The Millionaire Next Door: Riches De-mystified
by Nora Dunn on 27 August 2007
You've seen them driving by you but you didn't even notice. They were in the checkout line at the grocery store
but you didn't give them a second glance. They're everywhere; infiltrating our lives in ways we can't even
detect...millionaires. A while ago I read The Millionaire Next Door , mostly for business purposes. I found the
book initially extremely dry and scholastic, but after persevering found that I was quoting all sorts of words of
wisdom from the book on a regular basis. At the very least it gave me a new perspective on millionaires and demystified the grandeur of their lives for me.
What goes on behind closed doors is amazing. Did you know, for example, that the large majority of people
living in "rich" neighborhoods, driving fancy cars, and wearing the latest fashions actually aren't "rich" at all?
According to the book these people more often than not live paycheck to paycheck, often working in highincome professions such as medicine or law. They generally have more debts than assets, and their monthly
expenses are over the top. They are busy trying to keep up with the Joneses at a pace they often can't maintain.
Or these people were born into or inherited money, and are propagating the statistic that most people who come
into money lose it within one generation.
The real millionaires are the people living in the modest houses in modest neighborhoods, driving older cars,
and even clipping coupons. They understand the value of a dollar, and aren't too proud to go out and save one.
They believe in investing, delegating matters like financial planning and accounting to the experts, and
thoroughly researching their options when they make any major decisions. The typical millionaire is not
interested in "keeping up with the Jones'." They don't have 100 pairs of shoes or a late model, expensive car.
They don't buy designer clothes or spend $100 for a haircut. His neighbors and friends would never guess he
was a millionaire unless he told them.
Most importantly, the typical millionaire develops a budget and financial plan and sticks to it religiously.
Most millionaires are self-made, through hard work, patience, and honesty. The life of a millionaire (the sort of
millionaire referred to in the book, rather) isn't out of reach for those of us who are patient and disciplined
enough to get there if that's what we want. But beware: being "rich" isn't a status, and doesn't become a new
lifestyle when your bank account magically hits a certain number. Being "rich" is a way of life and an attitude,
regardless of whether or not you have money. So start being rich now and become the next Millionaire Next
Door!
1) How would you summarize this article in two to three sentences?
2) What do you think the author means by saying, “Being "rich" is a way of life and an attitude,
regardless of whether or not you have money”?
3) If you could ask the author one question about millionaires what would it be?