How to tell if your Neighbor is a Millionaire (Principles From The Book, The Millionaire Next Door)
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#Millionaire #Nextdoor
Time Stamps:
00:00 Introduction
00:44 Look at their shoes and clothes
02:01 Their Health
02:51 Look at their house and car
04:10 Look at their walls.
06:23 Their spending habits
07:30 Investment habits
08:27 Children's upbringing
09:15 Career choice.
09:58 Their level of education
10:33 They prioritize paying down their debts.
11:13 Their choice of spouse
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DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I'm a self made multimillionaire, and disagree with at least half of this. We generally are NOT entrepreneurs, nor are we hanging Rembrandt's on our wall. We simply get good paying professional jobs (engineer, nurse, scientist, teacher, accountant) and live like a middle class person with half our income. We invest the difference. Make a household income of $150k (not hard for two professionals) and live on $70k. Invest the remaining $80k in stocks and/or real estate. You'll be a millionaire by age 40. That's the "secret" to wealth. Works every time. You're welcome.
Considering your username, you left out the number one expense; taxes.
@@jeradkiester698 taxes on a 150k household income are pretty low.
When I was a teenager I left home and was between places to live and I found an unlocked car to take shelter in because it was cold and raining. I fell a sleep and woke up when the car's owner was leaving his job and caught me asleep in his car. After some initial confusion he bought me dinner where he explained that he was a counselor at the local community college, and that he offered to help me get on my feet.
The next day he helped me get a job as a custodian at the school and that allowed me to attend classes for free. Two years later I had my first college degree and I started a good job that paid me to continue my education. Along the way I lived in a cheap mobile home, drove old cars, learned to cook at home.
Now it's 50 years later and my hard work and investments have paid off. I live in a beautiful home and I drive a late model car, but surprisingly I still buy day old bread and clip coupons. My CPA say I need to spend more but 50 years of being frugal is a hard habit to break.
Besides being incredibly lucky I attribute my good fortune to three things. First, always show up and be prepared. Second, debt is a form of voluntary slavery, avoid debts of all kinds especially credit cards. Third, be willing to go to school on weekends and evenings.
If you do these three things you can enjoy a charmed life of prosperity and success.
Yes, I could afford to travel first class, but always end up flying coach. Old habits are hard to break.
That man was your guardian angle
That is the coolest story. Thanks for sharing
The fact that you have the inherent ability to not spend outlandishly and are told to spend more is abysmal. So many people try to save money and struggle because they NEED to buy things but you just don’t have that and are told you’re “wrong” ??? Lol
In addition, always be thankful for our blessings and be kind to others. You were so blessed to have been found by a person who really cared. Cheers to you and your loved ones.
While trying to be a millionaire just remember HEALTH IS WEALTH.
True. A dying billionaire doesn't ask for more money , he asks for more time.
Exactly, you can't build wealth if you don't have your health.
Yes, Definitely true
Yes, it is my friend....
Eat well will lead to good health.
Your neighbor did not become wealthy by "investing in art"
This is relatively true for rich people I know. They look clean and bland, and never flaunt but you never guess how much money they have.
I find alot of rich people flaunt their network more than money
I'm clearly in the PAW category, and people know it, not because I am bland, but because I am a massive cheapskate, and save and invest all my earnings. It doesn't take too many logical leaps to figure out that someone who doesn't spend almost anything, but earns decent money and invests it, might have lots of money. A key variable that was left out of the list is Age. No matter how many of these traits someone has, if they are under 30, they are probably not a millionaire, although they could be well on there way there. This is mentioned in The Millionaire Next Door, as the average millionaire is 58, so if someone is not over 40, they probably don't have that much money saved, unless they caught some lucky breaks, or inherited some money. The thing about inheritances is, if you don't have the other millionaire traits, its VERY likely that any windfall will be quickly squandered, since its MUCH easier to spend than save, so its worth it to learn these traits young, even if you expect to inherit some money, just so you don't lose it as fast as you got it !
Be sure and pay it forward. It will gladen your heart!
