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We found 131 Reddit comments about The Millionaire Next Door: The Surprising Secrets of America's Wealthy. Here are the top ones, ranked by their Reddit score.

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131 Reddit comments about The Millionaire Next Door: The Surprising Secrets of America's Wealthy:

u/jake_morrison · 265 pointsr/business

Sounds like the "Millionaire Next Door" effect: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

People who got rich from their own efforts tend to be very sensitive to value and ways of saving money. They have the experience of going through tough times while they were growing their business. So they do things like buy used cars because a new car loses a big chunk of value the day you drive it off the lot. The sales guy in the fancy suit driving the new BMW is likely deeply in debt trying to impress other people.

u/Secret_Work_Account · 99 pointsr/financialindependence

I recommend reading "The Millionaire Next Door", it goes it to more detail about the spending/saving/investing habits of the average most millionaires in America. Living in a culture that prioritizes spending it's not surprising those who do the best financially go against the grain, and are also frowned upon.

u/RishFush · 61 pointsr/IWantToLearn

Rich Dad Poor Dad catches a lot of flak, but it's actually really good at teaching the absolute basics in an easy-to-follow manner. Like, learn what a Cash Flow Statement is, increase your asset column, learn basic accounting language, separate emotions and money, minimize taxes. Just glean the overall principles he's teaching and don't blindly follow his specific strategies.

The Richest Man in Babylon is another great, easy to read, investing 101 book.

And The Millionaire Next Door is a research-based book on Millionaires in America and what kind of habits and mindsets got them to their current wealth. It's a wonderfully refreshing read after being brainwashed by tv and movies saying that millionaires won it or stole it and live lavish lives. Most actual millionaires are pretty frugal and hard working with modest lives.

---
And here are some resources to help you learn all the new words and concepts:

u/PinBot1138 · 41 pointsr/fatFIRE

>The jets and all that other crap seem like a better value renting.

Huh? $3 million in total wealth isn't much, especially for that. Please, don't do that. I strongly recommend that you read The Millionaire Next Door: The Surprising Secrets of America's Wealthy. I know several that make that amount in less than 2 months, and you wouldn't know it, because they live frugally and humbly, including driving beat-up old minivans. Some of them do have nice shit (e.g. palace-sized mansions) but out in the street, they don't flex, and others live in small, modest homes in middle class neighborhoods. At best, they might have a Model 3, S, or X that they also use.

​

For the sake of argument and with some fuzzy math, if you put all $3 million into an index fund that's earning you 6%, that's $180,000/year. That is a lot of money for a 20 year old, and an obligatory Uncle Ben quote goes here. You're virtually set for life and can do anything that you want, and I'd probably use that time and money to go become a full time student in any number of mediums: Udacity, College, Trade School, Real Estate, etc. which would further your skill level for other interests, including but not limited to said rental houses. If you got licensed in trades, you'd be able to legally (well, from a liability angle - nothing is really stopping you from your own maintenance anyways) do your own repair work on your properties, which would save you even more money. I'm not saying that's the most logical option, but it's something to bear in mind.

​

To answer the relationship/cash aspect (and because I got f'd on this) you'd want a pre-nup, and as others have advised, a great attorney. Some of the relationship warning signs that I wish that I had known, and was covered in this forum yesterday. When it comes to getting serious about a relationship (and until then, if you're going to be active, use protection - child support and/or divorce rape should be a part of your threat vector) then you might want to ask an attorney about shifting assets around to where you're then an employee of yourself (e.g. form an LLC, hire yourself, and pay a meager wage, with the option for bonuses.)

u/Safety_first_friends · 36 pointsr/fatFIRE

>>The jets and all that other crap seem like a better value renting.
>
>Huh? $3 million in total wealth isn't much, especially for that. Please, don't do that. I strongly recommend that you read The Millionaire Next Door: The Surprising Secrets of America's Wealthy.

Yeah, that bit made me laugh. $3m isn't even remotely close to private jet territory. Try $300m. Lol

Most people that receive a large windfall like this do not fare well OP. At all. Be extremely careful with this money and do not tell anybody. Check out the "Windfall" section in the /r/personalfinance wiki. Also check out /r/fire and /r/fatFIRE.

u/barneycast · 30 pointsr/todayilearned

try reading this

Basically most people with a net worth of millions know the struggles of making money and saving it, so they live frugal lives. Net worth and income aren't actually that closely linked, as a lot of people with high income also have high expenditures as well. There's quite a lot of high earners who live outside their means. The research showed that most millionaires don't "keep up with the Jonses", instead opting for cheaper lifestyles and saving money. It's actually quite a good read for those interested.

u/Zabren · 24 pointsr/financialindependence

> Even this seems a bit too aggressive for my taste

Your job for the next month or three is to become a sponge for financial knowledge. Even though you have a CPA and a CFP, in order for you to feel comfortable with their decisions with your money, you need to have some amount of knowledge with finance.

Read:

u/VestedValkyrie · 22 pointsr/financialindependence

This explains it:

The Millionaire Next Door: The Surprising Secrets of America's Wealthy https://www.amazon.com/dp/1589795474/ref=cm_sw_r_cp_api_fMnJBb0GAZ99M

Essentially: the super super wealthy are less than 1% of the population. Meanwhile much of the actual top 10-1% tend to be in jobs that go along with conspicuous consumption. Think lawyer, banker, accountant, doctor. They tend to feel that they have to maintain a certain type of lifestyle to be “respectable” in their profession.

There’s also a lot of people who work in tech, many of whom are young and may not save much because they want to “enjoy life” and aren’t necessarily thinking ahead. (Although they do tend to have stocks.)

u/TheSpoom · 19 pointsr/personalfinance

Yup. Real millionaires are often indistinguishable from others. They didn't get that way by spending a bunch of cash, after all.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/DragonJoey3 · 16 pointsr/personalfinance

Caution: Wall of text to follow.

Firstly, congrats on caring at a young age about your finances. That's something not a lot of people can say. With that being said I'll like to take each of your paragraphs in turn and answer your questions at the end.

NOTE: If you just want answers to your questions and not my advice skip ahead.

> While I believe that there are some truths behind "Money doesn't buy happiness", it is a lot easier to be happy knowing that you are well-off.

As a word to the wise from someone a little further down the road let me just say there is more truth than you yet realize in those 4 simple words. Many people don't come to see the truth till their old age looking back on a life filled with regret, so take some time now and seriously contemplate it, because the reality is in 85 very short years you'll likely be dead, and all you ever had will belong to someone else. If the only happiness you get in this life is seeing dollars in your bank account you'll miss out on a lot.

> The leading cause of divorces are because of financial issues. I mean, that has to speak for something.

In the vast majority of divorces it's not a lack of money that's the problem, it's a lack of agreeing on what to do with the money that is. Marriage can work below the poverty line, and above the 1% line. The financial issues of marriage aren't solved with just "more money!"

> I want to be able to support myself, other family members who aren't as well off, and be able to buy my kids (if I have them) a car, pay for their college funds, etc.

Supporting your own family is honorable, but beware when helping out "less fortunate" family members. There are many, many problems that can arise from that if not done properly, and enabling a family member will only make their situation worse, not help them.

> I don't want to be a doctor. Or a lawyer. . . . . who can bank at least a million in one year.

That is a very big dream, but it's not unrealistic. Big dreams are good, and as long as you can approach them level headed they help give you focus. I say that your dream is worthwhile, and although I caution against greed as it can destroy you and your life, there is nothing wrong with wanting to be a CEO making $1,000,000.

ANSWER TO YOUR QUESTIONS

> So tell me. Where do I start investing and also building my way up to becoming the CEO of a company?

You start right where you are. There is nothing stopping you from pursuing your dream now. Begin with learning. Learn what it takes to be a CEO, learn how other CEO's have done it, learn what your talents are. There will be much learning for you starting out.

I recommend the internet and a library card. Read a CEO's biography (it's as close as you'll come to getting to interview some CEO's). How is it that Donald Trump was able to go from rags to riches twice?! What would it take for you to do that? Learn all there is to learn about running a business, being a leader, and leading a successful venture.

> At what age?

NOW! Bill gates was already writing software and starting Microsoft at your age (not to say you're behind or anything like that.) There is no age limit on being a CEO, and there is certainly no age limit on learning and working hard.

> What majors in college should I be looking at?

This will be up to you and what you feel you would be good at. Do you want to be a CEO just to be a CEO, perhaps some business major then? Learn from other CEO's stories and what they majored in.

> And at what colleges?

Personally there is little impact based on what school you choose. There are CEO's that never went to college, and there are CEO's that went to Yale/Princeton.

The fact is it takes maybe $200 to start an LLC and call yourself a CEO, no college degree needed. What comes after that is actually making the money! In order to do that you have to provide a good or service that people want. The more people you make happy, the more money you'll get.

Something you should know now is that starting a company, and running a company is HARD WORK. I know some owners of start-ups that had to work 60 - 90 hours a week with little to no sleep to build their business. I know others who fell into the CEO position because their daddy owned the company, and they were lazy, and thanks to their lack of action the company collapsed.

> And of course, looking to do this in a legal way.

Welcome to America :), where hard work, sacrifice and the willingness to learn and strive can and do payoff.

One last piece of advice: Don't be a jerk. When you become the CEO of a company and you are making the millions, when you someday are the hotshot, don't look down on those around you. Remember where you came from, and those that helped you along the way, and there will be those that will help you!

People will always respond better to someone who is nice than someone who is a jerk.

