers think. They are frugal, living below their means as opposed to splurging on gold-plated faucets. Millionaires next door don’t behave or look like millionaires.
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Although the book was published about 20 years ago, its advice remains relevant. Danko, PhD, and what it revealed about most real-life millionaires as opposed to the rich and famous who are glamorized in tabloids. We then talked about the classic best-seller “The Millionaire Next Door” 1 by Thomas J. To him, millionaires were mostly actors, singers and athletes.
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His impression of million- aires was dictated by what he saw on TV and in music videos. To him, being rich meant driving a sports car, wearing designer clothes and living in a beautiful mansion. He could not believe that those humble, down-to-earth people could be so wealthy. Also at the table was a 19-year-old student who looked desperately bored by our conversation.Īfter dinner, I told the teenager: “You know, the people you met tonight are millionaires.” He was utterly shocked. We talked about the profession, of course, but also about investing, the economy and retirement. He had recently sold his busy small animal clinic in rural Pennsylvania to a younger veterinarian, and he and his wife, who had also recently retired, were contemplating a worry-free life. A few years ago, I had dinner with a hardworking colleague to celebrate his retirement.