There's a problem with a life of sacrifice, hard work and being thrifty that leads to being a millionaire or multimillionaire. It's breaking these habits, even a little, so that you enjoy your wealth when you get older.
I might be from the perspective of others, but I personally consider myself financially comfortable. I will admit that I retired early, that I prefer a home cooked meal and I hate carrying a balance on my credit cards, but I also view money as a tool and nothing more. I've never really calculated my net worth, so I could be, but that title isn't important to me and publically demonstrating that I am financially independent only makes me a target. Money is only the tool needed to provide creature comforts, health, security and freedom to enjoy life. I continue to grow financially to further insure those 4 objectives.
Loving this,just met you today at indigo🙌💪
Excellent video!!! ❤❤❤❤❤
Wow this is great video which has thought many an I’m really appreciate thanks so much
A million dollars isn't a lot of money these days. As to the neighbors, I suppose they're millionaires. But then, other people's money is none of my business.
More than you have so what's your point lol
Your right
I had an uncle that gave excellent advice on this topic. He said money is a verb, not a noun. It is to be used to do things not an end in itself. Oh, and alway play in your investments with Monopoly money- Monet that will not hurt you if ya loose it….and just use the loss to learn lessons…..he could speak….he was a billionaire……money should make money…..and years ago, at the beginning of our marriage, we followed that advice……it works….and we have never had the freak out money stress in the marriage…..retired early, and are doing as we wish……another business…..retirement was boring….we are on the third career now….loving it our way…..…….own money, don’t let it own you….make it work for ya……good advice from that uncle…oh, did I mention he left school after the eighth grade and started his own business? Yeah, he was the sole owner of those NCR computer cash registers… this was before all the other back in the 70’s……kept 11 lawyers on retainer for the business company…..😂 crazy, right?.
Less worry about your neighbor being one....
.....And more effort on you becoming one. 😐
Yesss
An example of millionaires and their vehicles...
The #1 most popular vehicle among millionaires have a Ford F-150 V6 (their V8 models require too much maintenance). This is because it's a reliable vehicle that has utility, and is not flashy.
Remember boys and girls... if you make millions, and flaunt it, you'll attract those who are after what you're flaunting, not you.
Yes and yes. Although I don't really like my F-150. Don't like the way it drives, and it is quite clunky. But I will keep it because one loses a bundle of money every time one switches vehicles.
@@KpxUrz5745 Yes and no. If you're going to buy new, you might as well trade in every couple of years. Keep an extended warranty running, and when it runs out, switch up. Compared to the loss of value when you keep a vehicle for an extended time, and the cost of maintenence in the long run... you really aren't losing much.
Money is a tool. Once you get that you have it made.
Funny that this is todays video; I just started reading this book last night.
🤣😂 my shoes have holes in them.... but comfortable. I love junk food. Drive a 2010 Camry and 2012 Prius. Wear shorts, t shirts and sandals. Oh well.
Just quit the junk food and start reading a book a week.Also start investing 15% in your 401k! You can do it!
@@darlenepaul2918 or just be a financial ponzi scheme genius and manage a 401k!
Normally wealthy people who had to work hard and long hours to earn the money themselves are not easy to spend their money on the latest and greatest clothing and show off type items. Many wealthy people will buy some decent high quality items for themselves using money that was earned from invested income, but are not the type to show off what they have. Most will dress very ordinary. Most wealthy people when buying something they look at value and quality. They avoid spending their capital investment. They like to live a basic life. The wealthy may use credit cards to avoid handling cash. They pay their cards off as they use them. Wealthy people never allow themselves to have debts. They never want to pay interest on loans.
"Larry Page founder of Google drives a Prius he is a billionaire! Also wears $10 t-shirts."
Yep. As a multimillionaire, I probably carry frugality to an extreme. I just don't see the point of pricey handmade Italian shoes, and my life is so simple that I seldom have occasion to dress up anyway. In fact, my everyday comfy leather shoes are at least two decades old, and they were purchased in a thrift store for $2! I'm not kidding. As for things like my car and iphone, well, I am well satisfied taking hand-me-downs as others upgrade for themselves. My car is 19 years old, pickup is 26 years old. I read many books and am well-versed in trading and investing in stocks.
