Home > Work > The Millionaire Next Door: The Surprising Secrets of America's Wealthy
1 " How do you judge the professionals you patronize? Too many people judge them by display factors. Extra points are given to those who wear expensive clothes, drive luxury automobiles, and live in exclusive neighborhoods. They assume a professional is likely to be mediocre, even incompetent, if he lives in a modest home and drives a three-year-old Ford Crown Victoria. Very, very few people judge the quality of the professionals they use by net worth criteria. Many professionals have told us they must look successful to convince their customers/clients that they are. "
― Thomas J. Stanley , The Millionaire Next Door: The Surprising Secrets of America's Wealthy
2 " Operate your household like a productive business. "
3 " Whatever your income, always live below your means. "
4 " Good health, longevity, happiness, a loving family, self-reliance, fine friends … if you [have] five, you’re a rich man…. "
5 " I am not impressed with what people own. But I’m impressed with what they achieve. I’m proud to be a physician. Always strive to be the best in your field…. Don’t chase money. If you are the best in your field, money will find you. "
6 " Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline. "
7 " Many people who live in expensive homes and drive luxury cars do not actually have much wealth. Then, we discovered something even odder: Many people who have a great deal of wealth do not even live in upscale neighborhoods. "
8 " It’s easier to accumulate wealth if you don’t live in a high-status neighborhood. "
9 " One of the reasons that millionaires are economically successful is that they think differently. "
10 " If you’re not yet wealthy but want to be someday, never purchase a home that requires a mortgage that is more than twice your household’s total annual realized income. "
11 " 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 the good life,… you’re never gonna make it. "
12 " The foundation stone of wealth accumulation is defense, and this defense should be anchored by budgeting and planning. "
13 " Money should never change one’s values…. Making money is only a report card. It’s a way to tell how you’re doing. "
14 " Great offense and poor defense translate into under accumulation of wealth. "
15 " Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be. "
16 " Be tough … life is. In other words, there is no promise of a rose garden. "
17 " it matters less how much more you make than what you do with what you already have. "
18 " Have you ever noticed those people whom you see jogging day after day? They are the ones who seem not to need to jog. But that’s why they are fit. Those who are wealthy work at staying financially fit. But those who are not financially fit do little to change their status. "
19 " To build wealth, minimize your realized (taxable) income and maximize your unrealized income (wealth/capital appreciation without a cash flow). "
20 " it is very difficult for a married couple to accumulate wealth if one is a spendthrift. A household divided in its financial orientation is unlikely to accumulate significant wealth. "