 “Wealth is not the same as income. If you make a good income and spend it all, you are not getting wealthier, you’re just living high. Wealth is what you accumulate, not what you spend.”
—Thomas Stanley, PhD
Thomas Stanley, PhD, author of the bestsellers The Millionaire Next Door and The Millionaire Mind, has studied affluent Americans (including physicians) for more than 30 years. As a result of his research, he has identified some “foundation stones to success” They’re not too complicated:
• Know that our economy rewards—and will continue to reward—success factors such as hard work, personal integrity, and focus.
• Be assured that a lackluster academic record does not have to stand in the way of economic productivity.
• Have the courage to take some financial risks in life. And learn how to overcome defeat, as well.
• Look for a vocation that is original, profitable, and makes full use of your strengths. Make it one that you love.
• Choose a spouse who is honest, responsible, loving, capable, and supportive. These are characteristics that are compatible with success.
• Run an economically productive household. Focus your time and spending to enhance your productivity.
• Search and negotiate aggressively when buying a house. Choose one you can easily afford.
• Adopt a balanced lifestyle. Fun doesn't have to carry a luxury price tag.
$1.5 million—Average price men and women say they want to "marry for money."
(Wall Street Journal)
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