“The Millionaire Next Door” by Thomas Stanley, Ph.D. & William Danko, Ph.D.
Although this book was written in 1996, the guiding principles still hold true today. Many articles and books have been writing that chronicle the habits and characteristics of successful individuals. Having a net worth of $1 million seems like a figure that should equate to success but should not be the sole item that one takes into account.
Dr. Thomas Stanley and his co-author William Danko, Ph.D. studied IRS records and conducted countless surveys of individual with a net worth of over $1 million dollars. That figure was derived from subtracting liabilities from the value of all assets that a person had. Without spoiling it for you, chapter 3 compares Dr. South and Dr. North both physicians making incomes of over $700,000 but only one was described as a prodigious accumulator of wealth (PAW). There are several habits common to most millionaires some of which include:
- Being frugal
- Having a written budget
- Planning your time
- Saving
- Investing
- Working smart
- Borrowing little to no money
Here is a link to help determine if you are a PAW or an under accumulator of wealth (UAW).
For more details on what physicians and other healthcare providers should do to accumulate wealth and be successful financially read this book. You might be surprised.
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