This fits me to a tee. My car is a good example. It is a top of the line luxurious sedan, built like a tank and cost as much. I bought it new and 14 years later, i am still driving it. It rides better than most new cars and the gadgets are still relevant although not as flashy as in today's car. Once I get used to something, it is hard for me to change, but quality do last longer.
Toyota makes the longest lasting vehicles on the market and it has been that way since 1993
I'm all for making choices that may let you rest easy and an opportunity to live a long and peaceful life.
Art investments may only be limited to the ultra rich. The first level millionaires(1-10 M) would be very cautious in investing 1M on one item.
Moment of truth.
To Anyone Reading This!
I started catering for myself since when am young, i know the actual face of my parent when i reach 18years, i live with other people you cannot know how hard it is but with those i pass through am still willing to push more till i share my success story so watching this kind video got me to make research and start my TH-cam Channel which am really struggling to build 😭 i hope one day I will share my success story so to my fellow people no matter how hard it is just continue pushing forward, cry alone then wipe the tears and continue feel lonely still motivate yourself and continue because you’ve got yourself to trust the most 😭 i pray to those like me Reading this now may God help us all. Amen
Thanks for reading and supporting me. 🙏🏻
I don’t know if you believe in God or Jesus Christ The Holy Spirit but maybe you can check out what it says about WEALTH in the Bible in Deuteronomy 8:18 “And you shall remember the Lord your God , for it is He who gives you power to get wealth that he may establish His covenant which he swore to your father’s as it is this day” let me know if you agree or disagree
@@ChairmanPaulieD Well Jesus said it was harder for a camel to go through the eye of a needle than a rich man to get to heaven so really striving for wealth in the life.....is kind of a waste of time.
Some are much stealthier than this (art, shoes, etc) but spot on overall👍
It’s scary how accurate most of these items were and the only one that I did not agree with was education. I went to college but never finished my AA degree.
I know some that have only a high school education. Others that went to trade school. The key is living under your means and hard work coupled with saving. But don't forget to enjoy life a little.
I live in SF. Pretty much everyone who lives here is a millionaire. The question is, what constitutes a millionaire? It's not lifestyle or the shoes you wear but simply net worth which is a number. There's a difference in having a million cash (inheritance or divorce settlement), earning a million, and living like you had a million but you probably owe a million.
Ya n getting ready to move to SF on a sail boat but not one of the ones they boot out cuz their trashed I’m curious to see how things will go there since I’m not a millionaire I’ve heard their super snobs I lived there when I was a baby
@@justtriss2893 Every house in SF is worth a million dollars these days even if it's a dump. It's not like people won the lottery but more like the houses they bought and live in 10-15 years ago are now worth a million dollars. Some are cashing out and moving to other states or countries to get more bang for the buck. I'm not sure who the people are that are paying a million today for the houses here, but SF has a lot of resident multi millionaires and billionaires and they are low key. The last job I worked a clerical job but I found out only over time two coworkers live and own condos in the marina, one was married to a 49er, one comes from a family who owns a Napa winery and that left me sadly who wasn't one. However, in my first job, there was this really pretty girl (her part time job was a Macy's catalog model) at work that when she walked by, me and the guys would pop our heads up our cubicles like meerkats and stare at. Among us three, Steve worked up the nerve to test the waters and ask her out. He reported back her reply was, "I only date guys who drive a Porsche..." (Ouchies 😭). At that time only Keith among us had a car and it was an old Subaru family station wagon. I'm pretty sure everyone I knew are multi millionaires by now except me, but I figured out now you don't need a million in some places overseas like Asia or South America so that is where I'll be. Happiness is a state of mind, and costs nothing.
