The Millionaire Next Door

'The Millionaire Next Door' was the result of a fascinating piece of social research into US millionaire households, trying to understand if there are any 'secrets' that can help the rest of us. The authors - Thomas Stanely and Willam Danko - spent 20 years interviewing members of this elite club and found some surprising characteristics.

During the author’s investigation, they discovered seven common denominators among the people who become wealthy:

1. They live well below their means
2. They allocate their time and money efficiently, in ways conducive to building wealth
3. They believe that financial independence is more important than displaying high social status
4. Their parents did not provide much financial support (most did not receive an inheritance) 
5. Their adult children are economically self-sufficient
6. They are proficient in targeting market opportunities
7. They chose the right occupation