I've been studying to further my financial
education recently and when I came across the audiobook at the library I
thought it would be a good way to better understand how people who were
financially successful thought. This book was a real eye opener into the ways
that those who were successful financially operated on a daily basis. The
people in this study were not people who had inherited wealth or won the
lottery. Instead, many of these people began with very average circumstances,
some even starting below the poverty line. However, through hard work, wise
investing, discipline and principled living they were able to increase their
income, save money and still are able to live lives that are filled with rich experiences
and opportunities and. Becoming a millionaire for these people was not mere
chance but a choice, or a series of choices, they made on a daily basis.
I found it very interesting to hear the
things they did and not did rate as very important to their success.
"Being honest with all people,"
"Being well disciplined," and "Getting along with people,"
were some of the most highly rated factors in their success. Interestingly "Being at or near the top of my
class" was rated near the bottom.
There were other interesting results from his
study as well. Faith and activity in their local church and community were high
priorities for many of those studied. To
the majority of these millionaires family and time spent with family was a very
high priority as well. Time spent with family and friends was of much higher
importance than fancy vacations and high priced, high profile events.
Stanley also points out the difference
between those who are truly wealthy versus those who have a large cash flow.
There is an important difference between the two. Cash flow can quickly
disappear depending on the ups and downs of the economy and even personal
factors. However true wealth comes from creating passive income streams, saving
and investing wisely, and making choices that add to overall wealth rather than
deplete it.
I found it very interesting to hear of the
correlation between the wealthy and those who were truly following a passion
and living a life of their own design. Many wealthy people are very creative in
finding ways to follow their interests and areas of strength in ways that
create unique income and career opportunities for themselves.
Overall I found this book to be a refreshing
look at wise choices, careful planning and hard work and balanced living and
the positive outcomes and of lives lived in this manner. Choices matter and it
is up to the individual to make wise choices.
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