Would You Like to Become The Millionaire Next Door?
By Joe Globensky, RFC®
As I write this blog post, I am sitting in a coffee shop at the local mall waiting for my smartphone battery to be replaced. Notice how there was no product placement in that sentence. The time away from the office is giving me an opportunity to reflect on our current economic environment. It’s a weekday, mid-morning, and the mall is crowded. It has also allowed me to reflect on a book that I highly recommend everyone read. That book is The Millionaire Next Door, by Thomas J. Stanley and William D. Danko. If you have never read the book, you may want to read this after you’ve had the chance.
Just like me at this moment, every day we are surrounded by $5 cups of coffee, $1,000 mobile phones, and $70,000 electric cars. And every day, we make the decision whether to buy the latest and greatest gadget or keep the one we have because it is “good enough.” What we sometimes fail to account for when making these decisions is their true cost. Will spending $1,000 now on a new phone make my life better than if I saved that money for the future? Do I really need to “upgrade” my car every three years or can I find a better use for that monthly payment?
The Millionaire Next Door was written back in 1996 and, while $1,000,000 may not seem like much these days, when you look at the average balances of bank accounts or retirement savings accounts in the United States today, it might seem like an insurmountable task to get to a total savings that’s even a fraction of that. Yet people with even some of the traits of The Millionaire Next Door, have a much better chance at success than those that tend to live in the moment.
Now, before you decide this doesn’t apply to you, it does. And it doesn’t have to be difficult to make the necessary adjustments in your lifestyle to get there. We are so passionate about helping you improve your financial health that we have 10 copies of The Millionaire Next Door that we are offering to those who schedule a complimentary financial review with us here at Connections Financial Advisors
What’s standing in your way to becoming the next Millionaire Next Door?
Note: For those of you that read this blog post in detail and followed the article links, you may be asking, “If you are writing this in a coffee shop, at the mall, waiting on your smartphone to be ready, are you really someone to whom I should listen?” I applaud you for thinking that way, but let me explain. I chose to spend $29 to replace the battery on my smartphone instead of spending $750+ on the newest model because my current phone is “good enough.” I had to allow two hours for the repair. Think about how expensive two hours in a mall can be. Instead of shopping, I chose to spend a few dollars on a cup of coffee while writing this post. In my opinion, that’s a good investment of my time and money. As I said, we are surrounded by similar choices every day. It’s how we act on those choices that can help us down the path of becoming the next Millionaire Next Door.
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