@@zibomacadangdang108 ya see happiness in my opinion is worth far more than any amount of money well in that case I think I’ll just dock my boat elsewhere…. But the meerkat men made me laugh
@@justtriss2893how about this... My boss (a lady) was leaving for a higher paying job in another state. I got her a dozen red roses to thank her for everything. I forget when we first met (her best friend R crashed it) but probably from an after work drinks with other staff. I forget also how it happened but her friend and her were known to buy properties. R owned a place in Pacific Heights. And just got a new place in Sausalito in front of the Marina (try docking there?). R didn't own a car (not needed if you live in the city), but somehow I ended up being her ride (otherwise she'd rent a car using cupies) so she can inspect and water the plants on the deck. I dunno what was happening. To me she was just an extension of my old boss. R was probably 10 years older than me but very attractive and very smart (CPA). She explained that after she got laid off by a bank, so she took all the severance and put it in this condo to replace the lost pension. I helped move furniture around bec she was planning to rent it out. Once she insisted we try the complex hot tub after a hard day of lifting. I didn't care since my place had one too. So we both soaked for a bit. Later in the afternoon, strangely I found myself massaging the temples of a very beautiful woman with cocobutter until she quietly fell asleep. Precious lady, I could kiss her feet and worship her like a goddess that she is. OMG. This is every school boys/handyman fantasy. You'd think, huh. But I froze up. The money thing pounded on me. The weight of imbalance in our stations was all I could think of. I felt I cannot afford this princess to a life she is accustomed. I don't want to bring her down in life. Rich girl poor boy. Better to be a king in hell, than the doormat to heaven. When she woke up, I drove her home. I met her other friends who were also loaded and I felt I was like some pet. They drink wine, I know only happy hour beer. Maybe I was wrong to feel the way I did and walk away. I’m pretty sure that Sausalito condo is worth amillion and her Pacific Heights condo is 5 million. But hey, Goodbye yellow brick road. And I don't regret it. I don't even know what it was. I dunno how far we could have gone. But I think pride and dignity weighs more than money. Secretly, I had scary future visions of her as a nagging wife raking me over financials whip in hand. That woman is a tiger for cupies and good deals (she paid our dinners with coupons). Dodged the bullet? 😂
The difference often boils down to location. A friend lives close to you - left the midwest after college while I stayed here. The cost of living is dramatically lower here, and there many "millionaire next door" types with a net of at least a million - I know several multimillionaires that live in average houses and drive Hondas or Toyotas. I retired in my mid fifties and we have pretty much experienced unlimited international travel and any toys we want; even with that, our net worth has doubled since the day I retired 8 years ago.
My friend will work until about 67 then plans to leave and move back to the Midwest as he says he can't afford to retire there. He may have made more money, but spent most of that on the higher cost of living and doesn't have much saved at all. Location can make all the difference in the world.
Yes im a heavy construction worker with a few bucks
From back of the classroom
Hello everybody im the short bus millionaire
I know a few "millionaire next door" families and from what I've seen the best indicators are frugality and a loathing of debt. The shoes/cars/education tips would fail on folk around here. Most of them wear worn down cowboy boots, ratty running shoes, etc. and drive what you'd politely call a beater. As for education it's a mix. Some of them finished high school and went into a trade. Many have a 4 year college degree in a down to earth field such as engineering, computer science, etc. But advanced degrees are pretty rare.
Not a family I knew personally but there is a wealth family that owns a large percentage of one of the local banks and one of older family members was the president of the bank. You'd see him walking through the bank on his way to or from the place. Old flannel shirt, overalls that had seen lots of hard work, well worn work boots. And then he'd get into an old Chevy pickup that was as much rust as metal (but ran like new). But if he wanted he could write out a $10 million check without batting an eye. He grew up working hard on a farm, and as the family grew wealthy and started investing in the bank he just continued using the clothes and vehicles he'd used for years. But this is the Midwest and that's a pretty common attitude - it was good enough for me when I didn't have two dimes to rub together, it's good enough for me now.
I’m hoping to reach AAW by the end of this year
“The Revolution” 😂
The riches people do not have college degrees.
I have the millionaire mindset. It's just that a million dollars isn't much money these days.
And becoming a lot less faster and faster. I'm about 50, and it seems everything from my youth is about 3x more expensive, (except for houses, that are like 5-10x more !!) so from my perspective, having a million dollars is a lot more like having $200,000-$300,000. Still good money, but not really enough to get excited about...
