The Millionaire Next Door written by Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. is a highly informative book about what it takes to become wealthy. Some of the information I knew, such as the obvious fact that you need money to be a millionaire, but some information, such as millionaires not owning big luxury items, surprised me. People become wealthy by saving money, not by living in a huge house or driving an expensive car. Most households generate a lot of money, but, because people love buying things, they live from paycheck to paycheck. Stanley and Danko say, “Building wealth requires discipline, sacrifice, and hard work” (Stanley and Danko 5). There are not too many millionaires because people are not willing to change their …show more content…
Millionaires “believe that financial independence is more important than displaying high social status” (Stanley and Danko 110). The top three car brands for millionaires are Ford, Cadillac, and a Lincoln. This surprised me. I thought the millionaires, or PAWs, were the people you saw speeding buy in an expensive Rolls-Royce or Mustang. I learned that millionaires drive the same cars as ordinary people. My father currently drives a Ford and his car before that was a Cadillac. I found it interesting that a millionaire is probably driving the same car as my father right now. In addition, most millionaires buy used cars and they do not buy cars often. “Most have not purchased a car in the last two years and 25.2% have not purchased a motor vehicle in four or more years” (Stanley and Danko 112). When they do buy cars, they will search around a few local dealers for the best price on the used car they want. They will not go too far or look at too many dealers because they know that it would just waste their time. They are also not in a rush for their next car. They will take their time finding the perfect
The article “Luxury Shame,” written by Johnnie Roberts describes how and why the rich are scaling back on their extravagant expenditures. Initially, I was annoyed and shocked at how the very rich were assimilating their unfamiliar experiences of “recessionary times,” with those that experienced the emotions of poverty. Roberts explains the ostentatious life of multimillionaire Michael Hirtenstein, who would routinely and openly show off his profitable real estate collection. After the economy took a turbulent downfall, Hirstenstein and other wealthy Americans began to feel the shame or embarrassment of flaunting their wealth. Despite the “halt” to the economy, Hirstenstein became frugal with his money, even though he could have easily bought whatever he wanted.
The quote “What does it take to be rich? My father has gold teeth, my mother has gold teeth, and my brother has a fountain pen” (269). I love this because it describes what it is like when you are a child in a poor family. Until you are around others who have more than you, you do not realize that what you have isn’t a lot. You think, “Wow, gold teeth, we must have a lot of money to afford those.” And then once you begin to interact with those around you that may be from different affluent backgrounds, is when you begin to realize that things are not as they
Carnegie’s essay contains explanations of three common methods by which wealth is distributed and his own opinions on the effects of each. After reading the entire essay, readers can see his overall appeals to logos; having wealth does not make anyone rich, but using that wealth for the greater good does. He does not force his opinions onto the reader, but is effectively convincing of why his beliefs make sense. Andrew Carnegie’s simple explanations intertwined with small, but powerful appeals to ethos and pathos become incorporated into his overall appeal to logos in his definition of what it means for one to truly be rich.
Some people believe that if you work hard, get an education, and stay focused you will be able to be successful and fulfill all your dreams. Others believe that only if you are born into a family of money will you be able to be wealthy. Both thoughts have some flaws in their description. For example, just because you always work hard and get an education does not mean some life event might happen that can cause some setbacks. Also, just because you are born into a wealthy family does not mean you are smart enough to keep the wealth. Social Darwinism and The Gospel of Wealth explain these thoughts more. There are some similarities but many more differences between the two theories.
The movie Born Rich at first seems like a kid who wants to overcome the “voodoo of inherited wealth” (Born rich, 4:24). Jamie Johnson the heir to the Johnson & Johnson fortune is intent on getting his inner circle of friends to address this controversial issue. From the beginning of the movie there seems to be an unwritten rule that it’s in bad taste to discuss your wealth. This point seems funny that those with money don’t want to talk about their wealth, while those without money only talk about having wealth. As reluctant as they say they are, it seems that they are more than willing to babel on about it and the privilege that accompanies it throughout the movie which seems hypocritical. These kids, seems to range from very grounded to on the verge of paranoia about their money. However when you look at the range of problems, insecurities and unhappiness that exists among these kids it’s easy to say money doesn’t solve your problems.
1) One of my favorite quotes from The Help By:Kathryn Stockett Aibileen Clark states "They ain't rich folks. Rich folks don't try so hard."The reason being is when your born into a higher society than others you don’t feel need to try as hard as the people who weren't born into that kind of lifestyle.
Wealth is an article by Andrew Carnegie, a Scottish American, showed his views on their social class during the Gilded Age, the late 19th century, discussing the “rich and poor.” Carnegie in fact was one of the wealthiest men because of his major success in the steel industry.
