The Millionaire Next Door

The bestseller “The Millionaire next Door” is indeed a fascinating book.

Thomas Stanley and William Danko, wrote this book after completing a thorough study of the lifestyle of the wealthy for over two decades.

According to them, the everyday Joes who made it to the million dollar mark live a simple (if not plain) life. They drive simple car, wear plain clothes, and live in your average neighborhood.

So, what makes them a millionaire? Surely there is something they do/practice that other doesn't. What is it?

Of course there is. The most abnormal characteristic of these millionaires, according to the authors is that they save much-much more then what they spend of their earning. Now, that is the catch. It is in fact very hard to save. It requires the highest degree of self discipline, don’t you agree?

“Wealth is the result of a lifestyle of hard work, perseverance, planning and, most of all, self-discipline”, says the duo.

Stanley and Danko list seven most common characteristics that are common in all these Joe Millionaires;

1. They live well below their means – Less spending, more saving, another step closer to million dollars.

2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth – They work, play and spend with the “goal to save more” as their highest priority. Again, save, save, save.

3. They believe that financial independence is more important than displaying high social status

4. Their parents did not provide "economic outpatient care." – These people are usually not born rich. They work and save their way to million dollars

5. Their adult children are economically self-sufficient

6. They are proficient in targeting market opportunities – They earn by providing services where one is needed. They know how to make an opportunity out of demands.

7. They chose the right occupation- The authors emphasize that the great majority of this millionaires are self employed. You are 4 times less likely to be a millionaire if you work for others. Choosing the right industry and selling the right product/services also will determine your success. Back to characteristic (6) - targeting market opportunity.

“….and, even in this age of Silicon Valley millionaires, the companies the wealthy tend to own are what the authors call "dull-normal." They include pest control, ambulance service, meat processor, janitorial services, and mobile-home park owner.” note the author.

Of course Stanley and Danko weren't referring to celebrity-millionaire like Trump and Paris Hilton. They wrote about everyday people who aspire to be millionaires. Like you and Me. Read the book and you will end up feeling that you too are well suited to be a millionaire. That would be the first step in being a millionaire. Setting the right mindset, ad then working our way to the goals. Are you saving more than you are spending? Are you living below your means?

p/s - I wrote this article in my blog a coiple of months ago. Do visit my blog Arena of Hyip (http://www.thehyipguy.blogspot.com)