Books The millionaire next door

Core ideas / key takeaways

1. Wealth is more about frugality than income

High earners often spend as much as they make.

True wealth comes from saving, investing, and living modestly.

Example: Millionaires drive reliable cars, not Lamborghinis.

2. Seven common traits of millionaires

Live well below their means

Allocate time, energy, and money efficiently

Financially independent rather than high status

Careful about buying things to impress others

Invest in long-term wealth-building assets

Avoid debt except for business or investment purposes

Choose a spouse who shares financial values

3. Economic outpatient care is a trap

Gifts or loans from parents can actually reduce wealth accumulation.

Millionaires often build themselves, not rely on others.

4. Planning and discipline beat luck

Budgeting, planning, and consistent saving are more powerful than chasing “get rich quick” schemes.

5. Wealth is hidden, not displayed

True millionaires often blend in with middle-class society.

They measure wealth by net worth, not lifestyle.