Professional Documents
Culture Documents
Looks can be deceiving. People which look, dress, eat and act like
millionaires (own big hats) typically far away from real millionaires
(they dont have any cattle)
Go to Hell Fund
PAW
Are the best at building net worth they usually have at least four
times the wealth accumulated by anybody else
UAW
2. How is wasteful defined in the book? A lifestyle marked by lavish spending and
overconsumption.
-What is the Cornerstone of wealth building? Being frugal
-Most people will never become wealthy in one generation if they are married to people who are
Wasteful/hyper-consumers.
-Upon giving his wife $8 million of stock, from taking his company public, what did wife continue
doing? She smiled and thanked him, but then continued cutting out .25 and .50 cent food coupons
from the newspaper.
Reason #2
His net worth was a lot lower than what he was actually worth.
Reason #3
Parents Message
If you have money you spend it. If you get a raise, spend it.
Anticipate tax refunds and utilize them to consume.
In his mind, such people would never be able to repay their debts,
since such types are spending in anticipation of having money
before they even earn it.
Rolls-Royce
It was nothing this gift represents thats important in Mr. Allans life.
His values and priorities were incongruent with driving a Rolls-Royce.
There were some things that are more fun and interesting to do for
this self-made multimillionaire.
(EOC).
self-made.
building? Be specific.
wealth.
accumulation?
6. Now that you have finished reading The Millionaire Next Door, give your thoughts:
What are the two (2) concepts you found most useful?
How will you apply them into your life?
In your own words, give your thoughts in a minimum of three (3) paragraphs.
After ready The Millionaire Next Door, It kind of made me feel like having money was easier
than what we really might think it might be. There will have to be changes in my life just to be
safe and insuring we are not living out of our means. From living frugal to buying used, simple
things to keep you ahead in life. Not everybody is lucky enough to be born into money, so that
means most people have to conserve and wisely use their money.
The first thing I learned from the book was you have to live frugal, that means conserving
your money and buying things that you need and not what you want. Also this means that you
your spouse has to live frugal, You will be able save more money if you both have financial goals
and work together to achieve those goals. That has been something I have been working on
since reading this book. Sitting down with my wife and actually making goal, then we try to
achieve those goals. We have also been doing better at buying things we need and hardly
spending money on things we want.
The second thing I learned, and this one is going to be hard for me but I understand the
concept. Buying used vehicles I have been the type that likes the new and better vehicles and
instead of using my car and getting my moneys worth from it, I drive it then go out and buy a
newer vehicle that I dont really need. I understand it is nice to have a new car. But not having a
car payment is even nicer. Also a better way to start a savings account and putting the money
you were spending on a car payment into a savings account.
These are little things I can try, and see the difference they will make. I dont know if I will ever
be a millionaire but I am willing to do some stuff to have better control over my money.
Reflective Writing
Compose 2-3 paragraphs explaining how reading The Millionaire Next Door
helped you achieve at least 2 of the SLCC Learning Outcomes:
Think Critically & Creatively
Communicate Effectively
Reading this book has taught me that it is important to have very good communication; this is going to
include your wife. You are not just dealing with your money when you get married; you are dealing
with your spouses money also. It is always important to have good communication, especially about
your finances. You should be able to sit down with your spouse and decides some goals that you want
to work on. Then find ways in will achieve them.
Next think is you are going to have to think outside the box. Something might require you to take
chances, this means you will have to think outside the box and do whatever you think is the right thing.
You will need to think of all the possibilities from your decisions and know every outcome. This book
helped me think for myself but made me know that its not bad to ask for help on things. This book
helped me understand a few simple things but in the end I know they are going to be really good in the
long run.