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The millionaire next door luxury vs wealth - thomas stanley


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The millionaire next door luxury vs wealth - thomas stanley

  1. 1. Benefits of being financially independent Key to achieving independence Being frugal Beliefs By constantly reminding yourself Cars Inoculate yourself from heavy spending Time spent purchasing luxury items YOU ARENT WHAT YOU DRIVE Inverse relationship between Clothes Expensive clothing Time spent planning ones financial future Jewelry Luxury Never in their lifetimes Spent near $65,000 for an automobile Most millionaires Cars Many people who have high-status artifacts More than half the millionaires Never paid more than $30,000 for a car Pools But most of us do not spend the time, energy, and money Wealth Most of us want to be wealthy required to enhance our chances of realizing this goal Have little wealth Spend a lot of time planning my financial future Earn a lot than it is to accumulate wealth Its much easier in America to Usually I have sufficient time to handle my investments properlyPeople drive the best they can afford Consumption-oriented society When it comes to the allocation of my time, I place the Achieve management of my own assets before my other activities Create wealth Nearly all (95 percent) of the millionaires Own stocks Wealthy need to Become financially independent Have 20% or more of their wealth In publicly traded stocks Millionaire Mindset Build something from scratch Dont follow the ups and downs of the market daily Display a high-status lifestyle Poor need to The Millionaire Next Door - Luxury vs Wealth Most Dont call their stock brokers each morning to ask how - Thomas Stanley the London market did Work Dont trade stocks in response Career 120 hours a year To spend more Popular motives Allocates about ten hours in a typical month Why? To studying and planning his future investment decisions Not to become financially independent Financial independence More important than displaying high social status Fom one level of luxury to the next Series of trade-ups Financial independence You Arent What You Drive If your goal is to become financially secure, youll likely Should never change ones values attain it. But if your motive is to make money to spend Making money is only a report card Money money on the good life, youre never gonna make it. Its a way to tell how youre doing Not something that will change your lifestyle Building wealth Ivan Staroversky -