The Millionaire Next Door summary and quotes

The Millionaire Next Door quotes

Good health, longevity, happiness, a loving family, self-reliance, fine friends … if you [have] five, you’re a rich man….

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.

It’s easier to accumulate wealth if you don’t live in a high-status neighborhood

If you’re not yet wealthy but want to be someday, never purchase a home that requires a mortgage that is more than twice your household’s total annual realized income

His view of millionaires is shared by most people who are not wealthy. They think millionaires own expensive clothes, watches, and other status artifacts. We have found this is not the case

How can well-educated, high-income people be so naive about money? Because being a well-educated, high-income earner does not automatically translate into financial independence. It takes planning and sacrificing

To build wealth, minimize your realized (taxable) income and maximize your unrealized income (wealth/capital appreciation without a cash flow).

The Millionaire Next Door summary

The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door.