Wednesday, September 17, 2014

Stop Acting Rich…And Start Living Like a Real Millionaire By: Thomas J Stanley

Happiness in life has little to do with what you wear, drive, eat, or drink. If you can’t afford to tip, don’t go eat where tipping is expected. That is part of the meal expense as well. Live below your means. Are you really rich or just acting rich? What makes a person rich? Cars, houses, eating at expensive restaurants, shopping at exclusive stores? You might be surprised by Stanley’s view of the rich. You need to be financially independent first. Live well below your means, by planning, saving and investing. Emulating the rich does not make you rich. Transform your income into wealth. Increased spending does not make you more satisfied with life.

I was not going to do a review on this book; however, I heard it stated that this book doesn’t tell you the tricks to be a millionaire. Did they not read the book? There is no trick to being a millionaire. It is hard work. You can do it whether you make a lot or a little. But it takes work, planning, and not living like you’d think a millionaire would live. People who make a lot of money can have it going back out in payments, buying an expensive house and things. People who don’t make a lot of money, but are saving and investing, have more money.

I liked this answer to what to say if you’re children ask why you do not supply them with the same collection of expensive consumer products as other kids in their school: never judge the true quality, the caliber of a person, by what can be purchased; often people who dress and drive as if they are rich, are not; and all that glitters is not gold (Shakespeare).

This book is about the differences between the spending habits of people who are really rich and the ones who want you to think they are. Millionaires typically live on 80% of their income and save and invest the rest. I was surprised to find that most shopped at Target, wore cheap watches, didn’t have a second home, or a boat. They drove an SUV, Toyota, or a Honda. The book also contains charts on what millionaires spend their money on, what their houses cost, and other items. If you’ve always assumed rich people spent all their money on things, you will be surprised by the research in this book that proves otherwise.

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