Thrift Lessons from Millionaires

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John D. Rockefeller and John D. Rockefeller, Jr.

“I believe that thrift is essential to well-ordered living.” – John D. Rockefeller

Through extensive research, Thomas J. Stanley, Ph.D., author of The Millionaire Mind, discovered that most true millionaires are not people with luxury cars or yachts, tailor made suits or expensive houses. They are your neighbors next-door, hard working and frugal.

Frugal, Frugal, Frugal is the title for chapter two of The Millionaire Next Door: Surprising Secrets of America’s Wealthy, which Dr. Stanley co-authored with William D. Danko, Ph. D.

Dr. Stanley explored the lifestyles of wealthy people, those who were financially independent. The traits he discovered in those people represent not only the ability to accumulate money, but some general principles of good character.

Seven common denominators of these people were listed in The Millionaire Next Door:

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 chose the right occupation.

A composite of these multi-millionaires revealed someone who was not a workaholic, married to the same spouse for twenty-eight or more years with three children, first generation millionaire (did not inherit wealth), and was a long term resident of an older, established neighborhood.

They were more interested in their children honoring the family name than the family pocketbook. They forced their children to work to learn the value of a dollar. The character development of their children was more important than their comfort.

One of the millionaires interviewed made this statement: “I taught my sons and daughters that money is not their God. You control it…not let it control you.”

Neither a crisis nor creative destruction dictated to these self-made millionaires how they would live their lives. They operated on the principle, “Life is what you make it.”

“Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.” – Warren Buffett

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This is an excerpt from “Money: How to Be Rich Without It and How to Stretch It Using Ten Hints from the Past and the Technology of Today.”

Money is available as an e-book and in paperback here on Amazon.com:

http://www.amazon.com/Money-Without-Stretch-Using-Technology/dp/1479389161

It is also available on smashwords in all digital formats:https://www.smashwords.com/books/view/221060

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