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Ready to learn the most important takeaways from The Millionaire Next Door in less than two minutes? Keep reading!
Why This Book Matters:
The Millionaire Next Door shows a behind-the-scenes look at the way “everyday millionaires” spend, save, and invest their money. It shows that what we believe to know about millionaires may be far from the truth.
The Big Takeaways:
- Not every millionaire just throws their money away.
- If Many millionaires maintain their status through careful maintenance of their money.
- An authentic millionaire believes that being able to live freely has more power than everyone knowing how much money they have.
- It’s a common misconception that millionaires love to flaunt their wealth, whereas many true millionaires appreciate their financial freedom over the material things.
- Millionaires know where their money is worth the most.
- Smart buying and smart investment is a skillset many millionaires possess.
- Millionaires give their kids what they want, even if it poses a threat to their future.
- It is not uncommon for millionaires to support their children into adulthood, where it becomes more hurtful than helpful.
- The children who achieve more understanding of the way money works in the real world tend to receive more money from their parents.
- The children of millionaires that prove the most financially literate tend to receive more inheritance.