You wouldn’t recognize most millionaires if they were standing right in front of you.
Turn on the TV or pay attention to the media, and you likely get a very specific image of what “rich” looks like. Luxurious lifestyles. Expensive toys. Big spending.
But that’s far from how most real American millionaires live.
The average millionaire is more likely to drive a Ford than a Bentley. They’re more likely to live in a modest house than a mansion.
Just because they ARE rich doesn’t mean they LOOK rich.
In their book The Millionaire Next Door, Thomas Stanley and William Danko laid out their research. And they found that the average millionaire doesn’t flaunt their wealth. In fact, they could be living next door to you, and you wouldn’t even know it. (Hence the title!)
And arguably, this is a large part of how they got and stayed rich in the first place.
Because they consistently lived within their means, saved, and grew quietly richer without the need to flaunt their wealth.
In fact, the book breaks down 7 specific traits of “The Millionaire Next Door” that you might even consider to be the secrets to building wealth.
7 Traits of The Millionaire Next Door
- They Live Well Below Their Means
- They Allocate Time, Energy, and Money Efficiently
- They Believe Financial Independence Is More Important Than Social Status
- Their Parents Did Not Provide Economic Outpatient Care
- Their Adult Children Are Economically Self-Sufficient
- They Are Proficient in Targeting Market Opportunities
- They Chose the Right Occupation
This simple quote encompasses what makes a millionaire.
Here’s one quote from The Millionaire Next Door that encompasses much of what it takes to succeed at wealth building.
“Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline.”
This is part of why we say our best clients are DEDICATED and DISCIPLINED.
Because at the end of the day, this is the not-so-secret secret to getting rich. Create a plan for building wealth, based on what’s worked for others before you. Adopt the traits of others that have enjoyed the success you wish to have. And stay committed to your plan for the long run.
This article was written for financial advisory clients of Asset Strategies. If you’re not yet a client and like to speak with an advisor about helping you build and grow your wealth, request a Welcome Call here.
