Thursday, August 24, 2006

The Millionaire Next Door

So I have finally finished reading The Millionaire Next Door. I am also going to try and link to what the author of FMF has to say about TMND. He has some excellent articles and thoughts. Definately a good idea to check out. So here it is FMF article on TMND .

As I stated in my previous post TMND is an excellent book and gets down to the basics of what you must do to become a millionaire.

1) Spend less than you earn. You can't expect to save, invest, or get out of debt if you are living beyond your means.
2) Be frugal. Most of the millionaires in the book do not buy expensive foreign cars, they don't have thousand dollar suits, they don't buy rolex's. In other words save your money. Don't buy overly expensive things when you can buy something of quality for a lot less.
3) Invest. Make your money work for you.

These are only a couple of steps to becoming a millionaire. Read the book. It is definately worth it.