Still a lot better than not having it
I’ve been on both sides extremely wealthy and poor n to be honest happiness is the only thing o care about anymore n if money can’t provide that then it’s irrelevant
@@claradidi7573 >< I've tried just about everything in my crypto experience but I still get burnt one way or the other. Maybe i'll seek out a guide. How do i get in touch with Sonya Rachelle Saskin?
@@chris-pj7rk
@@chris-pj7rk /
Crypto has just crashed way worse than the stock market which has only gone down 20%
This is actually all True because for myself I’m trying to be a PAW. I’ve always naturally not wanted to be seen.
As he lives in my neighborhood, I can say he's not a millionaire!
Some millionaires are eccentric.
Lots of millionaires STAY in their original homes and neighborhoods just like Warren Buffet!
What business is it of yours what they are or aren't?
My neighbor can't tell I'm a millionaire.
You should keep it that way.
Pretty easy when you aren't.
Let’s goooo
Goals.
It's Dr. Thomas J. Stanley, not "Jay Stanley".
In Washington … nice house …
We’re the multi-millionaires next door
Lucky you!
The shoe thing is an old wives tell. We have several million and have clean shoes but not expensive ones. The teeth thing is not always true about being white. I took tetracycline as a teenager and nothing I do will make them white. You can not over simplify.
Same here. My net worth is in the millions, yet I have tetracycline type teeth as well, am usually barefoot except when wearing 20 dollar loafers, and drive a 2011 model car that I purchased in 2020 for 9K dollars (but it is a nice super clean Cadillac).
Having a million is not much these days
Yes and no. Considering that a majority of people will never have a net worth of more than 200,000; having a million after subtracting all debt still has significant meaning.
Still better than nothing
Most retirees would love to have one mil. Instead they urinated it away keeping up with broke losers
I'm a millionaire but scared to go dentist
PAW, but probably half of the things mentioned aren't typical anymore. Don't need a degree to be successful in business or a career or to be the millionaire next door.
…all my neighbors are.
If you own a house in Toronto, you are a millionaire.
If by "own" you mesn no mortgage.
All secret multi millionaires are somehow in this comment section 😂
I don't think my neighbor is a millionaire, but my neighbor thinks I am ...:(
After tomorrow that neighbor is going to be me🤑 PCH is giving away $7,000 a year tomorrow. Speaking that into existence in my life.
I am one
Great, I'm happy for you. GOD Bless You
@@lefunkable Thank you the important thing is never show off. People that truly have money and that are not living off debt do not show off.
@@misssicily100 exactly. I'm like that too. By the way, your name sounds like Italian. Are you from Italy?
(Secrets From The Book, The Millionaire Next Door)
UAW?
Did you figure it out? Please help
nevermind, found it ... Under Accumulation of Wealth
🤐
What a bunch of nonsense wealth cannot be measured by dental care. Nor by clothes. I know a real royal baron who slumps around in baggy sweat pants and t-shirts. I know another millionaire that prefers clothes from Good Will and old pickup trucks, hates television, but is kind and understanding. You are just presenting stereotypes. Especially all that cash flashing. Bullshippers
That is exactly what the book mentions. Everyday millionaires don’t flaunt their wealth
Maybe you need to watch the video again and perhaps read the book
Looking at their teeth does not work outside the US.
What b s
Actually accurate
:-)
Look, Dear, I don't care if he is a millionaire or billionaire... Just tell me how can I be a billionaire
Go gain knowledge and live a simple life
sometimes you streacht video for no specific reason
This was awful
The comments here are really poor. Literally.
All speculation by a millionaire wannabe!!
No, reasonably accurate
Lots of BS.
Yep, that is exactly what I would say if something is over my head
@@wildtill9 Don’t be so hard on yourself.
Why is it anyone's business as to weather or not your next door neighbor is wealthy or not? That's the problem with society, too many people are worried about what someone else has! I didn't watch this video because I could care less about other people and their wealth! I just wanted to comment about how STUPID this particular video was and is!
What a bunch of bull. Dave Ramsey does a much better job of identifying everyday millionaires.
Just buy and HODL Bezoge now and thank thank me later 😎