Creating Wealth From Scratch: The Millionaire Next Door
The Millionaire Next Door is also one of the most popular and fun business books. Composed by William D. Danko and Thomas J. Stanley, it was the bestseller for three years in a row.
This is a very realistic and practical book, as it provides the reader with many experiences and success stories of people who started their career in the business world from scratch like any ordinary person, and who are now among the world’s richest people. Hence the name of the distinguished book “The Millionaire in the Next Door” in the creation of wealth from scratch, meaning that anyone can become a millionaire, no matter who is a regular person, it is an opportunity that everyone can seize, and all the people around you have the possibility and the possibility to exploit these opportunities in earning money and forming Wealth and their names are underlined with the names of the richest people around the world.
The Millionaire Book Next Door can help you start the right path in the wealth making from scratch. While this book does not provide specific advice or budgeting, it does talk about the correct way to use money. It can also help you adopt a frugal lifestyle and understand the true meaning of wealth and the process involved in achieving true wealth.
Among all those stories that the two writers presented to us in this great book, there are some important ideas that they wanted us to understand well, to motivate us to seize opportunities and achieve wealth and financial success.
In this article, we will summarize the book of The Millionaire Next Door and we will work to present the most important ideas and rules that this book came up with.
Summarizing the ideas in The Millionaire Next Door book:
1- The opportunity for a self-made person to build wealth is greater than the chance of the rich himself!
The two authors have presented a simple and important comparison to clarify the difference between a person who is born rich without bothering himself in the laboriousness of earning money and creating wealth, and a self-made person who relies on himself and tries a lot to achieve his wealth. The two writers have come up with an important idea that the opportunity for a self-made person to create wealth is greater than the chance of the rich himself.
Of course, this talk is very logical, because a rich person or who was born into a rich family was not accustomed to effort and hard work. Rather, they are only accustomed to living on the money they inherited from their parents and families, and this will create a big problem for them when working. No rich in inheritance will be able to get rid of His laziness and the pleasure of luxury that he drowns in.
Whereas a self-made person who starts to create wealth from scratch will fully realize the value of work, and will work to reduce the aspects of luxury and luxury in the early stages of his work to be able to save enough money for investment while always keeping an amount of money that helps him to get rid of any financial crisis that may pass Out while at work.
2- A self-made person is more experienced than a wealthy person
As we talked earlier, the rich person is never accustomed to going into various fields of work, and therefore he has no idea about the nature of business, how successful investment can be, or what methods can be followed to invest or even in times of crisis.
Whereas a self-taught person is someone who works very seriously, always focusing on all the details that come across him and trying to learn from his mistakes, asking experts and asking for their advice, and experimenting with different methods each time. All of this would give him sufficient experience as well as give him a clear idea of successful methods and failed methods that suit a particular market or project.
3- The rich is not the one who owns the money but the one who can develop and keep it
In fact, there is a widespread belief that the rich is the one who owns a lot of money, but Stanley and Danko in this book worked to correct this concept and put forward a new definition, so that the rich is the one who collects, develops and maintains money so that he can create and make wealth from any amount.
4- The self-made rich is more humble than the hereditary wealthy
A self-made person is always distinguished by humility, whether by his behavior or his clothes, as he is far from the appearances of luxury because he appreciates his money well, especially since he did not get it until after great effort. Whereas a genetically rich person, who we have agreed not to call him wealthy, he does not realize the value of the money he got without getting tired and thus will always be tempted to drown in a lot of luxury goods with exorbitant costs.
And finally, The Millionaire’s Book in the Next Door is one of the most famous financial culture books and is considered one of the most beautiful books written in this field, and perhaps it is ranked so internationally because it deals with the biography of the successful personality who was able to create and create wealth from scratch until it crossed the poverty line and jumped to the super-rich line This is because of a simple idea that does not have any financial complications or requires special skill or talent that is not found in many. We recommend that you read it to take advantage of the experiences and success stories contained in this book, so that it may be a source of inspiration and creativity for you.
We have presented to you, dear reader, the most important thing in the book of the millionaire next door, so do not forget to share it and publish it with others so that the benefit is spread to everyone.
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