How to Become A Millionaire – Millionaire Next Door Summary

Becoming a millionaire is a life dream of many living on earth. Many people work hard, save money, open business, and steal to accumulate enough wealth and become a millionaire.

Everyone wants to know how to become a millionaire. I remember a book written by Thomas J. Stanley and William D. Danko, ‘The Millionaire Next Door,’ It became the best seller and both authors became millionaires overnight. This to show you how much people want to become a millionaire.

I have adopted some strategies in this book to accumulate my own wealth. I’ll use this book as a guide to show you how to become a millionaire because the book offers a method that people have successfully used to become a self-made millionaire.

I believe reading this millionaire next door summary will help you achieve your dream of becoming a millionaire.

How I Build My Wealth?

According to the book, the majority of millionaires are self-employed or business owners. So, I have decided to launch my own blog to become a millionaire. I choose to become a full-time blogger because I love to write, read and share with the world my life experiences. Here’s my profile.

Applying the book teaching, I find a business model that helps bloggers become a millionaire. I follow this business model to make a wealthy living online. I have written an eBook to share with others. You can read “The Business Model That Makes Me A Millionaire” to learn more about my blogging success.

The millionaire next door offers 7 steps that everyone can do to become a millionaire. These are the same steps that all millionaires have used to achieve their financial goal. If you follow these 7 steps, you will become a millionaire.

How To Become A Millionaire In 7 Steps.

Contrary to popular beliefs, 80% of millionaires are self-made, not through inherited. Another shocking statistic is that self-employed people are four times more likely to become millionaires than working people.

Using the statistic above, let begin the steps to become a millionaire.

1. Choosing The Right Profession To Make Millions.

It seems the right profession to become a millionaire is self-employed or own your own business.

According to the book, most millionaires generate their wealth in a dull-normal industry. This tells us that most millionaire business owners make money from a stable and proven profitable business.

You don’t need to start a new adventure or invent new products to become a millionaire. You just have to follow the business model that makes others become millionaires.

So, choosing the right professional means to become a business owner. As a business owner, you must follow a successful business model to become a millionaire.

I apply this principle to build a successful online blog. I choose to become a blogger because this business is cheap to start.

I launched my blog site for than $500 dollars. You can even start a blog for free.

Launched a blog site is simple but building it into a successful business to become a millionaire requires some learning and work.

I joined the #1 Online Blogger Network to learn the business model that many millionaire bloggers use to create wealth.

I discovered many of them used the business model called ‘The 4 Steps To Make Money Online’ to generate their wealth.

I adopt the same business model to my blog because this is a million dollar business model.

I have to learn the blogging business from the basic. I used these 10 Free Lessons, recommended by many successful bloggers, to build my blog.

Today, I am a business owner and live a wealthy life. This strategy works!

If you don’t have a lot of money to invest, I recommend you use the free lessons above to launch an online business and take the first step to become a millionaire.

2. Targeting the Right Market Opportunities to make millions.

The Million Dollar Next Door suggests the best ways to generate wealth is to actively pursue new market opportunities.

But what new market opportunities should one pursue?

I turn out that doing business with other millionaires will help you become a millionaire. The authors wrote this: “the best ways to accumulate wealth is to sell products and services to those who already have money.’

This suggests that the best industry to launch your business is the one with the most millionaires. If you want to sell products and services to them.

The industry that produces the most millionaires today is the internet.

I decide to become a blogger because I want to sell my writing services to the millionaires.

I make money writing blog posts for websites, marketing material for businesses, product reviews, product information, press release and more.

The people paid me to write are other successful online business owners, the millionaires.

3. Understand the Economic Value of Time, Energy, and Money.

Time, energy (work), and money are the resources needed to create wealth. You must learn how to use them efficiently if you want to become a millionaire.

In other words, wealthy people spend more time, energy, and money on building wealth than on spending or purchasing things to make them look rich.

Most millionaires start searching for ways to generate wealth early in their adulthood. They don’t wait until they’re retired or inherited millions of dollars before start investing. They use the current resources that they already have to generate wealth.

If you want to become a millionaire, don’t wait until you’re retired. It might be too late.

When I started my blog business, I spend most of my time, energy, and money on creating the best-looking website thinking that how I can generate a lot of money.

I was totally wrong. Another millionaire taught me that not to waste my resources on the website. I should focus on investing my resources into building a client based. The website is just one of the many marketing pieces of my business. The activities that generate wealth for me as a blogger is writing.

There, I didn’t invest my time, energy, and money efficiently. I took a millionaire to show me the best ways of using the existing resources to build a successful blog.

4. Don’t Depend on Parental Economic Support to Become a Millionaire.

Most self-made millionaires’ parents are not wealthy. So, they cannot depend on their family for financial support.

