Summary
Excerpted from 'The Millionaire Next Door'
Less than 4% of Americans own about 50% of the county's wealth. Wealth building for most millionaires was closely linked to the life styles they followed before they became millionaires. Tips are given on assessing the life style, and finding ways to alter it to better accumulate wealth.See the full content of this document
Extract
It's not what you make, but what you keep.
The consumer spending patterns of millionaires go a long way toward explaining how wealth is accumulated. Here's how the rich get that way.
THERE HAS NEVER BEEN MORE PERSONAL wealth in America than there is today (over $22 trillion in 1996). Yet most Americans are not wealthy. Nearly one half of all wealth is owned by only 3.5% of U.S. households. That's why the authors of The Millionaire Next Door began studying how people became wealthy 20 years ago. What was so profound about their discovery is that most people have wealth in America all wrong. Wealth is not the same as income. The authors, Thomas J. Stanley and William D. Danko, have discovered who the wealthy are and are not. And in this book they share how ordinary people, too, can become wealthy. Here's an excerpt from their book that can shed some light on this fascinating topic. Building wealth takes discipline, sacrifice and hard work. If you are willing to make the necessary trade-offs of your time, energy and consumption habits, you can begin: building wealt...See the full content of this document
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