Here is some recommended reading once you get that library card:

  • Start by Jon Acuff

  • EntreLeadership by Dave Ramsey

  • I will teach you to be Rich by Ramit Sethi

  • The millionaire next door by Thomas Stanley

  • The seven habits of highly effective people by Stephen Covey

    There are many more books, but that's a start.

    Jon Acuff went from amateur blogger to best selling author, and is a great motivational writer. His books make me want to run a marathon, and are good for motivating you.

    Dave Ramsey went from bankruptcy to running a 300 person business and earning in the %1 of earners in the nation with a national brand. His book is about being a leader in business and you'll need to lead if you want to be CEO. It's a hard job, and not nearly as cushy as you might think.

    Thomas Stanley is a researcher who studies those with a net worth over $1M and his book will show you that being rich doesn't contradict with a frugal lifestyle.

    The others and highly recommended in general!

    The fact is you'll need to grow up, turn off the TV, and look weird to your friends. How many 15 yr olds do you know reading books about how to run a company and studying up on what it takes to be a CEO, or how to start a business? I don't know many, but I do know that at 17 years old William Gates III started a joint venture with Paul Allen (their first business). They both went on to make the top 20 richest billionaires list. Bill still holds the top spot.

    If you want to be rich, you want to be a CEO, then work at it. Work at it now, work at it often, and work at it always. I have no doubt if you dedicate yourself you can do it. The fact of the matter is that most people reading this are tired just thinking of the work it takes to be CEO, and that's why they never will be.

    Best of luck on your future success, and don't forget the little people.

    ~ Dragon J.

    Edited for formatting.
u/throwbubba1 · 14 pointsr/investing

Stock and bonds are a good way for the middle class to "keep up" with the wealthy. To catch up, you most likely have to provide a good or service in a new and unique way and build a successful company out of it. The vast majority of millionaires earned a lot of their income from a private business. They some of them invested in securities.

There is a good book on this by Thomas Stanley, a professor that researches wealth, called The Millionaire Next Door. Here is the NYT displaying the first chapter for free. It's a good read, it will tell you a great deal about how people in the United States get and stay wealthy.

u/shaansha · 14 pointsr/Entrepreneur

Thanks for the question. Wish I was there myself but not yet ;).

The average Millionaire is not what you think.

Thomas J. Stanley wrote "The Millionaire Next Door"

He highlights critical pieces of advice for any entrepreneur.

First income doesn't equal wealth. We see this a lot on r/entrepreneur that people have a lot of revenue but their margins are slim. Net Worth is what matters.

Also, work your budget. If you don't have a budget get one. You Have to do it. It's a pain but table stakes.

He also speaks about how where you live has an enormous impact on how you spend your money. The key is to live in a neighborhood where most people earn less than you.

And here's an interesting fact: 86% percent of “prestige/luxury” cars are bought by non-millionaires. If someone looks rich they probably aren't.

In the end, save money.

As a way of background I have newsletter where I share proven case studies of successful entrepreneurs. Many of them are quiet successful. If anyone's interested let me know and I can PM you the link. (I've gotten about 10 PM's asking for the link so I thought I would include it here.)

u/Gdileavemealone · 13 pointsr/personalfinance

Honestly, it sounds like you're hoping it is illegal. :)

It's most likely not.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/DrunkHacker · 13 pointsr/financialindependence

Rich Dad, Poor Dad is a scam and the author has been widely discredited.

Check out "Millionaire Next Door" for real life examples of people that have saved enough to live independently. The mindset of most of the people featured is representative of how to approach financial independence.

u/blriber · 12 pointsr/Entrepreneur

The Millionaire Next Door

Read it when I was 16 and completely changed how I thought about money/business/entrepreneurship

u/JoshuaLyman · 12 pointsr/RealEstate

> how the heck are people affording these beautiful houses with granite counter tops crown molding etc with comparable income to mine?

They aren't. Have you seen the number of foreclosures? Please read The Millionaire Next Door. Also, you might check out Dave Ramsey.

I absolutely promise you in all areas there are a significant number of people living paycheck to paycheck. One way I know this is that I have had the opportunity to buy distressed property in almost all price ranges in my city. The largest (I passed) was 9500 SF on 3 acres in one of the most desirable villages here. 50 cents on the dollar...

I'll also promise you this. If you take the trade off and buy something a little less nice but in your range you will be WAY happier than if you get something a bit nicer but have to stress about money all the time.

u/newpua_bie · 11 pointsr/Economics

Athletes constitute a extreme minority, especially superstars like LeBron. While his example was a little extreme in how lucky the beginnings was, the story is by no means rare. The is a popular book called The Millionaire Next Door which goes to explain how most millionaires in the US got their wealth.

In the vast majority of cases, it's quite straightforward: spend less than you earn, and maximize tax-advantaged investing. Don't waste money on expensive cars or other forms of wasteful spending. Keep doing that for a couple of decades, and you'll be a millionaire.

Of course, the above path does come with assumptions. First is that you need to have an employable degree, and not be crippled by student debt in a way that makes you lose a big chunk of your early earnings. Second is that you need to be not unlucky and e.g. not have an expensive medical emergency. Having a spouse definitely helps (but is not required), and not having kids also helps (but they won't make anything impossible).

Bottom line is that the most millionaires in the US are not sportsmen, nor are they born to immense privilege.

u/grapeape25 · 11 pointsr/uwaterloo

If you're just looking to learn instead of fulfilling a degree requirement then it is a probably more useful to pickup a book and do it yourself.

Some useful subs:

u/DustinEwan · 10 pointsr/investing

The answer, as usual is: it depends.

If you want to invest your money, then there's no better time than now. However, the implication is that when you invest that money you have to leave it sit long enough to do it's work.

At 19 and wanting to invest, you have time on your side. You need to be able to stomach volatility in the market and not get excited when your stocks rally for 30%, nor should you despair when the stocks plummet by 40%.

Traditionally speaking, the stock market averages between 6%~8% a year, which is much better than any savings account you're going to find. However, you shouldn't treat it as a savings account because volatility will almost certainly put you in a bad position to sell whenever you need the money most.

If you feel like you can stomach that volatility and turn a blind eye to both the rallies and collapses, then the stock market may certainly be for you. If you are NOT looking to place your money in good companies for a long period of time (10+ years), then it's my opinion that you are simply speculating... in which case you may as well go to the casino.

If at this point you have decided that you would like to invest in the stock market, you now need to figure out the degree of involvement you would like to dedicate.

If you're looking for a simple hands off investment, then you should just invest in an index fund such as VFINX, SWPPX, or QQQ.

Index funds closely track the performance of the market and charge minimal fees. They are pretty much totally hands off on your part, and are the Ronco of stock investing. Just set it and forget it, and enjoy your ride on the market.

A step above that are mutual funds. They actively try to beat indexes, but charge a fee to do so. There are mutual funds for any style of investing, and people tend to choose mutual funds that coincide with where they think success will lie. That means choosing foreign or domestic, stocks or bonds, and even individual sectors like technology, retail, energy, etc.

The world of mutual funds is vast, and provide an opportunity to beat the market, but it comes with a price. I'll leave the rest up to you to do your research.

Finally comes individual stock picking. Picking individual stocks is the highest risk, but also have the potential for the highest returns. Also, there are no fees except for the fee for purchasing your shares.

There is also a lot to this world, as I'm sure you know, but if this route interests you, then I would suggest you pick up a few books, beginning with The Intelligent Investor.

This book is, in my opinion, the best introduction out there to investing for long term wealth.

Finally, since you're so young and you seem to have an eye out for your personal finances, I absolutely recommend you read The Millionaire Next Door.

Good luck!

u/cinepro · 9 pointsr/exmormon

There's a book about that. It's more common than you might expect...

The Millionaire Next Door

u/King_Tofu · 8 pointsr/personalfinance

the books reccomended in the faq provide abundant info. Specifically,

"The millionaire next door" -- explains the importance of defensive spending and talks about how fiscal responsibility is passed to your kids depending on your money attitude.

"I will teach you to be rich" is a good general primer.

"The boglehead's guide to investing" introduces all the options out there and explains why investing in low-cost index funds is best for the long run.

edit: "I will teach you to be rich" is a more stimulating read, followed by millionaire, and last is boglehead.

edit 2: Millionaire is more "mindset" with not many practical advice except for its section on how financial responsibility is inherited onto kids

u/Java_Beans · 8 pointsr/financialindependence

Read the book The Millionaire Next Door

Second: teach yourself to save a PERCENTAGE of your income. Don't care about the amount, care more about the percentage. If you teach yourself to save 10% (for example) and increase it with time, that will be great. We all ignore this because at the very beginning of work life the 10% is in pennies, but if you committed to it, you will keep doing it when your salary is twice as much.

u/solidh2o · 7 pointsr/Futurology

I suggest you take a couple days to read this book:

http://www.amazon.com/The-Millionaire-Next-Door-Surprising/dp/1589795474

It's quite telling and it debunks the idea that the majority of the wealthy are what is depicted in those pictures.

Also a great book: Lights in the tunnel; : http://www.amazon.com/Lights-Tunnel-Automation-Accelerating-Technology/dp/1448659817

This one focuses specifically on how to approach post scarcity without collapsing the economy. I'm not sure that it's the approach I 100% agree with, but we have to start the conversation somewhere. I'm hoping someone picks this one up to make a documentary out of it.

u/jay9909 · 7 pointsr/investing

I read the following, in roughly this order:

u/johnsmithindustries · 7 pointsr/personalfinance

Me too! For a little motivation, check out Mr. Money Mustache and Early Retirement Extreme. For some really good information, check out Get Rich Slowly and The Simple Dollar - both have extensive archives on frugality, saving, investing, and debt repayment. I read all of those every day.

