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The Millionaire Next Door

Paul Haarman

The Millionaire Next Door is a book written by Thomas J. Stanley in 1990, but I will be reviewing it in detail thirty years later in 2020. The following is an analysis of the material presented in the book and its relevance to modern society. Although this review is based on an outdated text, it reflects themes that are evergreen in the world of self-help and business books.

The book explores the differences between two types of millionaires: a) those who have a lot of money, but not a lot of net worth, and b) those who have a lot of net worth, but not a lot of money. Successful entrepreneurs often fall into this latter category because they tend to make their money last for a long time – they live below their means and save much of their annual income. Successful entrepreneurs may be household names, but they are not the owners of flashy cars or homes. Successfully self-made millionaires do not invest in luxury items or lavish lifestyles, but instead value “time over money” (Stanley, 2020). Successful entrepreneurs are the ones who own the smallest house on the block, drive moderately priced vehicles, and dress in inconspicuous clothing. Successful entrepreneurs also have a clear vision of what they want out of life – it is not all about money.

Necessary Change:

The Millionaire Next Door focuses on the spending habits of the truly rich, but I believe that it needs to be broadened in scope. Successful entrepreneurs are not just about healthy money management – healthy self-management is also key. Successful entrepreneurs are people who have a strong work ethic and are extremely disciplined with their time. Successful entrepreneurs do not go to networking events or become involved in social clubs that require significant time commitments. Successful entrepreneurs respond to emails and phone calls quickly, but they do not have an addiction to their cell phones or laptops.

Successful entrepreneurs also have a strong personal brand that is separate from their business. To find success in both business and life, the modern entrepreneur must responsibly manage their finances and selves.

Successful entrepreneurs live below their means and save at least 30% of their income, but they also spend their spare time productively. Successful entrepreneurs work out regularly, read books to improve themselves, and spend quality time with family members and friends. Successfully self-made millionaires invest in knowledge and relationships, not luxury items or lavish lifestyles.

Successful entrepreneurs are people who have a strong work ethic and are extremely disciplined with their time. Successful entrepreneurs do not go to networking events or become involved in social clubs that require significant time commitments. Successful entrepreneurs respond to emails and phone calls quickly, but they do not have an addiction to their cell phones or laptops. Successful entrepreneurs also have a strong personal brand that is separate from their business. To find success in both business and life, the modern entrepreneur must responsibly manage their finances and selves. Successful entrepreneurs live below their means and save at least 30% of their income, but they also spend their spare time productively. Successful entrepreneurs work out regularly, read books to improve themselves and spend quality time with family members and friends. Successfully self-made millionaires invest in knowledge and relationships, not luxury items or lavish lifestyles.

The Successful Entrepreneur’s Successful Day

6:45 am – Alarm goes off; Successful entrepreneurs wake up immediately and go right into a workout. Successful entrepreneurs find that they are most productive when they work out in the morning – it gets their day going with a positive mindset

8:00 am – Successful entrepreneur makes breakfast for themselves and their spouse, as well as some snacks to take to work for themselves and their children. Successful entrepreneurs are goal-oriented, so they make a weekly meal plan and grocery list to save time. Successful entrepreneurs also use their spare time during workdays to prepare meals for the upcoming week.

9:00 am – Successfully self-made millionaires arrive at the office early before anyone else arrives. Successful entrepreneurs do not waste their time in the office by chatting with co-workers, checking email, or their social media accounts. Successful entrepreneurs get to work immediately and are extremely productive for the first couple of hours of the day

11:00 am – Successful entrepreneur gives herself an hour lunch break every day. Successful entrepreneurs know that they need to take time off of work at least once a day – otherwise, they will burn out and lose motivation. Successful entrepreneurs make it a priority to learn something new every day by reading blog posts and books and listening to podcasts and audiobooks

2:00 pm – Successful entrepreneurs work for another 2 hours or so. Successful entrepreneurs know that time is money, so they work hard during work hours and devote their spare time to family and friends. Successful entrepreneurs also use this time to schedule meetings with mentors and advisors, as well as to complete other work tasks that they put off during the day

4:30 pm – Successful entrepreneur leaves the office and spends quality time with family or goes home and watches TV in the evening. Successful entrepreneurs know that it is important to spend time away from work so they can refocus. Successful entrepreneurs also spend time working on their businesses during the evening, but they do not feel guilty about taking some time off of work

6:30 pm – Successful entrepreneur prepares dinner for her family and spends ample time with them. Successful entrepreneurs know that they cannot become successful without the support of their family members. Successful entrepreneurs allow themselves and others to rest each day so they can be more productive during work hours. Successful entrepreneurs also read books and listen to podcasts and audiobooks together with their spouse or children, so they can cultivate a passion for learning in their children. Successful entrepreneurs also watch TV together, but they do not spend the entire evening doing anything; Successful entrepreneurs make sure to limit time in front of screens

9:00 pm – Successful entrepreneur goes to bed by 10 pm every night. Successful entrepreneurs spend enough time relaxing during the evenings so they can be productive during work hours. Successful entrepreneurs also spend time meditating and visualizing goals, so they can stay focused on their business goals. Successful entrepreneurs are strategic about when they go to bed, so that way it is easier for them to wake up early the next day. Successful entrepreneurs also limit their caffeine intake if possible, during the day, so they have no problems falling asleep at night. Successful entrepreneurs also believe in the importance of sleeping 7-8 hours every day, so that way they can be productive during work hours.

The most successful entrepreneurs are those who recognize the importance of sleep and relaxation. Successful entrepreneurs understand that they cannot achieve success without taking time off of work to rest. Successful entrepreneurs also understand that it is important to know when they need to take some time off work and spend it with family and friends. Successful entrepreneurs dedicate time to personal growth by reading books, meditating, and working on their businesses during the evening. Successful entrepreneurs also limit their caffeine intake if possible, during the day, so that way they do not have problems falling asleep at night. Successful entrepreneurs understand that their health is an important factor in being able to achieve success, so they prioritize it. Successful entrepreneurs also sleep 7-8 hours every day, so that way they can work during the day and still have energy left over to relax at home with friends and family at night. Successful entrepreneurs also understand that it is just as important to schedule time for their spouses and children so they can be close with them. Successful entrepreneurs also schedule meetings with mentors and advisors, so that way they can stay up-to-date with industry trends and best practices. Successful entrepreneurs know when to take a break from work to rest, so they can prioritize their health and be more productive during work hours. Successful entrepreneurs also listen to books, podcasts, and audiobooks with their spouses or children so they can cultivate a passion for learning in them.

Conclusion:

Successful entrepreneurs are strategic about when they go to bed, wake up early the next day and take some time off work to rest. Successful entrepreneurs also know when to schedule meetings with mentors and advisors, so that way they can stay up-to-date with industry trends and best practices. Successful entrepreneurs understand that their health is an important factor in being able to achieve success, so they prioritize it.

The above article is loved by Paul Haarman