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Monday, January 28, 2008
Millionaire habits
The Fool.com article reviews Thomas J. Stanley's sequel to The Millionaire Next Door: The Surprising Secrets of America's Wealthy book, The Millionaire Mind.

The article discusses the reasons that make multimillionaires so successful at accumulating so much wealth over a few decades. The reasons for their success?

1. They have a millionaire's perspective, ie, they think like entrepreneurs.
They build businesses, look for investment opportunities everywhere, and strike when they know there's money to be made.
Even when working for others, millionaires go for careers that they enjoy and that uses their full potential.

2. Millionaires invest in themselves by working hard, and staying healthy and disciplined.
To protect their biggest asset, they stay fit, disciplined, and organized, and they work hard.
3. Millionaires find courage to take appropriate risks
They plan, prepare, confront problems, and outwork their competition.
4. Millionaires run their households like a business, ie, they watch their household expenses while still paying attention to the value and quality of the items they buy.

5. Millionaires aim to be financially independent rather than just being comfortable or affluent.

As per the article, saving just a couple of dollars a week may not seem much but that can result in good chunk of wealth when done over a longer period, and assuming the savings are investing properly. Millionaires know the importance of small savings growing into larger amounts over time, and that's why they don't have problems clipping coupons to save some money and then investing it for the long term.

I had read both books and definitely agree that they are among some of the best books on how to achieve wealth even as an ordinary person. The books reveal the mind set and the habits of the ordinary folks who managed to achieve financial freedom without sacrificing the quality of their lives. These books also shed light on the habits of high wage earners who may drive BMWs and live a flashy life styles but who are essentially financially broke, thanks to their life styles.

For complete article, see:

Yahoo/Fool.com: Think Like a Millionaire


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