Support My Efforts By Visiting The Advertisers

Disclaimer

This is a personal blog. The opinions expressed here represent my own, not those of my employer and is not intended to malign any religion, ethnic group, club, organization, company, or individual.

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."

0 comments:

Disclaimer

Privacy

The owner of this blog does not share personal information with third-parties nor does the owner store information is collected about your visit for use other than to analyze content performance through the use of cookies, which you can turn off at anytime by modifying your Internet browser’s settings. The owner is not responsible for the republishing of the content found on this blog on other Web sites or media without permission.

Blog Comments

The owner of this blog reserves the right to edit or delete any comments submitted to this blog without notice due to;

1. Comments deemed to be spam or questionable spam
2. Comments including profanity
3. Comments containing language or concepts that could be deemed offensive
4. Comments that attack a person individually

Terms and Conditions

All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.

This policy is subject to change at anytime.

About This Blog

To promote the education of individuals for the need to have a healthy lifestyle and wealth management through proper financial planning, particularly in investments.




Top Blogs


Awards

Top Sites

  © Blogger templates Sunset by Ourblogtemplates.com 2008

Back to TOP