Here's another post in our series on the learnings from the book The Millionaire Next Door. (For the next few posts in this series, we'll be focusing on qualities of the typical American millionaire.):
Who is the prototypical American millionaire? What would he tell you about himself?
We have more than six and one-half times the level of wealth of our non-millionaire neighbors, but, in our neighborhood, these non-millionaires outnumber us better than three to one. Could it be that they have chosen to trade wealth for acquiring high-status material possessions? (page 10)
I think that's exactly what it could be. It gets back to spending less than you earn.
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