Many people believe born into a low-income family is a big disadvantage. However, growing up without wealth is a motivation for people to become millionaires.

According to the authors, adult children that receive financial support from their parents tend to spend more than accumulate wealth. They lack the understanding and motivation to save.

This is true because my parent is not wealthy.

At 15 years old, I had to work part-time to help my parent.

I learn to understand how to become financially independent at a very young age. I understand the value of money which help me to manage my money wisely.

You cannot blame your family lack of wealth as the cause of your inability to become a millionaire.

You should be glad that your parent doesn’t shower you with handouts and gifts which can destroy your chance of becoming a millionaire.

5. Wealth Means Financial Independent.

Millionaires believe achieving financial independence is far more important than achieving a high social status.

This means you cannot become a millionaire if you are spending lavishly. Millionaires live a simple lifestyle. Living a simple doesn’t mean being miserable. It just means to avoid spending too much.

According to the book, up to 55% of millionaires confirm that they are very disciplined about their finances and saving. They focus on saving money and willing to pay for quality, but not for image.

For sure the millionaires have the money to live a lavish lifestyle, but what happens when the money is no longer there?

It becomes difficult to accumulate wealth when you have to borrow money to fund the hyper-consuming lifestyle.

Spending without a purpose will lead to financial trouble, not financially independent.

Save and invest responsibly is the best way to build wealth.

Don’t spend more than you need to live if you want to become a millionaire.

When I make my first million, my wife and I still live in the same house, driving the same old car, eating at home, and work on my business from 8 to 5 every day.

6. Don’t Spend Like a Millionaire.

Millionaires drive fancy cars, live in a mansion in rich neighborhoods, have maids and wear expensive clothes. All of this is NOT true!

Millionaires do not live a lavish lifestyle. Most of them live well below their means. They focus more on saving and accumulating wealth than spending.

When I say, ‘live below their means,’ I don’t mean they live poor. It means that they live the same lifestyle before they become a millionaire. It is foolish to squander away your hard earn money just because you are now a millionaire.

Overspending will destroy all your efforts in achieving your financial goal of becoming a millionaire.

Your purpose of accumulating wealth to achieve financial independence, not to show off your high social status.

7. Teach Adult Children to Be Economically Self-sufficient.

When your parent teaches you how to save money or yell at you for wasting money on something useless, you should thank them. They are training to become a millionaire.

The Millionaire Next Door tells us that giving money freely to adult children will destroy their ability to become financially independent.

You can share your wealth with your children, but don’t do it in a way that they become depending on your financial support to survive. They need to learn how to be financially self-sufficient.

So, what is significant about this step?

It tells us that to become a millionaire, you must learn to be financially self-sufficient.

If you can’t survive on your own, then how can you become a millionaire?

Those are the 7 important traits you must have or must learn if you want to become a millionaire.

The Millionaire Next Door shows us that it’s not impossible to become a millionaire. It is actually very simple to achieve this financial goal by focusing on living a lifestyle of accumulating and generating wealth, not spending and consuming.

It turns out, you don’t need a wealthy parent to become a millionaire either. You just need a good financial plan to achieve this goal.

You already have this wealth plan from the Millionaire Next Door Summary.

  • Starting a business is the best way to accumulate wealth to become a millionaire. But, not just any business. You must choose a business in the industry with the most millionaires.

As stated above, the Internet produces the most millionaires and billionaires. The business that I choose to become a millionaire is BLOGGING. It’s inexpensive to launch a blog.

You can become a blogger by following these 10 Free Training Lessons from the Wealthy Affiliate. All you have to do is register for a free account, start learning with the free lessons, talk to other bloggers in the community chat room about the business model, and you don’t spend or buy anything until you ready to expand and grow the business. That’s how I build my million dollar business. You can ask me any question by visiting my Professional Profile.

  • Once you make your first million, you need to learn how to save, invest and generate more wealth, not spending and consuming it.
  • The last step of this financial plan is to share your wealth responsibly with your adult children. Teach them to become financially independent, not dependent.

That’s how to become a millionaire, a lesson from the Millionaire Next Door.

Summary
How to Become A Millionaire – Millionaire Next Door Summary
Article Name
How to Become A Millionaire – Millionaire Next Door Summary
Description
It not impossible to become a millionaire. The 7 traits you must have or must learn to become a millionaire are: Start a business to accumulate wealth, look for market opportunities, value time energy and money, family wealth is not important, become financially independent, don't spend like a millionaire, and childhood economic self-sufficient are all you need to become a millionaire.
Author
Publisher Name
OnlineBzDog
Publisher Logo

Leave a Reply

Your email address will not be published. Required fields are marked *