"Most people who become millionaires
have confidence in their own abilities. They do not spend time worrying
about whether or not their parents were wealthy. They don't not believe
that one must be born wealthy."
"Allocating time and money in the
pursuit of looking superior often has a predictable outcome: inferior economic
achievement."
"Being frugal is the cornerstone
of wealth-building. Yet far too often the big spenders are promoted
and sensationalized by the popular press."
"Most people will never become wealthy
in one generation if they are married to people who are wasteful.
A couple cannot accumulate wealth if one of its members is a hyper consumer."
"Most people want to be physically
fit. And the majority know what is required to achieve this.
But despite that knowledge, most people never become well conditioned physically.
Why not? Because they don't have the discipline to just do it."
"Financially independent people
seem to be better able to visualize the future benefits of defining their
goals."
"On average, millionaires spend
significantly more hours per month studying and planning their future investment
decisions, as well as managing their current investments, than high-income
nonmillionaires."
"Although millionaires have much
more experience in making investment decisions, they allocate significantly
more hours than do nonmillionaires in an effort to become even better investors."
"What if your goal is to become
financially independent? Your plan should be to sacrifice high consumption
today for financial independence tomorrow."
"People who become wealthy allocate
their time, energy and money in ways consistent with enhancing their net
worth."
"You would be wrong to assume that
these millionaires actively trade their stocks. Most don't follow
the ups and downs of the market day by day."
"They inoculate themselves from
heavy spending by constantly reminding themselves that many people who
have high-status artifacts, such as expensive clothing, jewellery, cars
and pools have little wealth."
"The more dollars adult children
receive, the fewer dollars they accumulate, while those who are given fewer
dollars accumulate more."
"Teach your children to achieve,
not just to consume. Earning to enhance spending should not be one's
ultimate goal."
"You can't hide from adversity.
You can't hide your children from life's ups and downs. The ones
who achieve do so by experiencing and conquering obstacles, even from their
childhood days."
"Why do people operate their own
businesses? First, most successful business owners will tell you
that they have tremendous freedom. They are their own bosses.
Also, they tell us that self-employment is less risky than working for
others."
"What is risk? Having one source of income. Employees are at risk, they have a single source of income. What about the entrepreneur who sells janitorial services to your employers? He has hundreds and hundreds of customers, hundreds and hundreds of sources of income."
Written by Thomas J. Stanley and William D. Danko
The
Millionaire Next Door
