This July 4th we celebrate financial independence by revisiting this interview with Dr. William Danko, author of the best-selling books The Millionaire Next Door: The Surprising Secrets Of America’s Wealthy & Richer Than A Millionaire: A Pathway To True Prosperity. In it Bill reveals the best practices for building wealth and growing rich derived from his decades-long research of high-net worth and high-income millionaires. Personal finance gurus like Dave Ramsey and Suze Orman leverage these insights all the time in their work.
The Millionaire Next Door is a long-time best selling book, written by two PhD’s who spent decades researching the behaviors of thousands of millionaires. Their work reveals that there is indeed a scientifically-derived approach to financial success.
So what are the key success factors for building wealth? And how do they apply today?
William Danko, the book’s surviving co-author, sits down with us to generously shares the key insights from his rigorous research.Here are his top takeaways from his study of those who successfully become millionaires and grew their wealth:
- They live well below their means.
- They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
- They believe that financial independence is more important than displaying high social status.
- Their parents did not provide economic outpatient care.
- Their adult children are economically self-sufficient.
- They are proficient in targeting market opportunities.
- They chose the right occupation.
If you’re really serious about building sustainable wealth, get a good financial advisor who understands Bill’s research to be your coach.