The Millionaire Next Door

Wealth Means Independence, Self Determination and Control of One’s Life

Here is an extraction from a review of The Millionaire Next Door.  The writer [Mr. M] clearly understands the benefits of being wealthy. 

 
My wife and I are self-made millionaires, and we followed the principles outlined in this book.
Wealth means independence, self determination, and control of one’s life.  In the review Mr. M respond[ed] to one of the negative reviews of the book:

“What’s the point of
becoming a millionaire if you have to live within your means,
if you can’t live lavishly?” Here’s my answer:

When food and gasoline prices spike, we don’t have to figure
out what to cut out of the budget to make it through the next
month.
We recently pulled $10,000 out of savings to pay for an
optional medical procedure. The money was repaid to the bank
account in six weeks.
Our wealth increased between 2008 and 2012 when most
Americans saw their net worth decline.
We recently borrowed $200,000 to buy a new rental property;
the loan was paid off in 3.2 years.
When people are being laid off and businesses are going
bankrupt because of a recession, we don’t worry. We know we
can weather the storm.
When a major appliance breaks, we just write a check and buy
a new one. There’s no crisis.
We NEVER worry that we won’t have enough money to pay for
something. Ever.

This is not how middle-class families typically live. But
this is how middle-class MILLIONAIRE famlies can live. It may
not be lavish, but it’s pretty nice.

   

1 thought on “Wealth Means Independence, Self Determination and Control of One’s Life”

  1. Living on a budget is not always easy, but in the long run it’s so worth it. Give some, save some, and when all expenses are paid, being able to save some more.

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