2024-02-19 07:00:00 ET
Summary
- I recommend reading the book "The Millionaire Next Door" by Thomas J. Stanley and William D. Danko, published in 1996.
- The book emphasizes the importance of living below your means and adopting a lifestyle of hard work, perseverance, and self-discipline to accumulate wealth.
- In this article, I'm recommending two REITs that I will be including in my "millionaire maker" portfolio.
If you’re looking for something new to read, I have an old book to recommend. It’s called The Millionaire Next Door by Thomas J. Stanley and William D. Danko, published in 1996.
That’s nearly 30 years ago, which is a bit weird to think about. I don’t know about you, but my life was very, very different back then.
For one thing, I wasn’t as mature about my investments. If I were, I would have taken the timeless truths in that book to heart right away, including:
- “Whatever your income, always live below your means.”
- “Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline.”
- “Many people who live in expensive homes and drive luxury cars do not actually have much wealth… Many people who have a great deal of wealth do not even live in upscale neighborhoods.”
- “One of the reasons that millionaires are economically successful is that they think differently.”
- “The foundation stone of wealth accumulation is defense, and this defense should be anchored by budgeting and planning.”
- “If your goal is to become financially secure, you’ll likely attain it… But if your motive is to make money to spend money on the good life… you’re never gonna make it.”
Read the full article on Seeking Alpha
For further details see:
2 REITs For 'The Millionaire Next Door'