This aphorism applies also to American millionaires nowadays.
Honestly, I didn’t find anything in the book that wouldn’t be true today, save the prices, which have almost doubled due to inflation. Some of you might argue that a set of data from 25 years ago is no longer valid today.
They conducted interviews with hundreds of American millionaires and big data research of American population in order to find and identify the affluent segment, their behavior, and financial habits.
Amazon millionaire next door professional#
The authors are renowned American professors who dedicated a big part of their professional lives to the so-called affluent clientele – the rich.įrom 1982 to 1996 they collected what had been the most comprehensive set of data about American millionaires. That’s why I decided to read the book The Millionaire Next Door. In short, learn to be a millionaire – body and soul." Data are invaluable So I think to myself: "If I am to become a millionaire, I have to dress like a millionaire, buy cars like a millionaire, act like a millionaire, breathe like a millionaire and sleep like a millionaire. And that’s the sticking point.Ĭonsidering the fact that annual expenses of my household are even a little more than 40 000 Euros, I have to become a millionaire in order to achieve financial independence. The history shows us that if you build up an investment portfolio of 1 000 000 Euros, such a portfolio should cover your annual expenses of 40 000 Euros for at least 30 years. Those of you who have seen my FIRE webinar (Financial Independence Retire Early) know that in order to become financially independent, your assets must generate passive income covering your living costs. I have been thinking about reaching financial independence for quite a while now.
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