In other words, it might be true that many of the world’s millionaires are teachers, accountants and other mid-income professionals, but surely they are just the few that have succeeded. One of the critiques of the original book was that only the “cream of the crop” were selected. They deal with the survivorship bias issue.They found that even in poor societies, the same behaviours that are key to wealth, such as focus and discipline, are key.In other words, spending habits are a bigger indicator of wealth, as are behaviours more generally, rather than income. The same trends exist as before (in 1996 when the first book was released).What are 20 of the key findings of this book? Stanley ask in the Next Millionaire Next Door. The question is, is his work still relevant in this day and age? That is the question that Sarah Stanley Fallaw and Thomas J. He discussed how most millionaires are middle-income, or slightly above average, wage earners, like teachers and accountants.Īn excellent summary of the original book would be that “you shouldn’t judge a book by its cover” because many wealthy people don’t act flash. In the 1996 classic, Dr Thomas Stanley looked at some myths most members of society have about wealth. The Millionaire Next Door by Thomas Stanley is one of the classics in personal finance.
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