I’ve shared some of my favorite, and most profitable reading material with you over the last few months. Including “Napoleon Hill Mondays” on Facebook.
Today I want to make you aware of a very famous book. And have you understand how the premise affects the wealth, and lifestyle, you build in the future. As you take steps to Escape the Employee Trap, and create the life you want to live.
I’m referring to “The Millionaire Next Door”… by Thomas Stanley and William Danko. Which is all about how millionaires got to be millionaires.
And the reality that I’m sharing with you today may just shock you. Because most “millionaires next door” are under-cover. You would never know to look at them, or to look at how they live, that they would be your millionaire neighbor.
As you might imagine, there are certain traits and approaches that millionaires have in common, as noted by Thomas and Danko… that you may want to pay attention to and remember.
Living Below Their Means
This is simple, but the fact is, as most people start earning more, they somehow find a way to spend more. As you build your home business “on the side” and see the income rolling in, it’s best to stash it away. Instead of going on a spending spree on “things.” If you commit to living beneath your means, your financial future will be bright.
Spending Time Building Wealth In A Calculated Way
I’ve also shared with my Waiternomics readers about my habits with money. I have set times when I do nothing but find ways to grow the money I already have. In fact, I make a habit of literally surrounding myself with different forms of money, so I’m always in the “money flow.” You may think this sounds crazy, but it works. Try it for yourself and see. These are common practices of your typical millionaire next door.
Financial Independence Without Mansions and Bentleys
I’m sure you’ve heard of lottery winners who are broke in just a few years. Or sports stars and entertainers who’ve made millions, but still end up having to file for bankruptcy when they can no longer afford their $15,000 a month house payments! Well millionaires next door are smarter than that. And since they live below their means, you could very well have one living in your neighborhood, with a modest house and a 10 year old non-luxury car.
“Making It” Without Family Wealth
As I always say, my father was rich in smarts, advice and love, but not so rich with money. Most “millionaires next door” did not inherit family money either. They got it the old fashioned way… they work hard, and focus on the right things. Instead of the unimportant things. Millionaires next door are usually what people call “new money.” They put in the time, sweat and focused thinking that most people won’t. And they enjoy the rewards that most people don’t.
Financially Self-Sufficient Adults Without Parents Help
Self-made millionaires also don’t believe in adults “borrowing” money from their rich parents. They take pride knowing they live a life of financial peace of mind, totally self-sufficient from any family money there may be. And when it comes to living a fulfilling life, I wouldn’t have it any other way.
And being self-sufficient, while still building wealth, means living on a budget. Yes, even for the millionaire next door. Why? Because it just makes sense. Living beneath your means, and always planning for the future. What a concept!
Seeing What Others Don’t See (Or Care About)
Now here’s where we start talking about how Waiternomics concepts can dramatically change your life for the better. If you WANT your life to be better, that is.
First, millionaires have a sort of sixth sense. Where they can spot, or even feel, opportunities in markets. Where with just a bit of effort, they can position themselves to take advantage of the opportunity. Which often puts them in the path of a raging river of money, enjoyment and personal freedom.
The Wealthy Are The Self-Employed (Or Business Owners)
Next, here’s why my Waiternomics readers are so smart They get it. See, it’s a fact that self-employed people and business owners are four times more likely to be millionaires than people who work for others, in a just-over-broke JOB!
Profits really ARE better than wages!
Why in the world would anyone be okay with just squeaking by with whatever JOB they have now? And this goes for people who are making a good living, too. Why limit yourself, just because you don’t think you can make your way in life on your own, without some boss telling you what to do?
As you know, I escaped the restaurant business “trap” to become the millionaire next door. And I know of many others who have done the same.
Some where just getting by at their JOBs. And others walked away from 6-figure corporate positions. With the same goal in mind…
Become your own boss. Create the life you want to live.
And never let anyone tell you that you can’t!
Hope this post gives you a good perspective on the reality of what it takes to become the millionaire next door. And why you can certainly set yourself up to do exactly that. Feel free to leave your comments below.
Until next time…
Profits are better than wages,