Celebrity Creed: Who Becomes Wealthy?

                            

#Lifestyle

Many years ago, Thomas J. Stanley and William D. Danko jointly wrote a book titled “The Millionaire Next Door”. What formed the reason of writing this book was the fact that they began to study how people become wealthy. They did it just as you might imagine, by surveying people in the so-called upscale neighbourhoods across the country.

However, in time, they discovered something odd. Many people who live in expensive homes and drive luxury cars do not actually have much wealth. Then, they discovered something even odder; many people who have a great deal of wealth do no not live in upscale neighbourhoods.

According to them, that small insight changed their lives. It led Tom Stanley, out of an academic career, inspired him to write three books on marketing to the affluent in America, and made him an advisor to corporations that provide products and services to the affluent.

                           Thomas J. Stanley 

In addition, he conducted research about the affluent for seven of the top ten financial service corporations in America. Between them, they have conducted hundreds of seminars on the topic of targeting the wealthy.

Why are so many people interested in what they have to say? Because they discover who the wealthy really are and who they are not. And, most importantly, they have determined how ordinary people can become wealthy.

What is so profound about these discoveries? Just this: Most people have it wrong about wealth in America. Wealthy is not the same as income. If you make a good income each year and spend it all, you are not getting wealthier. You are just living high. Wealth is what you accumulate, not what you spend.

Also read : How To Get Rich

How do you become wealthy?

Here, too, most people have it wrong. It is seldom luck or inheritance or advanced degree or even intelligence that enables people to amass fortunes. Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and most of all, self-discipline.

How come I am not wealthy?

Many people ask this question of themselves all the time. Often they are hard –working, well-educated, high-income people. Why, then, are few affluent?

The Seven Factors

Who becomes wealthy?

Usually the wealthy individual is a businessman who lived in the same town for all of his adult life. This person owns a small factory, a chain of stores, or a service company. He has married once and remains married. He lives next door to people with a fraction of his wealth. He is a compulsive saver and investor. And he has made his money on his own.  Eighty per cent of America’s millionaire are first- generation rich.

Affluent people typically follow a lifestyle conducive to accumulating money. In the course of their investigation, they discovered seven common denominators among those who successfully build wealth. These are as follows:

1.      They live well below their means.

2.      They allocate their time, energy and money efficiently, in ways conducive to build wealth.

3.      They believe that financial independence is more important than displaying high social status.

4.      Their parents did not provider economic outpatient care.

5.      Their adult children are economically self-sufficient.

6.      They are proficient in targeting market opportunities.

7.      They chose the right occupation.

Let me stop here for today. I hope you have learnt something in this blog post that will change your orientation towards who really becomes wealthy? Please share this post. Thanks!