It’s been 10 (!!!) years since Tom Stanley’s book, THE MILLIONAIRE NEXT DOOR, was published. But his observations about millionaires haven’t changed much in the years since the book is published. In his view, millionaires:
- Are rich, they don’t live rich.
- Buy new cars (Toyotas are the current fashion) and keep them for 10 to 12 years.
- Don’t buy the most expensive house they can afford, and they tend to stay in their homes for years. Warren Buffett has lived in the same house for more than 30 years (although he recently bought a $4 million house in California).
- Are perfectly happy with what they have.
- Enjoy having options that money in the bank can buy.
On today’s show, we heard from a caller who said he had never made more than $100,000 per year and didn’t have a college degree. But by saving rather than spending, he (at 62 years of age) is taking early retirement and has several million dollars in the bank. He’s living proof that millionaires really do live next door.
We’ll post the show in the next couple of days. I hope you’ll tune in.
Dec. 17, 2006.