Lessons from The Millionaire Next Door (Summary / Review)
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- เผยแพร่เมื่อ 29 มิ.ย. 2024
- In this video we discuss the key takeaways from the book The Millionaire Next Door by Thomas J. Stanley.
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• TIMESTAMPS •
00:00 Quick summary
00:57 Millionaire profile
02:33 What your net worth should be
04:17 The Seven Factors
07:28 The Four Questions
DISCLAIMER: Please note that I am not a financial advisor, and this content is not professional advice. These videos are for entertainment/educational purposes only.
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#Arvabelle #BookReview #TheMillionaireNextDoor
Good advice here! I was a teacher and school administrator in 2008 when the market crashed. I was left with $38,000 and some credit card bills. 13 years later and lots of savings and investing in real estate and stocks and options, I am now worth $1.5 million. But ya know what? I still shop at Dollar Tree and Target at least once a week and eat Burger King once a week. It still kills me to spend more than $5 on a lunch. Yes. True.
I live in a Van and shop at Freds, Dollar stores and Wal-Mart almost exclusively and my net worth is roughly 800,000 USD. People simply lack willpower and accountability. My current biggest life failures are my cigarette habit and I eat Whataburger a few times a week and Whataburger is stupid expensive lol.
Wonder how your stocks did now 2 years later😢
@@jimbo7042 crushing it
@@jimbo7042crushing it
For the last couple of months I was working as a fuel delivery driver I took the Baltimore ''light rail '' to work because my old car died and I wasn't in the mood to look for a new one.. I recently retired at 60,..but,...wanted to make at least 7k before I quit so I could make 1 last Roth contribution of earned income to my retirement account.. I am sure that no one on that train knew I was worth almost 1 million dollars. In my blue-collar shirt,..pants,..and work boots I looked like everybody else,....which is exactly what I wanted.
I love the realistic expectations about the upper class! Thanks for educating others about it!
Very well put together video, from the opening to the end, many well made arguments. One comment or point is well structured to fall into the next, and the video went by surprisingly quickly. Finances can be a boring subject, but putting information in front of someone, and explaining the background reason can really help it be understood. Some of the most important ideas are how a person with money might not show it around, and about budgeting. Looking at numbers isn't stressed, but made part of the conversation, and left. A really good video about finances.
You are so young but so knowledgeable about financial independent, love this video :)
Glad you enjoyed it!
Very excellent summary. I hoped that you had included the 'under - spender wife' of the millionaire next door who stayed married without divorcing the frugal husband.
Congratulations on 100k subscribers! You definitely earned it!
Thank you so much!!
It's just fun to listen to a reasonable person
Each time I listen to this video,I learn even more.
Thank You
Thank you for this great video. I love your work.
This is one of the first books I read about “wealth”. I don’t remember, close to 25 years ago. Good choice of books you’ve reviewed, particularly John Bogle’s The Little Book of Common Sense Investing. Good videos on your channel.
Thank you so much for sharing!
With the way the Fed is printing money, soon we'll all be millionaires... Oh and congrats on 100k!
Great content! Thank you so much
Congrats on the first 100,000. What’s your next stated goal?
Keep up the good work.
Well presented, clear and concise.
Congratulations on getting 100k! You deserve it! 👏
Thank you so much!!
Congrats on 100k, and I reckon I have seen you before on IELTS channel!
you are smart! you just summarized the entire book in just 10mn.
Wonderful analysis on great classic 👏👏🙏
It is great book of the explanation, I have read this book some time back.. It is really good refresher of book summary and very nice explanation. Great Work #Arvabelle
Keep up the good work!
Thanks, will do!
Thank you like always great stuff! 🙏
Thanks for watching!
@@Arvabelle You have great talent!
Great speaking ability and you're super smart.
Think about interviewing guests.
People like
George Gammon
Andrew Henderson
Robert Kiyosaki
Peter Schiff
and all the greats!
They would love to meet with you I'm sure.
Keep going you're inspiring us all Bless Ya 🙏
Yea … the formula works if you’ve had the same income your whole life or relatively small and consistent growth, but NOT if you’ve had stepwise increases in income due to career moves.
Exactly.
They probably want to make the calculation easy. However, that will lead to unrealistic results.
Nice I🙂 read The book Thank's for reminding me that I'm On the right path even if things are hard right now
nice review
Thank you
Great video
Look at you hitting 100K!!
Thank you!!
100k you deserve it
Thank you I appreciate it!
thank you.
Nice video thanks
You might consider a review of J.K. Lasser’s Your Winning Retirement Plan, by Henry K. Hebeler.
Interesting statistics but is being a millionaire even the same as being wealthy anymore? If you bought a modest home 20 or 30 years ago in one of the select hot real estate markets you'd most likely have a net worth of over a million dollars just because of the value of the house alone which would probably even be paid off by this time. As of 2021, being a millionaire by the strict definition of the word, doesn't necessarily mean you can live a lavish lifestyle. Billionaires on the other hand.... they've still got some time.
I’m not sure if doctors and accountants are good examples- they are usually paid fairly well certainly above average. But they still have to live below their means to gather wealth.
Listening to your summery on a daily basis has brainwashed me to think and do better financially.(ideas)
I wonder if their houses are factored in to net worth since it’s debt.
Congrat
Thank you!
Lovely
Thanks!
For every dollar you make, put away a quarter😎👍🏾
Mahirap mgarap nga gising kung wala ka mapapa sa pangarap mo te
I learned today I am an AAW.
Where my UAW's at!?!?!?!? 🙌🙌🙌
I still live with my parents :p. I wear decades old clothes. Drive old Honda. Even though I own a few homes.(I rent them out)
Girls won't touch me with a ten foot pole lol. Once I open my month about living with ones parents. They see loser LOL.
I'm cheap, living with my parents, free rent!
I did start my own business and drop out of college. Nobody knows I'm pretty okay off.
Most of my investments last decade. I sold some in a decade.
I have a friend who started out better off than me. Had better budget for investments etc.. He spent it on, from cars to girls to vacations etc...
The book's perspective is since 2000 very outdated - sure you can be worth a million dollar by retirement age if you work really hard, live below your means in a small apartment and pinch every penny - but what used to be a "millionaire's lifestyle" when this book was written is completely different from what is required in today's standards in order to have the same lifestyle, in today's standards you need several millions in order to be the "Millionaire" from a decade+ ago.. and making that much money is impossible without taking some extreme measures, climbing the corporate ladder into a 6 figure per year salary or being extremely successful running your own business. oh and Warren Buffet does have several very high profile real estate objects he's just smart enough to keep portraying him self as "the simple modest businessman living in a normal house driving a 10 years old car", that is why most or all of video footage of his car or his house always show the same house in Omaha and the same used car. you will never see much coverage on his private jet or several residences throughout the world which he also own. low profile is key. nice vid though
100k congrats..i got here when its 79k hahhha progressive
Legend!
Now I don’t need to read it . Thanks
Millionaire not billionaires, you thought are not right
Congrats on getting 100k subscribers. Your channel has become bullish...
This book was so annoying to finish. Super repetitive.