The Millionaire Next Door Takeaways (Thread):

Although society and the media tout that to get rich you need to be lucky or earn an extremely high income, this couldn't be further from the truth.

(cont.)

After a study performed by the authors, they identified common characteristics of millionaires. A few of them include:

- They live below their means
- They plan and make financial freedom a priority
- They tend to be self-employed
- They take responsibility of their finances

- They invest on average 20% of their income every year
- 91% of them hold their investments for the long term
- They budget and don't spend to impress others.

Millionaires also tend to value the hard work it takes to earn money, as the majority of them are 'self-made'.

Millionaires play the wealth game, not the status game. They tend to avoid high class neighborhoods, luxury cars, and such.

They understand that high status ≠ high levels of wealth.

Millionaires understand that expensive items take time and money to maintain.

This in addition to the upfront cost to purchase the items persuade millionaires to avoid unnecessary purchases.

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Let's build wealth together.