Now you have the income, but nothing to do! So, what are you going to do to fill your time since you don't work 8 hours/day any more? Whatever it is, it will probably cost money, and possibly lots of it. Here's the problem: You now have a million dollars, and decide to quit your job and live off the interest/yield of $80k (let's even use your calculations even though I agree they're a little steep in terms of expectation of return) There are many a lottery winner who think that they can do just that, however very few succeed. Guest, you bring up a great point about living off the interest or yield of the million dollars. So start being rich now and become the next Millionaire Next Door! Being "rich" is a way of life and an attitude, regardless of whether or not you have money. But beware: being "rich" isn't a status, and doesn't become a new lifestyle when your bank account magically hits a certain number. The life of a millionaire (the sort of millionaire referred to in the book, rather) isn't out of reach for those of us who are patient and disciplined enough to get there if that's what we want. Most millionaires are self-made, through hard work, patience, and honesty. (I'll bet we even have some millionaires reading frugal living tips on Wise Bread this very minute)! They believe in investing, delegating matters like financial planning and accounting to the experts, and thoroughly researching their options when they make any major decisions. They understand the value of a dollar, and aren't too proud to go out and save one. The real millionaires are the people living in the modest houses in modest neighbourhoods, driving older cars, and even clipping coupons. Or these people were born into or inherited money, and are propagating the statistic that most people who come into money lose it within one generation. They are busy trying to keep up with the Joneses at a pace they often can't maintain. They generally have more debts than assets, and their monthly expenses are over the top. What goes on behind closed doors is amazing.ĭid you know, for example, that the large majority of people living in "rich" neighbourhoods, driving fancy cars, and wearing the latest fashions actually aren't "rich" at all? According to the book these people more often than not live paycheque to paycheque, often working in high-income professions such as medicine or law. I found the book initially extremely dry and scholastic, but after persevering found that I was quoting all sorts of words of wisdom from the book on a regular basis.Īt the very least it gave me a new perspective on millionaires and de-mystified the grandeur of their lives for me. They're everywhere, infiltrating our lives in ways we can't even detect.millionaires.Ī while ago I read The Millionaire Next Door, mostly for business purposes.
They were in the checkout line at the grocery store but you didn't give them a second glance. You've seen them driving by you but you didn't even notice.