THE MILLIONAIRE NEXT DOOR SUMMARY (BY THOMAS STANLEY)

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Animated top 5 takeaways of The Millionaire Next Door by Thomas Stanley. Describes the characteristics of a millionaire. They might surprise you …

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Top 5 takeaways:

0:17 The 12 Characteristics of a Millionaire
1:39 Play Defense
3:14 The True Cost of Consumption
5:27 Cash Gifts Are Bear Favors
6:51 How to Decide if You Are on The Right Track

TL/DW:
- Frist, becoming a millionaire is a result of hard work, lifestyle decisions, planning and self-discipline, not inheritance or luck.
- The second takeaway is that you must play a great defense to accumulate wealth.
- Takeaway number 3 is that opportunity costs, both in terms of money and of time, should be added to estimate the true cost of a purchase.
- Number 4 is that cash gifts are counterproductive to accumulate wealth.
- Last but not least, number 5 is that you can decide if you are on the right track towards becoming a millionaire by taking your age, multiply it by yearly pretax income, divide it by 10 and then comparing it to your net worth.
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.

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