Here are some basics:

  1. Start an emergency fund in a new savings account with 3-6 months of expenses. Don't touch this unless there is an emegency (job loss, car repairs, etc.). This will keep you from aquiring any debt and allows you to be bold with your savings/investment goals.

  2. If your employer has a matching program for your 410K, contribute as much as you need to get the match. This is FREE MONEY and as a bonus your contributions reduce your taxes for this year.

  3. If you have any high-interest debt (~7+%), pay it off. If not, start a Roth IRA and try to max it out every year ($5000/yr). I recommend low cost index funds or a Target retirement fund (aka "lifecycle fund") with a low expense ratio. Because contributions to Roth IRAs are from after-tax earnings, this money will grow/remain tax free for the rest of your life.

  4. If you have any other debt, pay it off as fast as you can using a debt snowball.

  5. If you have any left over, contribute the maximum you can to try and max out your 401K ($16500/year) - the more you contribute, the more you save on your taxes this year.

  6. Save, save, save. With your goal you need to save as much of your income as possible. If you can max your 401K and Roth every year, you'll be well on your way to financial security. But those are your retirement savings, and you won't be able to utilize them for a while. So your best bet is to save and invest a large portion of your remaining income - this will ensure that you will not have to take on any additional debt and can save thousands if not hundreds of thousands along the way (think paying cash for a house vs. a 30 year mortgage)

    ERE and MMM both are into frugal lifestyles combined with established passive income streams from real estate and investment earnings. That seems like the way to go, especially given the low prices for real estate and the increase in renting.

    I would also start reading on these topics. For an eye-opening motivational read, try The Millionaire Next Door - I recommend that to everyone regarless of their personal finance goals. For starters in investing, The Boglehead's Guide to Investing is great, and a lot of the information can be found free at the wiki. GRS has a great post from a while ago on the 25 Best Books About Money.
u/guldilox · 6 pointsr/personalfinance

These two books I recently read were on-topic and very good.

Green With Envy

Millionaire Next Door

u/InternetCaesar · 6 pointsr/personalfinance

Live radically below your income level no matter what it is and invest as high a percentage as possible.

Change every habit in your life to save and invest, and not spend.

Change every habit in your life to recognize 99% of what you do is based on habit and consumption, that people have existed for 10's of thousands of years and lived on very little. Water, a bit of food and shelter. Reduce your existence to that and invest the rest.

Read "Millionaire Next Door".

Read "Habit"

It will cost you about $20. Follow them like the bible, like your compass. And in 30 days when you haven't done any of this, re-read this answer.

That's all there is to it. Follow that and you will become wealthy. There is nothing more to this, 99.9999% of humans cannot do it. And the wealthy benefit from that every day.

You're welcome.

u/tRacer4201 · 6 pointsr/SeattleWA

You're making claims and then confidently stating the burden of proof to prove otherwise is on people who disagree.

That's not how this works...

That's not how any of this works...

In general, responsible people with high net worth don't drive expensive, imported cars. People who tend to dive luxury automobiles are the folks who might have low or high income but basically little net worth, living paycheck to paycheck or not even that but surviving off welfare provided by wealthy parents or other relatives

Source: The Millionaire Next Door
https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/Judson_Scott · 6 pointsr/fatlogic

The Millionaire Next Door is outdated when it comes to specifics, but conceptually is an excellent road map for getting and maintaining wealth.

The gist is exactly what you describe: Live below your means.

u/[deleted] · 6 pointsr/MGTOW

> Is this goal unrealistic?

Not at all.

u/Vusmeree · 5 pointsr/finance

If you haven’t already, you should read The Millionaire Next Door! It’s an older book but the ideas are spot on!

Here is an Amazon link of you are interested: https://www.amazon.com/gp/aw/d/1589795474/

u/watermooses · 5 pointsr/pcgaming
u/SteelSharpensSteel · 4 pointsr/marriedredpill

On What to Read


Here are some suggestions on books and websites:


The Millionaire Next Door by Stanley and Danko - https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474


If You Can by William Bernstein - http://efficientfrontier.com/ef/0adhoc/2books.htm


Free version is here - https://www.dropbox.com/s/5tj8480ji58j00f/If%20You%20Can.pdf?dl=0


The Investor's Manifesto. Preparing for Prosperity, Armageddon, and Everything in Between by William Bernstein - https://www.amazon.com/Investors-Manifesto-Prosperity-Armageddon-Everything/dp/1118073762


The Bogleheads Guide to Investing - https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/1118921283


The Coffeehouse Investor - https://www.amazon.com/Coffeehouse-Investor-Wealth-Ignore-Street/dp/0976585707


The Bogleheads' Guide to Retirement Planning - https://www.amazon.com/Bogleheads-Guide-Retirement-Planning/dp/0470455578


The Four Pillars of Investing: Lessons for Building a Winning Portfolio by William Bernstein - https://www.amazon.com/Four-Pillars-Investing-Building-Portfolio/dp/0071747052/


Total Money Makeover by Dave Ramsey - https://www.amazon.com/Total-Money-Makeover-Classic-Financial/dp/1595555277


Personal Finance for Dummies by Eric Tyson - https://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1118117859


Investing for Dummies by Eric Tyson - https://www.amazon.com/Investing-Dummies-Eric-Tyson/dp/1119320690/


The Millionaire Real Estate Investor per red-sfplus’s post (can confirm this is excellent) - https://www.amazon.com/Millionaire-Real-Estate-Investor/dp/0071446370/


For all the M.Ds on here and HNW individuals, you might want to check out https://www.whitecoatinvestor.com/ and his blog – found it to be very useful.


https://www.irs.gov/ or your government’s tax page. If you’ve been reading, you know that millionaires know more than your average bear about the tax code.


https://www.reddit.com/r/TheRedPill/comments/7vohb3/money/


https://www.reddit.com/r/TheRedPill/comments/3hzcvn/financial_advice_from_a_financier/


https://www.artofmanliness.com/2017/09/22/4-money-tips-4-personal-finance-legends/


Personal Finance Flowchart from their wiki - https://i.imgur.com/lSoUQr2.png


Additional Lists of Books:


https://www.bogleheads.org/wiki/Books:_recommendations_and_reviews


https://www.whitecoatinvestor.com/books-4/


Subreddits


https://www.reddit.com/r/investing/


https://www.reddit.com/r/personalfinance/ - I would highly encourage you to spend a half hour browsing their wiki - https://www.reddit.com/r/personalfinance/wiki/index and investing advice - https://www.reddit.com/r/personalfinance/wiki/investing


https://www.reddit.com/r/financialindependence/


https://www.reddit.com/r/SecurityAnalysis/


https://www.reddit.com/r/finance/


https://www.reddit.com/r/portfolios/


https://www.reddit.com/r/Bogleheads/


MRP References


https://www.reddit.com/r/marriedredpill/comments/40whjy/finally_talked_to_my_wife_about_our_finances_it/


https://www.reddit.com/r/marriedredpill/comments/67nxdu/finances_with_a_sahm/


https://www.reddit.com/r/marriedredpill/comments/488pa0/60_dod_week_6_finances/ (original)


https://www.reddit.com/r/marriedredpill/comments/6a6712/60_dod_week_6_finances/ (year 2)


https://www.reddit.com/r/marriedredpill/comments/3xw015/how_to_prepare_for_a_talk_about_finances/


https://www.reddit.com/r/marriedredpill/comments/30z704/taking_back_the_finances/


https://www.reddit.com/r/marriedredpill/comments/2uzukg/married_redpill_finances_and_money/


https://www.reddit.com/r/marriedredpill/comments/3637q5/some_thoughts_on_mrp_and_finances/


https://www.reddit.com/r/askMRP/comments/8dwaqt/best_practices_for_finances_within_marriage/


https://www.reddit.com/r/marriedredpill/comments/588e5o/gain_control_of_the_treasury/


Final Thoughts


There are already a lot of high net worth individuals on these subs (if you don’t believe me, look at the OYS for the past few months). This should be a review for most folks. The key points stay the same – have a plan, get out of the hole you are in, have a budget, do the right moves for wealth accumulation. Lead your family in your finances. Own it.


What are YOU doing to own your finances? Give some examples below.


u/chuckDontSurf · 4 pointsr/reddit.com
u/SouthFayetteFan · 4 pointsr/churning

Lumpy, you are spot on once again...The Millionaire Next Door: The Surprising Secrets of America's Wealth...most rich folks spend less than they earn and live simple lives...the banks want the pretenders who think being rich is driving expensive cars and living in expensive homes decked out with expensive stuff...

u/Dyogenez · 4 pointsr/financialindependence

General Greeting: I'm 34m, engaged, no kids in our plans. Have lived in Orlando for 16 years since college, and have been making websites and working in software engineering since high school. I absolutely love teaching people how to code and lucked into joining Code School (as you would easily discover looking at my post history).

What brought you to /r/fi: After my mom passed away ~11 years ago, I started reading everything I could to understand what to do with the modest inheritance. This led to reading things like The Bogleheads' Guide to Investing, The Millionaire Next Door and eventually MMM which helped refine and shape my view of investing, consumerism and the role of money in my life.

