THE MILLIONAIRE NEXT DOOR (animated book summary)

“The Millionaire Next Door” by Thomas J. Stanley, discusses the simple spending and saving habits that lead to more cash in the bank than most people will earn in their entire lives while helping you avoid critical mistakes on your way to financial independence.

Most people believe that being wealthy means having many luxury items and living a lavish lifestyle. However, a lavish lifestyle is merely a sign of high expenses and not necessarily wealth. The idea that millionaires live in huge mansions in ultra-rich neighborhoods, drive fancy sports cars, and wear designer clothes a fallacy. As it turns out, frugality is the crucial foundation of wealth-building; and the process of becoming a millionaire is not a flashy, rapid process, but a slow one that is years in the making.

The authors shares the following common practices of wealthy households, and how the millionaires play offense with income-generation, and play defense with their spending.

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.

At the end of the day, it doesn’t matter how much you earn; it matters more how much you SAVE and invest relative to income. The average millionaire achieved that status because they chose the right career, faced their fears courageously and handled their money well with remarkable financial discipline and frugality. This is how they became the millionaire next door.

This channel is for anyone who wants to build wealth and liberate greatness. My goals are to help anyone I can on the path to unlock financial freedom and become the best version of themselves.

Do you want to be a millionaire one day? Do you want to have the freedom to do whatever you want, whenever you want, with whomever you want?

According to research from Thomas Crowley, 85% of millionaires read two or more books per month. Millionaires read books that encourage self-improvement.

If you are looking to build wealth and level up, you've come to the right place. :)

[Trish.O-qh]

Excellent video. One of my college instructors told me to buy this book back in 2004. This book changed my life completely. I am now the title of this book. I can be done. Don’t listen to the negative people in the comments. They’ll never get there and bring you down.

[robertprice]

I'm a retired Army office, now teacher. When I enlisted in the Army I invested $65 a month. I have always saved, because my family taught me to do so. I drive a car for 10+ years, and have an old Jeep thats my main vehicle. I don't hire people to do anything I can do myself. My wife stays at home, my daughter scholarshipped through Nursing School, and my son is in the 8th grade. I'm about to retire again for good and we are financially set. Its about disciple and a plan. Teach your kids to save and invest - and theres a difference in the two.

[RK]

How we do it? It's easy:
1. Make as much money as you can.
2. Live as far below your means as possible.
3. Invest the rest into assets that appreciate over time.

[Itallnew]

Don’t acquire debt. That’s another huge aspect of becoming well off financially. Strive to be debt free.

[dandelion]

I've lived in same home for 30years. I'm the classic "millionaire next door" but know this.., boundaries have consequences...

[keepnitRealtor]

Great summary, one of the best I’ve seen. I barely broke into the millionaire next door club this year thanks the equity on my properties. First in my family. It can be done!

[moizreacts]

most books preach this but fail to explain you also have to use your time to make more money and not just become a little saving bug your whole life. example: go start a business in addition to your job to accelerate your saving goals.

[Soasola]

hey. what animation tool did you use for this video?

[rickygkilla]

Reading this books was like a confirmation into my beliefs about life and success. I’ve been following the steps ever since i was 17

[srourfamily]

excellent video and great grace voice!! my grandpa voice: Taught many years to live with idea (john wooden) "i have enough and pay forward" Basically i investment as giving me "control of time, options, and daily needs, " thanks for such a pristine wealth, i read this book once year to remind me frugal and budget all my resources, charity, hope and faith

[jasonemile]

It’s a neat concept of judging one lifestyle over another. The true moral is live life how you decide to live and not be persuaded to live the life someone else wants you to live.

[krissifadwa]

"It is not about how much you make but how much you save."

[tommytoronto]

Hello Roxy, I just came across this video this morning. Thanks for putting this out also do you put things up on social media and how do we find you if you do?
Thank you.

[trackguy]

The last book "The Next Millionaire Next Door" is excellent!

[hodgelive]

when i’m established and making money, the only luxury purchase I want is a nice home.

[thelevelswithbronia-financ]

Awesome summary. Looking forward to more of your summaries. Nice and short. I really really enjoyed reading this books

[shahshah-wttn]

One of the shortest Summer video, not well said, but beautiful animation, please explain more clearly

[TheItalianKid]

So if millionaires don't live like that rich, why do famous people just blow their money and show it off?

[BranEman]

Defensive strategy works best for me. Living below your means and living life with meaning is virtuous. When you finally reach you financial goal, you'll have the wisdom to make the best of your nest egg.

[karlaskitties]

Who pays 120 for glasses. Mine were 20 at zenni or goggles4u
And my Couture is Walmart.