The Millionaire Next Door ( Animated Book Summary )

★ The Millionaire Next Door is that the pop culture concept of a millionaire is quite false and that most actual millionaires live a very simple lifestyle. The authors, Stanley and Danko, did extensive profiling of people whose net worth defined them as millionaires along with those whose salaries and age defined them as likely millionaires and, using this data, created a detailed profile of who exactly a typical millionaire is. From there, extensive interviews with these “typical” millionaires created a much more detailed picture of what it actually means to be a millionaire in today’s society.

What does this have to do with personal finance? Rather than the image that most of us have of millionaires as people who inherited their money or got famous, most of the people that are actually millionaires got there through strong individual financial planning. They’re frugal people with a head on their shoulders and are often indistinguishable on the street from anyone else.
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Main Ideas:

•1. They live well below their means

•2. They allocate their time 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.
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[alexrobertbrian]

Its more than possible to become a millionaire to be honest. Its crazy what people earn these days.

[obdtnep]

Your video is so good, hope you get better and better

[maxshe]

Your video is so good, hope you get better and better.

[mageorgina]

You're really good at what you do

[girlygirlwoman]

This was GREAT and so true. Most ppl "look wealthy" bit are probably in debt.

[wrjazziel]

I don't mean to be rude, but you're speaking with a lisp and it's hard to understand, good video!

[brianportman]

I'm sick of these fake rich people. They're driving these hot-shot cars but not even paying their mortgage. An expensive car is not an investment. It is as far as you can get. Real estate, 401k, and gold are investments. Stay away from any kind of debt. Live way below your means and you will accumulate wealth!

[audiobooksummary]

This book is a real milestone to help you to reach your financial freedom goals!

[premara]

Good work, speak bit slower next time please.

[comedyman]

Basically forfeit anything that brings you joy but costs money

[wpo]

Whats the point of Making money if not enjoying life???
I find such a stupid thing all this nonsens about saving money, live like a Poor man, drive a Toyota, Whats the point???If i work hard to become a doctor and i earn 300k i will defenitly not live in a condo.
This videos/books are so brain washing, its Incredible that people really belive you can become milionare so easy

[alixeleclercq]

Did this channel inspire you to create whiteboard videos ? 😄 If you'd like some peer to peer help (tips and actual video reviews), join the facebook group "Videoscribe | Peer to Peer tips, reviews and recommendations"

[jamhold]

Jesus I can't even understand a word

[winnielam]

I've never seen anyone do it better