Other hobbies/interests:: I listen to a lot of audiobooks, and challenge myself to read/listen more. Recently started a site (minafi.com) to write about topics different from my day to day -- minimalism, financial independence and mindfulness. It's been fun having another avenue to write about things that are at the top of my mind, and explore something different from programming. Bunch of other common hobbies - CrossFit, board games, cocktails, eating anything and traveling anywhere.


Picture of yourself if you want: Somehow even though I'm crazy open with personal facts, sharing a photo seems quite intimate. I don't think I've done that before on Reddit, but here goes!.

u/harrison_wintergreen · 4 pointsr/personalfinance

I think that sort of forgetting about the inheritance is maybe the best thing you could have done.

most inheritance is wasted.

you knew you were over your head, so you did nothing and went about your life as normally as possible. many people wouldn't have the discipline to do what you did. they'd have bought a new BMW, flown to Cabo 8 times, etc. and now they'd have only $15k left and be kicking themselves wondering where it all went.

I think you're trying to honor your grandmother's memory, and don't want to screw it up. is so, that's the right attitude. and I think you have the right foundational skills. you also live frugally, you made wise choices with your education etc.

if you want to visit a financial adviser, I'd recommend a few things.

  • first, shop around. visit multiple people until you find someone who makes you feel comfortable.

  • second, look for someone who is more a teacher and less a salesman. they shouldn't bully you, pressure you, or talk to you like you're inferior. they should use their education and expertise to give you advice and help you decide. don't do something simply because an MBA tells you. do it because you understand it and think it's a good idea.

  • keep it simple. one of professor thomas stanley's findings (see below) was that most wealthy people have investment strategies of almost brutal simplicity. they don't go for the fast buck, get rich quick. they invest slowly, steadily and consistently over a period of decades. they rarely invest in anything other than mutual funds and property.

  • finally, don't mention that you're sitting on half a million during the first consultation or two. you want someone who's gonna give you good advice, respect your time and goals, and take you seriously as a client, whether you've got $4000 or $4million to start investing.

    > She was by no means living a fancy lifestyle

    most millionaires are actually very frugal. you might want to go to the library and see if they have copies of Thomas J Stanley's books. he was a professor who studied finance, specifically high-wealth people. he basically found that you can either be rich (lots of cash or investments) or you can look rich (fancy lifestyle, cars, etc). many who earn high incomes are actually broke, because they're spending all their income on status items, high-end new cars, huge houses in upscale neighborhoods, boats, etc. they're so busy trying to look rich that they don't have cash left over for savings and investing. in contrast, people like your grandmother are truly wealthy specifically because they lived modestly, didn't care about impressing anyone, didn't go to the country club, and made a priority of building wealth.

    his first and maybe best known book was "The Millionaire Next Door." one of his findings was that there were more millionaires in blue collar/middle class areas than in upscale/white collar areas. why? because doctors and lawyers etc are under more pressure to live a fancy lifestyle. nobody expects a farmer or a plumber to drive a BMW and send their kids to private school. so if a farmer and a lawyer both earn good incomes, who's actually more likely to save and invest? That's right: the farmer. https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=sr_1_4?ie=UTF8&qid=1478299059&sr=8-4&keywords=thomas+j+stanley

    I also like his book Stop Acting Rich. https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570/ref=sr_1_1?ie=UTF8&qid=1478299059&sr=8-1&keywords=thomas+j+stanley

    and stanley's website. he died only last year. http://www.thomasjstanley.com/publications/
u/predot · 4 pointsr/offmychest

> ...the VERY rich drive old cars, because they don't see any need to get a new one as long as the old one runs fine. They wear scruffy, well-loved clothes. They live in old houses and don't worry about maintenance...

That entire theme is the subject of the book The Millionaire Next Door. The researchers found that is how most of the 'liquid' wealthy live. Never buy a brand new car. Living in a sensible 30 year old single-family home, etc.

u/yt1300 · 4 pointsr/personalfinance
  • First of all congratulations. It's terrifying and awesome to become a father.

  • Get 30 year term life insurance today. You are going to sleep better knowing this is taken care of. No "cash value" life insurance. TERM!!

  • Read some books, The Millionare Next Door, Rich Dad Poor Dad, Financial Peace any of the etc. These books will give you some contradictory advice but they'll also give you the information to make your own decisions.
u/charlieplexed · 4 pointsr/personalfinance

OP & his wife should read this book

u/UserNotFoundError666 · 4 pointsr/fatFIRE

>Maybe it’s networth that makes you feel better and not necessarily the income?

Think of it like this, who is truly wealthier in this scenario the person making $60k\year and saving $15K after taxes or the person making $200k\year and only saving $5k?

I would suggest you read "the millionaire next door" by Thomas Stanley it changed my entire outlook on money. https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

It seems like you have a lot of expenses right now and at your income level you should be able to easily cut back in certain area's in order to save over a million dollars in a few short years which will probably help to alleviate those feelings of "not feeling rich." If I was at that income level I would be living like I only made $75K\year and saving the rest and within 10 years would probably never have to work again. It seems lifestyle creep is what significantly delays building true wealth and could delay your retirement.

u/jeremiahs_bullfrog · 3 pointsr/financialindependence

Read The Millionaire Next Door. It goes through the difference between inherited and earned wealth. The TL;DR of thr portion you're interested in is that those who inherit wealth squander it, those who earn it raise their children in a way that allows them to earn it as well. If you want your kids to be wealthy, teach them the value of money and give them the tools to earn kt themselves.

I am considering setting up a trust fund for my children that will make them FI once they turn 30 or 35 or something, but I'll give them very little before then. I'll also give them lots of opportunities to earn extra money so they can support themselves through school.

My parents could have paid to put me through school, but instead they only paid half. It was just enough that I could work my way through school without taking on extra debt. They also gave me a 0% loan to buy a house, but I had to pay it back on a schedule. I think this is the right approach to wealth propagation.

And you're right, I don't know any really wealthy people (well, some, but not inherited, it was earned). And I'm glad I don't.

u/TheJgamer · 3 pointsr/offbeat

I think anyone who seems to be against "rich people" in this thread should read "The Millionaire Next Door" or some of "Mr. Money Mustaches" blog. It'll give you a sense of what it takes to be rich, and it isn't simply being born from the right womb. 80% of millionaires are self-made, they mostly live a humble lifestyle and earn middle-class wages.

An entitlement mentality won't get you anywhere.

u/isthisfunforyou719 · 3 pointsr/financialindependence

The bit your missing is those on the FIRE path generally come in one of two version: the first group approach FIRE by driving down their living expenses extremely low. Examples approaches are living off-the-grid tiny houses and eating rice and beans. Another low-cost tactic is living in low cost of living places (COLA) and in the extreme means moving to poorer countries ("retirement hacking"), e.g. Mexico with it's good weather and your USD goes further. MMM (build all my own stuff) and Market Timer (living in a cheap country) are two examples. I have a feeling this group is actually the minority of the two, but I don't have any surveys. I've only met two this type IRL (well, living this way by choice).



The other type are high income earners who save a high percentages of their income. Bogleheads's survery's income (column U) has some eye-popping numbers and clearly skews towards highly educated/high income. WCI and Financial Samurai are both good examples of people who both have/had high incomes and decided to convert those incomes into wealth/FI through savings and investing. In the data that's out there(Millionaire Next Door and the little bit of self-reported data in the BH survey), this appears to be the more common path to FI. It certainly is easier to save lots when you earn a lot rather than try to squeeze every expense out of your life day in and day out for decades.

u/Eyimanewpizzaguy · 3 pointsr/TalesFromThePizzaGuy

Most actual millionaires drive common, paid off cars. Interesting read https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

Not to say your boss was a millionaire, he could have been a broke dumbass. But the perception that nice car = successful person was one sold to us by marketing execs. The reality for most people is nice car = big car loan.

u/Communist_Pants · 3 pointsr/Showerthoughts

Most millionaires drive sedans that are 8+ years old.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/theberkshire · 3 pointsr/Investments

Congratulations on being wise enough with your money at such a young age to do your research and ask questions. That's exactly what you should continue doing, as it will pay off in the long run far more than any single investment you can make right now.

Along those lines I would invest a small amount of that money in some basic books about money that will help you develop a fundamental philosophy about your relationship with money and building wealth. Ebook, blogs and apps all have their benefits, but you really should have a basic financial library of physical books you can have on hand.

Your Money or Your Life:
https://www.indiebound.org/book/9780143115762

The Simple Path to Wealth: Your road map to financial independence and a rich, free life:

https://www.amazon.com/dp/1533667926%5D(https://www.amazon.com/dp/1533667926/

The Bogleheads' Guide to Investing https://www.amazon.com/dp/1118921283/

The Millionaire Next Door: The Surprising Secrets of America's Wealthy https://www.amazon.com/dp/1589795474/

That short list is in no way complete, but will get you started.

As far as websites/blogs/free reads here's a few to consider:

http://www.bogleheads.org/wiki/Main_Page

https://yourmoneyoryourlife.com/book-summary/

http://www.mrmoneymustache.com/blog/

https://www.thesimpledollar.com/

It's great that you have a nice little lump sum of money to invest right now, but the key to building wealth generally won't involve lump sums every now and then and finding places to put them. The key is to discipline yourself to set aside portions of any amount money that comes in and have an automatic system to invest it and let it grow without touching it.

Have a plan for every paycheck, bonus, tax refund, inheritance, bank heist money :) you come into to have a portion funneled into your investments before you're tempted to find other, unlimited, things to do with it.

