Surprising Secrets about Millionaires 💎 - The Millionaire Next Door

Who becomes wealthy and what are these millionaires like? Pop culture and media often lead us to believe that they are lavish spenders and their fortune is often inherited, but this couldn’t be further from the truth. Because as it turns out; Eighty per cent of America's millionaires are first-generation rich. In the course of their investigations, they discovered 4 characteristics among those who successfully build wealth. In this video, we will share these characteristics with you so that you can become one step closer to being wealthy. Get "The Millionaire Next Door" Here: https://amzn.to/2Z7Mmze Or Free with Audible trial Here: https://amzn.to/3cPFNq8 📚Love Learning? like "Lifelong Learners" Try Audiobooks with AUDIBLE for 1 Month FREE!: https://amzn.to/3cPFNq8 Get Used Books for up to 90% OFF!: https://amzn.to/2KsMXXo Unlimited eBooks 1st Month FREE!: https://amzn.to/34GVCv8 🎧🎙️☕ Products I HAVE and LOVE: Best Sony Noise-canceling headphones: https://amzn.to/2Y9SghL My Rhode Desktop Microphone: https://amzn.to/2X2t0bO New Amazon Kindle: https://amzn.to/2SbN78D Hmm... Coffee!: https://amzn.to/36P9VPM Wacom Drawing Tablet: https://amzn.to/2SfUgVs Other Best Selling Products on Amazon!: https://amzn.to/2XAT2Yk The Best Self Development Books per category: ⌚ Productivity: The Power of Habit: https://amzn.to/2Y4ivpH Atomic Habits: https://amzn.to/2Y6G0Ph The 4 Hour Work Week by Tim Ferris: https://amzn.to/2Y90pmw 💰 Personal Finance: Rich Dad Poor Dad: https://amzn.to/2X1UJ1l The Richest Man in Babylon: https://amzn.to/2Rvq2M7 Total Money Make Over: https://amzn.to/2J34pPd 🥇 Success: How to Win Friends and Influence People: https://amzn.to/2YfpQmN The Compounding Effect: https://amzn.to/2X0PqPG Start with Why: https://amzn.to/3955PFg 🤓 General knowledge, These are AMAZING books: Sapiens: https://amzn.to/2tBOIur 21 Lessons for the 21st century: https://amzn.to/2PBhEeq Civilized to Death: https://amzn.to/2S7q1Qz Transcript: 1. Most self-made millionaires live well below their means When the researchers did their first interview with a group of people worth at least 10 million dollars they made the estimation that these people would, of course, love fancy food and wine. However, it became quite obvious that these millionaires would rather just have some pizza and beer. One Decamillionaire even uttered the phrase: I Drink scotch and two kinds of beer - Free, and Budweiser. In one survey taken by the millionaires, the outcomes were surprising. It turns out that 75% of the millionaires never spend more than $599 for a suit. And 10% has only spent more than $300 on shoes. It appears that most Millionaires are living well below their means, and so should you. 2. Efficiency is one of the most important components of wealth accumulation. Simply: People who become wealthy allocate their time, energy, and money in ways consistent with enhancing their net worth. In their survey, a strong positive correlation was found between investment planning and wealth accumulation. Those who didn’t budget also did far worse than those who did. Even if those who didn’t budget made more money than those who did, they were never able to hold on to it 3. Allan is a self-made multimillionaire. Mr. Allan believes that if your goal is to become financially secure, you'll likely attain it. But if your motive is to make money to spend money on good life, you're never gonna make it. This is a recurring theme amongst our Self Made Millionaires. From the surveys, it turns out that your typical millionaire only spends $24.800 on a car and usually it’s a used car. So recognize that financial independence is more important than displaying high social status symbols such as new cars. 4. Their parents did not provide economic outpatient care. Wealthy parents often subsidize their children’s purchase of a home. The intent may be to help their children "get started on the right foot." The parents assume that such gifts are a once-in-a-lifetime phenomenon. Some have told us that they thought "this would be the last dollar the kids would ever need." Nearly half the time, they are wrong. According to the book, If you are wealthy, you should teach your children how to fish, not just give them the fish. Teach them to be productive, the importance of education and the value of money. Teach them discipline and frugality. #money #wealth #personaldevelopment #education