Millionaire's quality.

Saturday, September 22, 2007

If you are my frequent reader, you would have noticed I have added a "books you must read" side bar.

All the book are about millionaires. One of the book I like very much is "The Millionaire Next Door: The Surprising Secrets of America's Wealthy (1996, ISBN 0-671-01520-6) is by Thomas J. Stanley and William D. Danko."

I like this book because I can identify with this book. The more I read this book, the more it reminded me of my dad, who is a self-make millionaire. In fact, not many people knew my dad is a millionaire for he sure does not looks/acts like one or talks like one. We did not realize how much his portfolio worth until recently when he was taken ill. My siblings take care of the financial matter and updated me now and then. Only then did I realized the old man's net worth. We have never lived like rich kids growing up. We worked as waiter/waitress/kitchen hand/factory workers while going to school in Australia. Money did not come easy to us. My dad shaped us to be very independent financially and none of us live on hand-out.

It has never ceased to amaze me on how frequently bloggers talk (brag ? :) about their wealth. Apparently, it seems to me 'bragging' or 'boasting' is one of their means of attracting readers to their blogs. Also, it has never stop to amaze me that people care more about the end than the means of getting there. To me the old world of honest , down to earth kind of working / business ethics is a rare find in this modern age or e-age. It is sad !!!

The 4 major hallmarks of a millionaire next door :

1. Spend Less Than You Earn

2. Avoid Buying Status Objects or Leading a Status Lifestyle

PAWs Are Willing to Take Financial Risk if it is Worth the Reward

Economic Outpatient Care

Do you got the quality of a millionaire next door ?

When do you start investing with the money you earn ?
What are your portfolio consist of ?
Are you happy with your present portfolio make up ? If not, what are you going to do about it ?
Do you know how much you will have in our portfolio in say 5 years, 10 years and 20 years time ?
The next 2 questions are the bottom line.
How long can you live without your present job or the job of your spouse ?
How much are you worth in terms of your portfolio ?

If you are interested to read some of the millionaires books I have listed, you can go to my store.