This is the greatest book probably ever written on that concept:

http://www.ccsales.com/the_richest_man_in_babylon.pdf

Having a goal, a plan for getting there, and the discipline to actually execute it will make you wealthy. Wealth gives you choices, freedom, and opportunity, and the earlier you start building it, the easier it will be to have these things. If you don't appreciate how important those are to living a good life, I guarantee you will in the years ahead.

At some point you will hear the name Warren Buffett (if you haven't already). He's the single greatest investor who's ever lived and my personal favorite. Once you have the basics down, and you might have further interest in investing I would recommend studying him. Even though there are countless books and websites devoted to him, he's already left us nearly everything you need to know about investing right there on his simple company website in the form of his annual letters--basically a free master class on investing, written by a genious who also happens to have great wit:

http://berkshirehathaway.com/letters/letters.html

In a much broader sense beyond investing, there is a book more than a hundred years old that discusses getting to wealth in a very interesting and powerful way. I've used it as inspiration from a standpoint as a business person, but I think it's worth studying seriously for anyone trying to build wealth.

I believe you can still get a free copy here:

http://scienceofgettingrich.net/subscribe.html

If you don't want to subscribe, just Google "The Science of Getting Rich".

And here's a good audio version as well:

https://archive.org/details/TheScienceofGettingRich

No matter what philosophy and path you take, I always include another personal recommendation to set aside a small portion of your portfolio into something "alternative" that interests you and might have the potential to build or at least preserve wealth. For me it's basically precious metals, and more specifically collectible silver and gold coins. I've also collected old paper money, stamps, stock certificates, rare books, and music and movie memorabilia all to a lesser degree. Keeps things interesting, and sometimes you can do pretty well with experience and a little luck.

And best of luck to you!


*Edit: Sp+fixed links, and here's my best TLDL:


Buy physical copies of some basic wealth building books. Consider :

Your Money or Your Life: https://www.indiebound.org/book/9780143115762

The Simple Path to Wealth: Your road map to financial independence and a rich, free life:

https://www.amazon.com/dp/1533667926/

The Bogleheads' Guide to Investing https://www.amazon.com/dp/1118921283/

Read "The Richest Man in Babylon" and follow the concept of always paying yourself first:

http://www.ccsales.com/the_richest_man_in_babylon.pdf

Warren Buffett is an investing God. If/when you're ready to learn more, just start here:
http://berkshirehathaway.com/letters/letters.html

Read and/or listen to "The Science of Getting Rich":

http://scienceofgettingrich.net/subscribe.html

https://archive.org/details/TheScienceofGettingRich

Diversify a small portion of your wealth with physical assets you can hold and that might have a lifelong interest to you. A quick recommendation would be to start with 5% of your portfolio in precious metals, perhaps a small variety of silver bullion coins and bars. (I'd be happy to give you specific suggestions on these if wanted).

u/Nabber86 · 3 pointsr/worldnews

Your post sums up the book The Millionaire Next Door pretty well.

u/justadude27 · 3 pointsr/BlackPeopleTwitter

Absolute bullshit. Go read this

The Millionaire Next Door: The Surprising Secrets of America's Wealthy https://www.amazon.com/dp/1589795474/ref=cm_sw_r_cp_api_i_NX04CbRA880HF

Or this

https://www.daveramsey.com/research/the-national-study-of-millionaires

u/czarnick123 · 3 pointsr/Bitcoin

The Millionaire Next Door is good reading for anyone serious about upwards mobility. It quashes a lot of the ideas the poor/middle class have about the rich.

You gotta stop looking at someone with a 60k car and saying "Wow! They have a 60k car!". Instead think "Wow! They spent 60k on a car."

If you dont have patience for a book. This is one of the best things I have ever read about money and I try to revisit it every few months:

https://www.collaborativefund.com/blog/the-psychology-of-money/

u/Extre · 3 pointsr/Jordan_Peterson_Memes

lots of* electricians retire millionaires.

the millionaire next door
https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/xilex · 3 pointsr/personalfinance

Your quote and mindset resonate with The Millionaire Next Door.

When assessing a purchase that I feel I shouldn't make so easily, I sometimes compare want to need. I really want to buy that iPad Pro because it has a larger screen with the stylus, but I already have an iPad Air 2 and even then I don't use it that much, therefore it doesn't look like I really need the iPad Pro. Everyone's posting cool videos of drones, I want to buy a $500 drone, but I don't really need it. It's helpful when I see all these "deals" online that I feel I should take advantage of.

u/nowhereian · 3 pointsr/AskMen

Those are all things you can avoid. Stop wearing such nice suits. Stop driving such a nice car.

Check out The Millionaire Next Door. Practice some stealth wealth. As a side benefit, you'll spend less.

u/unklestinky · 3 pointsr/MensRights

Here is a good article adressing the topic


and this book is a great read about saving.

u/nolotusnotes · 3 pointsr/datingoverthirty

> We drove the same kind of car so he was not flaunting his wealth...

There's a book called The Millionaire Next Door that goes into how very well-off people often do not show any signs of it outwardly.

> Trust me; money does not buy happiness!

I tried that. I know it's not true. :(

u/etlai · 2 pointsr/AskWomen

I just came across this post via I-don't-know-how (this isn't my area of subreddit), but really enjoyed your posts.

> I was being "brainwashed" into choosing this life

What society thinks it knows about successful marriages couldn't be further from the truth. Given that you play the crucial role of housemaker, you will truly appreciate, and learn from, this read:

Millionaire Next Door

Research shows how vital you are to your family's success, and so many of your details line up with the demographic in the book. You are truly an unsung hero in society today, and a blessing to your family.

> I struggle with the opinions of others frequently as my friends will make snide/rude remarks regarding my life

Haters gonna hate. They wouldn't know what a strong woman looked like if they were slapped in the face by one. (You will really enjoy MND)

u/invenio78 · 2 pointsr/personalfinance

Invest $4 into the book "The Millionaires Next Door." Your young and now is the time to learn about how to view money and buying things to "impress others."

http://www.amazon.com/The-Millionaire-Next-Door-Surprising/dp/1589795474

u/CinematicChief · 2 pointsr/Frugal

Actually, a good portion of the extremely wealthy act in frugal ways. This is what helped lead to their wealth. It was explored in the book The Millionaire Next Door.

u/highfructoseSD · 2 pointsr/sugarlifestyleforum

>I'm talking about the caliber of wealth that doesn't really take the train and just takes black cars or has their own personal driver, helicopter even, etc.

lollollol

read this, may be hard work but worth it: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/NumbZebra · 2 pointsr/personalfinance

Give these books a read. All have something good to learn in them. No silver bullets, but good material to think about what you want from money and life. I'll let you figure out the details after you do some reading.

u/HipToBeQueer · 2 pointsr/BlackPeopleTwitter

Similairly, it is the first generation(s) of imigrants who historically in America are very productive and start more businesses, while their children often don't inherit that trait at all, but instead already have the wealth they need because of their parents. Read about it in The millionaire Next Door (classic)

Feels like the wealth and riches are more a product of what makes a person productive and happy, but the wealth itself doesn't necessarily create more happiness when only inherited.

u/SpicedApple · 2 pointsr/personalfinance

> I want a nice car - think BMW or Corvette.

Read this and this.

Cars aren't indicators of success. They are oftentimes indicators of poverty or middle class wealth bleeds. You need an emergency fund, need to max out your 401(k) / IRA, and be responsible. Don't throw good money after bad because you're emotional right now.

u/HotBubblyH2O · 2 pointsr/savedyouaclick

With today’s financial products it’s easy to become a millionaire with a little discipline and a lot of time.

I’d recommend this book. https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/vorak · 2 pointsr/Frugal

For me, the short answer is I spend less money.

The long answer, though, has to do with the YNAB method, reading some key financial books and ultimately changing the way I view money. Earlier this year my soon-to-be father-in-law gifted me The Millionaire Next Door. Then I read Your Money or Your Life. Those two books, combined with being so exhausted from living paycheck to paycheck, got me started down the path of actually really caring how I handled my money.

I had been using a basic spreadsheet to track income and expense but after finding YNAB, via Reddit of course, things just started to change. I stopped buying stupid shit I didn't need. I eliminated impulse buying. I stopped buying coffee and going out to eat a few times a week. Those little things add up. I saved for things I wanted instead of putting them on credit and paying for them later.

It sounds like you've got a lot of that under control already though. Like /u/ASK_IF_IM_PENGUIN said, it's the method. The four rules. You can absolutely incorporate those four rules into your existing spreadsheet and not pay a dime for the software. But the software they've developed is so goddamn good it just makes doing it myself so unappealing.

The other thing that helps is their support system. There is so much content available on YouTube. The podcast is awesome. You can even take their online courses for free.

Give the trial a go. You can use it fully featured for 34 days I think. There's a good chance it'll drop to $15 whenever the steam sale happens in a week or two. Pick it up then if you like it. If not, no harm!

u/ColloquialInternet · 2 pointsr/NoStupidQuestions

Hi,

One thing I'm curious about is if you're really just looking to make 6 figures or if you're looking to be come a millionaire. Interestingly, those are different things. It gets into the Millionaire-next-door paradox. The majority of millionaires in the US aren't like pro basketball players or lawyers, but people like small business owners that own 3-4 dry cleaners.

