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?
As a group, we are fairly well educated. Only about one in five are not college graduates. Many of us hold advanced degrees. Eighteen percent have master's degrees, 8 percent law degrees, 6 percent medical degrees, and 6 percent Ph.D.s. (page 10)
This gets us back to the value of education. By getting their degrees, these millionaires initially place themselves far ahead of people who have no degrees (on average). Combine that with their tendency to spend less than their peers, and you have a group of people who accumulate net worth much faster than average.
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