Investment Tip

Seven common denominators of people who become wealthy

In a book titled, "The Millionaire Next Door" Thomas J. Stanley and William D. Danko write about their long term study of people who become wealthy. The authors report finding seven "common denominators" such people have that help to explain why they were able to successfully build wealth. These are:

1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important than displaying high social status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They choose the right occupation.

The above is quoted from page three of the introduction to the book. I think it is a book worth buying and reading because there's a lot of information a person can use in his or her own efforts in working toward financial independence, so I would encourage you to do just that. My copy is a 1996 Pocket Books edition.