I just recently finished reading “The Millionaire Next Door” by Thomas Stanley and William Danko. This book is a great resource to get your mind thinking about what it means to become a millionaire. It is not a how-to book, more a think-to, it’s meant to change the way you think about millionaires and who they are.
The book classifies millionaires and high income earners in two categories PAWs (Prodigious Accumulators of Wealth) and UAWs (Under Accumulators of Wealth). It then goes on to make two more classifications, Offense and Defense. The PAWs have a great offense and defense while the UAWs more than likely have a good offense but a poor defense. Their definition of offense is someone who is constantly looking to make money and defense is someone who is constantly looking to save money.
As I look at my life and where I fall into the mindset of millionairs I realize that I am a great Defensive Coordinator for my family. I horde money and constantly look for ways to save what we have, but not so aggressive about accumulating more. My husband on the other hand is the Offensive Coordinator. He can’t save a dime but he sure knows where to find money.
The book also points out that goals and goal oriented people are more likely to be millionaires than non-goal oriented people. This is something I learned from my husband but I am working on trying to expand my goals and how I use them since reading this book.
It was a short read but a great starting point for anyone to get into the mindset of millionaires. The biggest thing that the book mentioned was that millionaires are everywhere, and they are more than likely someone you wouldn’t think is a millionaire.