The Millionaire Next Door written by William Danko and Thomas J. Stanley illustrates the misconception of high luxury spenders in wealthy neighborhoods are considered wealthy. This clarifies that American’s who drive expensive cars, and live in lavish homes are not millionaires and financially independent. The authors show the typical millionaire are one that is frugal, and disciplined. Their cars are used, and their suits were purchased at a discount. As we read the book from cover to cover are misconceptions start to fade. The typical millionaire is very frugal in all endeavors and finds the best discounts possible. A budget is implemented daily, monthly, and annually for a typical millionaire. They live by the budget and are goal oriented. Living well below their means is crucial for a millionaire, and discovering ways to allocate time and money more efficiently. The typical millionaire next door is different than the majority of America presumes. Let’s first off mention what it is not. The typical millionaire is surprisingly not the individual with the lavish house worth a million dollars, owning multiple expensive cars, a boat, expensive clothes, and ultimately living lavishly. The individual is frugal and often looks for discounts for consumable goods. The book illustrates the typical millionaire in one simple word: frugal. It is shocking to believe that this is true, but it does make sense. To achieve financial independence is inherently more satisfying and important than accumulating wealth. According to the book the majority of these millionaires portray characteristics of being sacrificial, disciplined, persistent and frugal. In the book it states, “Being frugal is the cornerstone of wealth-building. Yet far too often th...
Not all people can be rich. According to the article “The Treadmill of Consumption”, Robert says that “Life is a game. Money is how we keep score”. That is what some people think about real life, and that is wrong, because real life isn’t a game. It is a world where you need to work and earn your money to buy things you need. Not everyone can have a big house and many cars. Everyone is different and have different jobs and salaries. Somebody is born rich, and they easily get money from their parents, but others work hard to get the place where they are now and the money that they are earning. People never know who works hard and get it easy, but in any way they want to be like them. Moreover, people forget what they have, and they just want more. In the article “All That Glitters Is Not Gold”, it says that everyone should be equal. It is true that being equal would be an easy solution for people. Most of the people earn enough money to live good and simple lives, but that is not enough for them. They look at rich people and forget about themselves. Maybe, the money that they have is plenty for them, and they don’t need to be
...oice that it is more advantageous to their financial well being to accumulate wealth instead of material belongings. Frugality, planning, living below your means and a smart investment strategy are paramount to accumulating wealth
“A Millionaire in Blue Jeans?” One of the most valuable principles is found in the very first chapter. Our authors do a wonderful job at dispelling any delusions we have regarding what a Millionaire looks like. I had long assumed, like many others, that the Millionaires of America were the hyperconsumers and elaborate spenders. In fact, we learn that just the opposite is true. I came to understand that, “Wealth is not the same as income”. (The Millionaire Next Door, p. 1, Stanley & Danko) In many cases, income is not at the forefront of relevancy when determining whether someone will become wealthy. There are several factors involved, but ultimately, if a person spends their entire income, the number value of said income simply doesn’t matter. The old age adage regarding spending less than you make is of much more importance. In the Church, this is referred to as ‘living below our means’. We have often been counseled to exercise restraint regarding our spending habits, and have also been commanded to obtain a level of financially secure by building up our savings, staying out of debt, and living within our means. (Teachings of Presidents of the Church: Spencer W. Kimball, (2006), 11423) It seems rather silly that a large percentage of our population would be under the assumption that living a large lifestyle, along with the accumulation of fancy things, would somehow equate to wealth. After reading the book, I have come to understand that many of us have an extremely distorted relationship with money, in the assumption that money is to get and spend, while those who are authentic accumulators of wealth understand that money should be invested and stored up as a measure of safety and peace.
Every summer, thousands of young adult’s head to the Jersey shore to take part in the East Coast rite of passage, in which a group of people will come together and share a house for the summer. In 2009 a new reality show called The Jersey shore first aired, on the MTV network. There were eight Italian American cast members who came together for the summer to live and work in Seaside Heights, the show was based on real world-type situations, and as any other reality show, it features a lot of absurd, immature behavior, a festivity of party-culture, anti-intellectualism, and capitulation to the pornification of American culture. Through these show viewers observed the glorification of the party life-style, bad behaviors, public drunkenness and
Robert Kiyosaki said “You’re only poor if you give up. The most important thing is that you did something. Most people only talk and dream of getting rich. You’ve done something” There is no way of becoming successful in life if you aren’t driven and don’t have determination in what you believe in. The main point of this book was that you need to make money work for you and not the other way around. It is tough trying to put your wants and fears to the side in order to get rich and stay rich. One tip given was that you need to stop what your doing if what your doing isn’t working for you. Robert Kiyosaki did a great job of taking us into his life and his journey into becoming successful.
Rich people are the selfish people that only care about their wealth and about their
Almost everybody hopes to be rich. Society believes that only the social status can define the kind of person you are. Majority of