Start with http://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=sr_1_1?s=books&ie=UTF8&qid=1417741382&sr=1-1&keywords=the+millionaire+next+door

Because it has a lot of important lessons. For example, most millionaires don't just make money (play offense) they save a lot (play defense). The book goes through cases with folks with millions in the bank that still clip coupons.

u/ThatOneDruid · 2 pointsr/personalfinance

In the book the millionaire next door the author mentions how he meets a affluent couple who makes breaks even or even makes money buying and selling used cars every few years. They are on the extreme end of the ladder and the appeared to put a lot of time and research into finding used cars that sell well in their area. (It's been a year so so since I read the book, so don't quote me)

That gave the the impression that yes, you can come out even or even make money selling your car regularly. But it's a lot of work, research, and timing. If hunting the deal and selling the car isn't something you enjoy, I'm not sure it'd be a good idea.

u/CEZ3 · 2 pointsr/personalfinance

Also read The Millionaire Next Door. There is a section specifically on the cost of financing & owning a vehicle. There is a comparison between buying a new car every four years, ten times (over a 40 year career) versus buying a new car every ten years, four times. The comparison allows for the additional maintenance in years 5 - 10.

Hint: the cost of financing is greater than you think.

u/hereforthecommentz · 2 pointsr/financialindependence

>I guess what I want to do is a study of millionaires.

Someone beat you to it.

(A worthwhile read, if you haven't read it already. Practically the bible around here.)

u/TheSingulatarian · 2 pointsr/personalfinance

You're going to need about 2 million saved/invested if you don't want to eat your seed corn (so to speak) and make that money last another 40 plus years.

You can invest directly with Vanguard, Schwab or Fidelity and avoid the sleazy bankers.

Are you in the military and have a TSP? It is a very good program. If you are working for a private contractor do they have a 401K and you should be investing in a Roth IRA.

I would recommend Four books to get you started:

u/SolusOpes · 2 pointsr/explainlikeimfive

There's a good book I like called The Millionaire Next Door.

It details the types of lives most millionaires have. And how so many fly under the radar. You might be surprised who you know who's secretly quite well off. :)

Even tho they drive a 10 year old car and live in a moderate home.

u/w3woody · 2 pointsr/AskAnAmerican

Oh, sure; I'm a huge believer that we are not a classless society, though the demarcations I would make have more to do with how individuals handle money (and the reserves available to them) which then determines socioeconomic status, autonomy, and (as I noted above) ability to speak freely without being hampered by work considerations.

Part of the problem is that these lines may not land where we traditionally think of them. Meaning in the 16th century, the lines were clear: the aristocracy owned the means of production, the peasants worked for the aristocracy, and a small (but growing) "middle class", the supposed "petite bourgeoisie", who sat in the middle. If you were in the upper aristocratic class, you were rich; the middle class remained roughly in the middle wealth wise, the peasants were poor.

And these designations (rich, middle class, poor) also were related to relative autonomy: the rich have the autonomy to pursue "work" as the saw fit, and often saw themselves as caretakers of a legacy to pass down to their children. The middle class did not answer to the aristocracy and thus had greater political autonomy (and, as the middle class grew, so did many philosophies tied to it, such as Locke's notions of the pursuit of happiness, or Hume's observations on moral sentiments). The peasants were poor and had little (if any) voice, at least until recently.

But today? Fuck, it's all a blur.

You have ostensibly "rich" people who are paid extremely well but who are ultimately beholden to an employer for employment. You have people who make a solidly average income who save for a retirement of complete independence--who may never really be able to afford a luxury car but who can afford to take a year driving around the country. You have people with all the trappings of wealth (fancy cars, expensive houses, luxury everything) who are so leveraged to the hilt the first economic headwind knocks them to poverty faster than I can complete this sentence. You have the "millionaire next store", the family who lives average lives but who lived below their means for so long they no longer work for a living but live off their investments--yet hide their wealth so as not to stand out.

And hell, you have radio personalities who are trying to help create more "millionaires next store" by helping people get out of debt and start investing through living beneath their means. You even have groups here on Reddit devoted to /r/financialindependence.

----

So the whole notion of "class" becomes difficult to nail down in this country, not just because we're ostensibly a "classless society", but there is a severe disconnect between culture, wealth, financial independence and the freedom that brings.

----

More frustratingly I predict this will be downvoted to oblivion, because we also have a fucking huge blind spot in this country to what wealth is, what it means, and what it can do. Someone will undoubtedly sing the "but you can't save to retire unless you make a gazillion dollars a year, so take your white patriarchal bullshit out of here" song, while another will sing the "but it's so expensive I can't survive living here on my measly salary (that is twice or three times the national average)" song.

Hell, most people in our country couldn't name the three types of wealth, or characterize in real terms what the "means of production" is for professions like plumber or carpenter. A lot of folks certainly have no sense when it comes to financial matters.

Instead, to them, money is something only the lucky have, freedom is the freedom to buy two Ferraris and a Porsche, and the rest of us are going to die miserable lives of wretched poverty.

And when talking about economics, it's easier just to look at anonymized tax return data, group them into quintiles, and study that instead.

u/downvoted_u_heres_Y · 2 pointsr/AskReddit

Millionaire Next Door. I read this one back in my 20's. Have lived modestly since then and don't regret not being a conspicuous consumer.

Kinsey's Sexual Behavior in the Human Female (I found this one in the library when I was a teenager. Girls masturbate and have orgasms? Cool!

u/toolbelt28 · 2 pointsr/minimalism

Thanks! I'll definitely check it out. For financial purposes my friend told me to read The Millionaire Next Door. http://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/Independent · 2 pointsr/books

If you are a US citizen, the US Constitution and your state constitution. Oh, and the ridiculously long warning list that comes with oral contraceptives. In terms of books;

Your Money or Your Life

Millionaire Next Door

If you can find a copy of John Brunner's epic sci-fi The Sheep Look Up that's not at collector's prices, it's worth a read, and you're the right age.

u/NoLimitHuman · 2 pointsr/todayilearned

I'm pretty sure the research comes from this book: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=

I own the 1996 version of the book. It stated, at the time, 80% of millionaires are first generation.

u/zotquix · 2 pointsr/minimalism

Send them a digital copy of The Millionaire Next Door: The Surprising Secrets of America's Wealthy

Basically the book is about how many millionaires, while perhaps not minimalists per se, live very low key lives where you can't tell that they're rich. They live in middle class houses with middle class cars. The money is for security and the ability to do things should they want to. And they got the money by not being extravagant. The first rule of the book is 'Live below your means'.

All that said, I'd always err on the side of over-spending when it comes to one's kids. As others here have said, we don't know your situation so it difficult for us to judge.

u/lcoursey · 1 pointr/AdviceAnimals

Anyone wondering about wealth:

Read The Millionaire Mind

Read Rich Dad, Poor Dad

Read The Millionaire Next Door

These books highlight the differences in how people talk to their children about wealth.

u/DissentingVoice · 1 pointr/gaming

You have to understand that the majority of Reddit has this belief that those who are successful got there mainly because of luck.

Oh, this entrepreneur found a niche market and it exploded? How lucky, I wouldn't have that much success if I started a business.

People who are rich, and who stay rich, often work their asses off. There are a lot of intelligent people on Reddit who don't want to admit that.

</soapbox>

To anyone who believes that the rich are lucky, fat-cat type people, go read The Millionaire Next Door.

u/110_115_120 · 1 pointr/personalfinance

If you're into reading, here are a couple of excellent books that I would recommend checking out from your local library:

The Wealthy Barber

The Millionaire Next Door

u/russiangn · 1 pointr/personalfinance
u/Hax0r778 · 1 pointr/AdviceAnimals

That isn't true at all. Read this and come back to me:

http://www.amazon.com/The-Millionaire-Next-Door-Surprising/dp/1589795474

u/Danshock · 1 pointr/Frugal

There is a newer version of the book uk amazon link

u/spokomptonjdub · 1 pointr/CapitalismVSocialism

>I really don't buy that one's wealth can indicate so much about an individual's character.

It very well may be that it's not necessarily "wealth" that indicates these tendencies, but rather these tendencies seem to correlate with a higher likelihood of attaining that higher level of wealth at some point. From the research that I've seen, these tendencies are present in the majority of the test sample.

>I have a feeling that socioeconomic status of your family is much more important than whether or not they are 'excessively educated".

It could. I think the level of education point was meant to demonstrate either:

  • Concordant with their tendencies towards entrepreneurship and working more hours, they value entering the market as soon as possible at the expense of further education, and seem to view a bachelor's degree as the minimum bar to clear before "getting to work."

  • Concordant with their tendencies towards frugality and heavier emphasis on financial planning, they generally view continued education beyond the minimum as a poor return on investment.

    It's not really clear, unfortunately. The research on this topic is not particularly deep or ubiquitous, and is primarily reliant on what's effectively a census -- it's not as a result of controlled experiments or peer-reviewed psychology materials. It's demographics, polling, and interviews, which can establish trends and correlations but not the full explanation of the "why" behind it.

    Additionally, these tendencies are simple majority percentages, and while some show very clear trends (hours worked, age, level of education, starting economic class, etc) in the form of very high percentages, others are in the 55-60% range, which is not always indicative of a trend and could be in the margin of error for any conclusions that might be drawn.

    >Have a source for all those stats?

    There's a few. To be fair most of this is recalling my notes from a freelance article I did 6-7 years ago on the traits of millionaires. I used these two books and an aggregate of data I found on Forbes, The Wall Street Journal, and a few others. As I stated earlier in my post, the data and the methods behind it appear to be sound, but they don't provide the amount of depth that I'd prefer.

    >The rate of millionaires who are 3 generations of less removed from an immigrant has no bearing on how likely everyone else is to become one, unless you are assuming there is a fixed amount of millionaires in the U.S. or those are two separate statistics.

