The book “The Millionaire Nest Door” is about the millionaires of America and their lifestyle. The authors went to investigate on how millionaires get wealthy and how they stay that way. They wondered are most of the millionaires from rich families that get inheritance from their parents. Do the millionaires of this county live in big houses with numerous foreign cars? Do millionaires buy thousand dollar suits and watches? Do they by no means have to worry about budgeting and investing their money? What the authors found was not what they expected. The people that were living in upscale neighborhood and had multiple foreign cars did not have extreme wealth. Yet, those who had extreme wealth did not live in upscale neighborhoods. The typical
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In addition, many first generation millionaires are not American but immigrants. Most were Russian, Scottish, Hungarian, or Dutch. The reason for this is that they come to America with a dream of earning money and having a better life. They were not raised with many possessions and when they get money, they do waste it on superstitious stuff. Yet still most of their children do not become as rich as their parents. They are used to having money and do not understand the importance of making and saving …show more content…
They now just how to do this, while most people do not. As previously stated they budget their money. They also invest wisely in the stock market. They make sure they have a low realized income, so that they do not have to pay a high tax. The surprising thing is that most millionaires pay two percent or less of their network in taxes. These types of people understand that spending all your money is not the way to accumulate wealth. They never spend an excess amount of money on clothes or cars. When they grow old, they can have a comfortable retirement. They will be able to live for over twenty years without working. People that have a high income but low net worth cannot do this. They could not live for more than six months if they lost their
In addition, many first generation millionaires are not American but immigrants. Most were Russian, Scottish, Hungarian, or Dutch. The reason for this is that they come to America with a dream of earning money and having a better life. They were not raised with many possessions and when they get money, they do waste it on superstitious stuff. Yet still most of their children do not become as rich as their parents. They are used to having money and do not understand the importance of making and saving …show more content…
They now just how to do this, while most people do not. As previously stated they budget their money. They also invest wisely in the stock market. They make sure they have a low realized income, so that they do not have to pay a high tax. The surprising thing is that most millionaires pay two percent or less of their network in taxes. These types of people understand that spending all your money is not the way to accumulate wealth. They never spend an excess amount of money on clothes or cars. When they grow old, they can have a comfortable retirement. They will be able to live for over twenty years without working. People that have a high income but low net worth cannot do this. They could not live for more than six months if they lost their