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The authors of the book, The Millionaire Next Door, Stanley and Danko, were business academics who had interest in business. They thought that those wealthy individuals in America had finer cultures and possessions than the rest but they decided to do a research and after finding the results, they sat down and wrote it in the above book. After reading this book, I got to learn some important lessons as written below.
I learnt that for one to become a millionaire, he or she should live a simple life. This means that I should only spend a smaller percent of my income yearly in my household. Spending everything will lead to poverty. The next point I learnt in the above book is that to become a millionaire I must choose the right career for myself. It is true that most of the business members are much wealthier than many employees and this is because of the right choices they made. Stanley and Danko also give a warning that before one decides to start a business, they must be able to reason wisely as business is concerned and they should only make a decision once they are confident that the path they have taken is the right one.
The next point I learnt in this book is how to spend money. Millionaires spend money wisely. Most of their expenditures are made in the things that only multiply their wealth. They would rather prefer educating their children until higher levels to come out with a good career than spending on something that would only be a liability. The main point is that for one to become a millionaire, he or she must learn to invest on other important projects to multiply the wealth.
The other points I learnt include the following; millionaires are skilled in identifying market opportunities. They always select the right occupations that would benefit them. They also have a strong belief that one should not depend on something or someone for financial support because this is more of importance than displaying high social status. In conclusion, to become wealthy as business people, we should sacrifice our time, energy and finance efficiently.
“The Millionaire Next Door”
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