    I may have misrepresented that one, or at least worded it poorly. The research showed that people whose grandparents or parents were immigrants to US achieved millionaire status at a higher rate than those who came from families that have been present in the US for longer than 3 generations.

    Overall, even if the research isn't perfect, it still seems to clearly demonstrate to me that the incentives behind work are far more complex than what OP posited.
u/russilwvong · 1 pointr/PersonalFinanceCanada

This is like a super-sized version of the Globe and Mail's Financial Facelift column: Our net worth is $2M, can we afford to retire?

Personally I'd start by reviewing The Millionaire Next Door. The authors point out that most millionaires -- i.e. people with net worth of $1M or more -- basically live the same way as everyone else. It's a good perspective to keep in mind: it's a lot easier to do financial planning when you're planning for a normal lifestyle ($50,000/year, maybe up to $100,000/year), not something crazy.

They also have some useful advice about making sure your children don't become financially dependent on you. (Not sure that buying your child a house is a good idea. From the child's point of view, being able to say "I did it on my own" is worth quite a lot.)

How old are you? Planning is easier if you're older. You'll probably live to about 85; say 95, to be safe. If you're 50, you need to plan for 45 years. If you're only 30, you need to plan for the next 65 years.

Are you going to continue working? Or will you need to support yourself entirely from your capital?

Let's assume you won't be working, and that you have a long time horizon.

The usual advice is to follow the "investment pyramid" idea: have more of your money in low-risk investments (the bottom of the pyramid), with less money in higher-risk investments.

I'd suggest putting 3/4 of the money into GICs (you don't need to take big risks, so it's probably a good idea to keep most of the money safe); that'll earn about 2% at the moment, maybe 3-4% over a longer time period (expected nominal return on bonds is about 3.7%, according to the Canadian Couch Potato). At 2%, that would be $300,000/year.

Bank deposit insurance via the CDIC (covering the risk of bank failure) only guarantees $100,000 at each institution. If you're trying to make sure your entire $15M of GICs are covered, you probably want to look into provinces which have unlimited guarantees for credit union deposits.

And then I'd put the remaining 1/4 into equities. Canadian Couch Potato suggests 1/3 in the Canadian index (VCN), 2/3 in equities outside Canada (VXC). This portion will go up and down, but over the long term, expected nominal return is 7.2% (again, according to the CCP).

> Realistically, what sort of lifestyle do you think I can afford now? How much money would you spend on a house, how much would you save for a rainy day?

I'm basically saying I would put all of it away for a rainy day, and continue to live a regular lifestyle. You may be thinking, well, what do I get out of having $22M in the bank?! Two things: you don't need to work, ever (of course you can continue to work if you enjoy it), and you have ironclad financial security. You're only living off your investment income, not your principal.

What if you want a more extravagant lifestyle -- say, putting $5M into a house in Vancouver, and spending $500,000 a year?

Then I'd start looking at annuities. If you're getting closer to the margins, you want to make sure you're not going to outlive your money. You want to find an insurance company that you're pretty sure will be around 65 years from now (!), and that will sell you an annuity. Basically you give them a giant lump sum, and they pay you a fixed amount every year until you die.

I think you should also submit this question to the Globe and Mail's Financial Facelift, see if they print it.

u/Fusion2006 · 1 pointr/todayilearned

I learned early on to "pay yourself first and all others last".
My dept chair gave me this book when I was a 1st year teacher making $20k a year and it made me realize that the amount of money you make is not a predictor of your financial success.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

We only see the shiny car in the driveway and the gates surrounding the McMansion but most likely people who live this way are in debt up to their eyeballs.

u/OfSpock · 1 pointr/PurplePillDebate

It's a book which studied how people become millionaires. Most people who earn a lot, spend a lot. rather than accumulating net worth.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/BugsSuck · 1 pointr/wallstreetbets

For a lot of my basic knowledge I browsed investopedia and clicked on anything blue I didn't understand and held legitimate conversations with peers both on and off of reddit.

For example, take this submission about CDOs

Just start reading. If you don't understand something that's highlighted, like "derivatives" or "defaults", click on it and read that page. This can help you understand a lot of the technical terms and see how they're all related to one another.

I don't read many investing books as much as I try to absorb things about economics itself. Understanding how an economy functions is essential to trading. A good youtube channel that talks about economics can be found here. The videos are dense in information, but the input the creator gives is very solid. Not all of what he says should be taken as fact, but really it's just an analysis by a fundamentally sound economist.

Netflix has a few documentaries that are captivating. One is called Betting on Zero

The series "Dirty Money" has some interesting content within as well.

The Big Short is a movie that has valuable content if you watch it while considering what we know in hindsight of the 2008 financial crisis.

The most important part of investing is understanding what stimulates an economy or drives one into a recession.

My father is a successful investment banker and the two books he's always recommended are:

The Intelligent Investor

The Millionaire Next Door

u/bookerevan · 1 pointr/PoliticalDiscussion

You'd be surprised - many millionaires live next door to unsuspecting neighbors. A good read: http://www.amazon.com/The-Millionaire-Next-Door-Surprising/dp/1589795474

u/bamisdead · 1 pointr/gifs

According to The Millionaire Next Door, 80 percent of millionaires are first generation wealthy.

Other interesting notes:

"PNC Wealth Management conducted a survey of people with more than $500,000 free to invest as they like, a fair definition of “wealthy,” and possibly “millionaire” once you begin including home equity and other assets. Only 6% of those surveyed earned their money from inheritance alone. 69% earned their wealth mostly by trading time and effort for money, or by “working.”"

Source

"about 90% of people who "become millionaires" do so through gradual accrual of assets — they "earn it” — whereas only about 10% are given a million bucks by mom or dad, or inherit a business worth that much, or something."

Source

"Overall, the research revealed current millionaires are, on average, 61 years old with $3.05 million in assets."

Source

"Most Americans with $1 million or more in assets made their money on their own, according to a study by BMO Private Bank released today. Sixty-seven percent of high-net-worth Americans are self-made millionaires, according to the survey. Only 8 percent inherited their wealth."

Source

u/somedude456 · 1 pointr/cars

Hood rich is buying stuff you can't afford but you can make payments. Another name is the 30K millionaire. They make 30K a year, but you would think they look like a millionaire via a new Lexus, nice ass house, designer sunglasses, etc. So Joe Blow makes 3K a month, but his house payment is $1800, his car is $600, insurance is $200, and credit card minimum payments is $400 He can't afford lunch, but he looks cool.

You should read this : http://www.amazon.com/The-Millionaire-Next-Door-Surprising/dp/1589795474

u/longlivedasset · 1 pointr/personalfinance

Read and listen to Dave Ramsey if you want to be "good" with personal finance.

If you want to "optimize" finance, then come hang out with us in r/financialindependence

Podcasts: ChooseFI, Afford Anything

Blogs: Mr. Money Mustache

Books: Simple Path to Wealth, Your Money or Your Life, Millionaire Next Door, The Richest Man in Babylon

​

Some pointers:

  1. Don't do what most people do. Chances are, they know less about personal finance than you do.
  2. Spend based on your value (within your means of course), not based on the percentage of income.
  3. Don't spend money to impress others.
  4. If you think 20's is time to spend every penny to have "full" experience, look at this chart.

    ​
u/twistedlimb · 1 pointr/forwardsfromgrandma

you should read this- a lot of millionaires live a pretty modest life. part of "being rich" is all about being better than someone else. i don't mind everyone having a certain standard of living that most people would consider "millionaire" lifestyle of free healthcare, good housing, free higher education. that's too easy. https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/512165381 · 1 pointr/australia

I started i in the bottom 1%. Went to unit, worked in IT contracting, met the right people.

You need to realist the system that has been running for the past 30 years is against you. Its called "neoliberalism". Its the reason the middle class in Australia and the US are going nowhere, manufacturing has collapsed, and China/Russia/Brazil/India have boomed.

You need need to know how the system works and use it to you advantage. Australia is the tax deduction capital of the world.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/Amish_Warlord · 1 pointr/PoliticalPhilosophy

>a dollar has more value to a person who is poor, and less value to someone who has plenty of money.

that's not even close to what the laws of supply and demand tell us. The laws of supply and demand tell us about how an individual responds to price changes, NOT how much one person values money over another.

your statement can easily be shown to be wrong anyway: there are plenty of wealthy people who are very careful with every dollar they spend, and poor people who dont care much for money. For example, The millionaire next door shows the lives of a bunch of rich people who continue to live extremely thriftily even when they have more money than they could possibly need. Your argument asserts that all of these people dont exist, which is an argument that 0 economists have ever made in the history of the world.

What youre doing is comparing different people's valuations of money, which is called "interpersonal utility comparison". This is something that laws of supply and demand do not tell us. you might be confusing laws of supply and demand with the concept of diminishing marginal returns, which is not always applicable to human satisfaction, and still says nothing about interpersonal utility comparison.

u/bemental_ · 1 pointr/USMC

I'm not going to get into an argument about the semantics living your own life, but what I will say is that you have the power to choose what you do.

I understand the job market in many sectors is difficult, but no one is forcing you to work in those areas.

Saying "my boss won't let me" isn't productive. What I'm offering is that if one saves up the money for a trip, they won't have to worry about what their boss thinks anymore.

Extend this thought out to its logical end, and you find that if you're not in debt, and have enough cash on hand, no one can tell you what to do anymore.

This is probably too big to discuss in an ongoing Reddit comment thread.

