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Stop Acting Rich To Start Being Rich

>> Monday, March 8, 2010

In "The Millionaire Next Door" by Dr Thomas Stanley, he details seven common denominators among those who build wealth successfully:

  1. They live well below their means.
  2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
  3. They believe that financial independence is more important than displaying high social status.
  4. Their parents did not provide economic outpatient care.
  5. Their adult children are economically self-sufficient.
  6. They are proficient in targeting market opportunities.
  7. They chose the right occupation.
Net worth is essentially a result of choices. To generate significant savings to invest, one has to make the right career decisions, the right lifestyle decisions and the right spending decisions.

It takes discipline and it means making hard choices.

The most productive accumulators of wealth spend far less than can afford on homes, cars, clothing, taxes, vacations, food, beverages and entertainment.

On the other hand, the wanna-be's - (people with higher-than-average incomes, but not much net worth) upgrade their homes, cars, buy expensive clothes, travel extensively and dine luxuriously.

The problem is that they're trying to look rich. And this prevents them from ever becoming rich.

Happiness can still be achieved while being frugal. In fact, it is a great feeling to be financially free and not depend on families, employers, or the government.

As Dr. Stanley says, "Stop acting rich... and start living like a real millionaire."

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