How to Become a Millionaire

<p>Who doesn&rsquo;t want to make lots of money and keep up with the Joneses? Build wealth by reading the book, <em>The Millionaire Next Door: The Surprising Secrets of America&rsquo;s Wealthy</em>.</p> <p>In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about what his planning firm clients do to successfully yield results. Then, make your own adjustments accordingly. It&rsquo;s not all and always about money.&nbsp;</p> <h3><strong>Topics Discussed:</strong></h3> <ul> <li>The Book: Based on scientific research of actual and suspected millionaires</li> <li>The Timeframe: Released in 1996, authors&rsquo; definition of millionaire has changed</li> <li>The Profile: Optimal combination of factors that make millionaires</li> <li>The Combination: Higher income and frugal habits to play offense and defense</li> <li>The Facts: <ul> <li>80% are first-generation millionaires</li> <li>20% are retired</li> <li>50% own their own business</li> </ul> </li> <li>Common Characteristics and Denominators: <ul> <li>Live well below your means by tracking your cash flow</li> <li>Manage your money, time, and energy more efficiently</li> <li>Believe financial or job independence is more important than social status</li> <li>Avoid economic outpatient care&mdash;when parents support/subsidize lifestyle</li> <li>Choose the right occupation/profession</li> </ul> </li> </ul> <h3><strong>Links:</strong></h3> <p><a href="https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474">The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley and William D. Danko</a></p> <p><a href="https://financeforphysicians.co/2020/09/21/monthly-net-worth-tracker/">Monthly Net Worth Tracker</a></p> <p><a href="https://financeforphysicians.co/2021/03/04/how-to-avoid-lifestyle-creep/">How To Avoid Lifestyle Creep</a></p> <p><a href="https://financeforphysicians.co/2021/04/01/why-i-drive-an-18-year-old-car/">Why I Drive an 18-Year-Old Car</a><