If you're interested in a bit of freedom, financially or otherwise, check out this book. It's not one of those gimmicky "I've got all the monies let me show you how to do it!" books, merely solid financial advice for those who want it.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474#top

u/the_y_of_the_tiger · 1 pointr/personalfinance

I'm late to the game, OP, but I hope you'll see this comment. You need to read this book and then get your mom to read it too. In a nutshell, her supporting those other kids is making them weaker and hurting them in the long run. It's a fascinating study of parenting and money:

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/jellyravel23 · 1 pointr/chelseafc

But the price of my milk isn't going to move up and down after I've bought it, how did I pay for the milk? With all of my own money or a loan etc. You can say proportionately they're the same but it doesn't really hold up, wealthy people don't look at a stadium like a bottle of milk, Warren Buffett is a billionaire and he buys his car 'hail-damaged' because it's cheaper than buying it new

https://www.amazon.co.uk/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

^ Really good book on how frugal some mega wealthy people are. Not that Abramovich needs to be but let's be honest, 500m will be a considerable amount in his mind, it's not something he wants to waste or fritter away

u/The_ferminator · 1 pointr/Conservative

> Thus virtuous people will generally succeed and people with poor character will generally be poor. Weber believed that Protestantism pushed people into the striving category.

Exactly, which is outlined in this book Millionaire Next Door

This is also works on the negative: Protestant community has the lowest unemployment, and people unable to work have found that they have 40% more level of pain compared to another societies.

https://hbr.org/daily-stat/2013/08/there-really-is-such-a-thing-a.html


Test[s] the relation between Protestantism and work attitudes using a novel method, operationalizing work ethic as the effect of unemployment on individuals’ subjective well-being. Analyzing a sample of 150,000 individuals from 82 societies, we find strong support for a Protestant work ethic:

unemployment hurts Protestants more and hurts more in Protestant societies.

Whilst the results shed new light on the Protestant work ethic debate, the method has wider applicability in the analysis of attitudinal differences.

u/Jolva · 1 pointr/legaladvice

Congratulations on your winnings. If you end up spending any time at /r/personalfinanace, you'll note that one of the handfull of books they recommend in their sidebar is "The Millionaire Next Door". It's a fantastic read (great audiobook too) that really opened my eyes to money and wealth.

u/johnonhongnong · 1 pointr/quitdebt

My debts are as follows:

  • Credit card: $842 (down from ~$12k)
  • Car loan: $16,488 (down from ~$22k)
  • Home mortgage: $94,809 (down from ~$99k)

    My soon-to-be spouse has misc medical debt of about $3,000 and student loan debt of ~$40,000. We are down to one income right now and are about to get a second income going of an additional $30k+

    My credit card had once reached just over $12,000. I was able to knock out $10,000 in six months.

    We are using the principals outlined by NY Times best-selling author and national radio talk show host, Dave Ramsey. His book, "The Total Money Makeover" has changed the way we think about debt and money. You can listen to his radio show and podcast online by CLICKING HERE

    We are using the 7 baby-steps and if all goes as planned, all the debts we have combined and our home (worth about $120k) will be paid for.

    The 7 baby-steps are....

  • Step 1: Save $1,000 in a baby emergency fund.
  • Step 2: Use the debt snowball to knock out your debts from smallest balance owed to largest
  • Step 3: Increase emergency fund savings up to 3 to 6 months of living expenses
  • Step 3b: Save down payment for a home (if this applies to you)
  • Step 4: Invest 15% of your total income into retirement
  • Step 5: College funding for children <-- This doesn't apply to me
  • Step 6: Pay off your home early (unless you're renting)
  • Step 7: Build wealth and give.

    My goal is to eliminate the need to borrow money and to get my credit score from in the 800's to zero. I plan to pay cash for newer used cars going forward and to never have a car payment again. Here's a great article on how to never have a car payment again.... CLICK HERE For house payments, I will only ever mortgage a home with more a 15-yr fixed rate mortgage where the payment is at or below 25% of my monthly income.

    I have put a 20 year term-life policy in place for myself equivalent to 12 times my annual income. This will cover use for 9 years of our debt free journey + 11 more years to grow our wealth. In the event of my death, my spouse will be able to be able to pay off the home and invest the remaining money to generate a replacement income.

    We plan to invest money once we are debt free and start buying rental properties with cash.

    Books I recommend to people to read include....

  • "The Total Money Makeover" by Dave Ramsey
  • "Retire Inspired" by Chris Brown
  • "The Millionaire Next Door" by Jon Acuff
u/willi3 · 1 pointr/SaltLakeCity

maybe he's smart enough to not spend all his money on status items like expensive clothing.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

people who actually have actual wealth (savings and investments) are less likely to buy costly clothes, wristwatches, etc.

u/mattschinesefood · 1 pointr/TooAfraidToAsk

Your Money or Your Life was a pretty good book that explained this well. The audiobook is narrated by the author and if given the chance, I'd hold her underwater until the bubbles stopped. She had the worst voice I've ever heard.

The Millionaire Fastlane was also a readyy good read. Highly recommended.

The Millionaire Next Door was a fantastic read and the book that got me started thinking about financial independence and the concept of FIRE. It's a bit dated (late 90s I think) but still some amazing information in there.

Check us out at /r/financialindependence and /r/leanfire. If you haven't, definitely visit /r/personalfinance and check out the sidebar and wiki - there's some AMAZING information and guides for all ages and walks of life.

I wish so hard that I found out about this stuff and had the resources available now when I was 18, and not when I turned 31. But oh well, such is life.

/u/typhuslol do feel free to PM me if you want to chat! I'm happy to share the lessons I've learned in the past few years of pursuing financial independence!

u/elquesogrande · 1 pointr/personalfinance
  • JOB: Go for the Hartford position with the better company and leadership rotational program. This type of position is geared to get you fantastic experience and a better shot at increasing your salary. The East Coast location will also help with future international positions versus something in the midwest.


  • BOOKS: Start with The Millionaire Next Door: Surprising Secrets of America's Wealthy


  • CAR: There's no return on your investment here. Buy used, buy reasonably priced and follow the guidelines in "Millionaire Next Door."


  • Pay off your student loan - both due to the 6% "return" you would make (not lose) on the interest and the freedom you gain by not having debt.

  • Max out your employer match for the 401k

u/CyrilFiggisCPA · 1 pointr/personalfinance

I apologize if someone has already mentioned this book (I tried to make sure no one hadn't), but I would suggest reading The Millionaire Next Door. It talks about the common characteristics millionaires have in common, which, shocker, normal people can have too, and it should help reinforce the ideas others have been sharing in the comments.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

Or you can check if your local library has it.

u/MAGAinstrumentality · 1 pointr/The_Donald

www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/forgingabetterman · 1 pointr/Edmonton

Banks and advisers from organizations like WFG are essentially just sales people for products. They aren't going to help you manage your money. Luckily, there's a wealth of information out there to help you do this, mostly for free. You will be surprised to learn that managing your money really comes down to very basic principles that can be hard to stay committed to.


Try checking out some of these great subs:
r/ynab
r/personalfinance
r/startups
r/entrepreneur


Also, you can check out these books. They sound gimmicky but they really do have good information about managing your money:
Rich Dad, Poor Dad
The Millionaire Next Door


If you're looking to hire someone, as others have pointed out look for a Certified Financial Planner, not an adviser.

u/Mysterious_Lesions · 1 pointr/funny
u/balemos · 0 pointsr/personalfinance

Here are some books to read...
I Will Teach You to Be Rich - Ramit Sethi

or...The Millionaire Next Door

I recommend an online savings account and throw away the ATM card for it. This makes it easy to add money to. Also, if you ever think about taking money out, it will take you 48 hours to get the cash so it will really make you think about doing it.


u/colin8651 · 0 pointsr/explainlikeimfive

This book is a short read and will get you up to speed, plus has good financial advise. Not numbers, but stuff like never buy a new car and always be looking for your next car and not on demand (when you need one).

http://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=sr_1_1?s=books&ie=UTF8&qid=1462943661&sr=1-1&keywords=the+millionaire+next+door

u/simplplan540 · -1 pointsr/gmu
u/koreth · -2 pointsr/AskReddit

> That might be true for a small minority. Almost all rich people get rich by virtue of being born rich.

That used to be more or less true, but since about the 1980s, the new rich have vastly outnumbered the old rich, especially in the USA. Now inherited wealth accounts for a really tiny percentage of the population of millionaires. Go check out the Forbes list of the richest people in America and you'll see that most of the richest people in the country are first-generation billionaires.

> If you really believe that a substantial number of rich people are rich because they saved every penny and ate beans, you're being naive.

Actually, if you believed that, you'd be not too far from the truth, though obviously simply eating beans doesn't guarantee wealth.

If you want a detailed exploration of the trends around this (based on actual research), The Millionaire Next Door is a good place to start. Most people worth over a million dollars got that way either by living frugally while running their own businesses, or via a liquidity event such as their company being bought out.

u/ILoveJuices · -2 pointsr/funny

The book millionaire next door basically shows that the single biggest predictor of whether or not you will be a millionaire is how much money your wife spends. If she’s frugal you will be rich.

edit: Downvotes because the truth hurts. Educate yourselves.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/neither_party · -3 pointsr/Unexpected

You should consider educating yourself. Here's a start.

https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

u/drlizard · -4 pointsr/unitedkingdom

Step 0: Live within your means

assuming you would like to be rich one day, have a look at this study of how rich people get rich The Millionaire Next Door