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There is no correlation between what people drive and their level of happiness.
Even by chance you'd think you'd get one or two, but none. The problem is that people think, “Well, if I just had that sports car, or that thousand-dollar suit, or a $700 pair of shoes, and a club membership, I'd really be happy.” But in the study we did of 933 millionaires more recently since The Millionaire Next Door, I looked at the 46 makes of cars in America and looked at happiness as a function of owning one or not owning one, and there is not one correlation.
#INTERNET MILLIONAIRE NEXT DOOR FULL#
Some people may tell you they are happy because they've got that leased BMW or they wear thousand-dollar suits or have a closet full of clothing, but that's not what happiness is. TS: If you look at the statistics on happiness in life overall, those people who live below their means are happier than people who don't. I live a better life than these frugal ‘millionaires' who have big bank accounts but don't have any fun”? RB: What if someone says to you, “Big deal if I spend everything I make. So they are doing something other than just making money and accumulating wealth via investments. Income only explains about 30% of the variation in wealth. It is not just a matter of putting into mutual fund A or B or going with stocks or having a private business necessarily. There is a certain lifestyle that they adopt. These people are not into status, they are not into designer brands, so they are the epitome of why people collect wealth. He does make more money than the guy next door, but has similar consumption habits the neighborhood has a lot to do with that. Thomas Stanley: If you talk about the prototypical person, he's a guy, mid- to late-50s, owns his own business, went to a four-year public college, was a B or C student, saves relentlessly, lives in a neighborhood where he has four to five times more wealth than the guy next door. Robert Brokamp: In a few sentences, who is the “millionaire next door”? Note: For the Cliff's Notes version of the book - and what I see as its most important lessons - read my post from two weeks ago.