Most respondents lived in old, well-established, upper-middle-class neighborhoods in homes built in the 1950s or earlier.That said, Stanley found no substantial correlation between the wealthyвЂ™s net worth and income and their SAT scores, class ranks and/or grade performance in college. Fully 90% were college graduates with 52% holding an advanced degree. The average college GPA was 2.9 out of a 4.0 scale.When they did work, they worked harder than most people. They spent a lot of time socializing with family and friends.

His findings helped us understand what makes the truly wealthy so different from everyone else: their minds. The study included a nine-page, 277 question survey that each respondent completed. In The Millionaire Mind, Stanley studied a group of 733 millionaires who fit his definition of having true wealth.

They are proficient in targeting market opportunities.

Their own adult children are economically self-sufficient.

Their parents didnвЂ™t provide them with вЂњeconomic outpatient careвЂќ (i.e., they werenвЂ™t spoiled financially).

They believe that financial independence is more important than displaying high social status.

They allocate their time, energy and money efficiently, in ways conducive to building wealth.

In The Millionaire Next Door, Stanley shared the common factors among wealthy individuals and couples: In The Millionaire Next Door, Stanley defines the truly wealthy as a person or couple with a net worth of $1 million or more (e.g., a person who has assets of $1.2 million and liabilities or debts of $200,000 is wealthy a person with $3 million of assets and $2.7 million of debts is not).Д«ut what separates the truly wealthy from the crowd? What makes that person financially successful? The Millionaire Next DoorВ dissects the financial differences while The Millionaire MindВ delves into how the truly wealthy live their lives and the manner in which they think. Although The Millionaire Next DoorВ and the Millionaire MindВ were written in 19, respectively, the concepts continue to be relevant. Stanley and Danko focused their efforts on writing specifically about financial wealth. Wealth can be thought of in many different ways: financial, family, friends, health and happiness. To honor his work, weвЂ™d like to share some of his research findings. Sadly, Stanley was killed this past February in a car accident in Marietta, Ga. Both have been influential for many wealth managers, including those of us at Redwood. This book, along with StanleyвЂ™s subsequent book, The Millionaire Mind, spent a collective 170+ weeks on The New York TimesВ Best Sellers list.

In our December 2009 newsletter, Shawn MeadeВ wrote an article about The Millionaire Next DoorВ by Thomas Stanley, Ph.D., and William Danko, Ph.D.

Millionaire next door quotes