How to Become a Millionaire

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Who doesn’t want to make lots of money and keep up with the Joneses? Build wealth by reading the book, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what his planning firm clients do to successfully yield results. Then, make your own adjustments accordingly. It’s not all and always about money. 

Topics Discussed:

  • The Book: Based on scientific research of actual and suspected millionaires
  • The Timeframe: Released in 1996, the authors’ definition of “millionaire” has changed
  • The Profile: Optimal combination of factors that make millionaires
  • The Combination: Higher income and frugal habits to play offense and defense
  • The Facts:
    • 80% are first-generation millionaires
    • 20% are retired
    • 50% own their own business
  • Common Characteristics and Denominators:
    • Live well below your means by tracking your cash flow
    • Manage your money, time, and energy more efficiently
    • Believe financial or job independence is more important than social status
    • Avoid economic outpatient care—when parents support/subsidize lifestyle
    • Choose the right occupation/profession

Links:

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley and William D. Danko

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