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Are you the Millionaire Next Door?

Formula to determine if you are wealthy:

Multiply your age times your realized pretax annual household income from all sources except

inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be to be

considered the “millionaire next door.”

Do you wish to become affluent and stay affluent?

Your household should operate on an annual budget.

You should know much your family spends each year for food, clothing, and shelter.

You should have a clearly defined set of daily, weekly, monthly, annual, and lifetime goals.

You should spend a lot of time planning your financial future.

Being frugal is the cornerstone of wealth-building.

Were your parents frugal?

Are you frugal?

Is your spouse more frugal than you are?

Planning and controlling consumption are key factors

towards wealth accumulation.

Lifestyle conducive to building wealth:

Live below your means

Allocate your time, energy, and money efficiently in ways conducive to building wealth

Believe that financial independence is more important than displaying high social status

Do not accept financial help from your parents

Raise your children to be economically self-sufficient.

Be proficient in targeting market opportunities

Chose the right occupation.