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The Millionaire Next Door
Dr Thomas Stanley
To determine real wealth, look beyond income and focus on the balance sheet - assets minus liabilities.
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The cast majority of people with a net worth of more than $1 million, live in houses that cost less than $400,000 and do not have toys such as a boat or a second home.
The people who buy flash cars and Louis Vuitton handbags are the "aspirationals": people who act rich but really aren't. These people are insecure about how they rank amongst their friends and their self esteem is closely related to how much they can buy and display. They think that that is what all rich people do.
But most of the real millionaires have got wealthy by patiently maximising their income while minimising their spending, and investing the difference.
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