The Millionaire Next Door

Why should you read this book?

Today's world is full of shows. With the advent of social media, people have started showing off even more. For this reason, some people have started thinking that showing off will only prove that they are rich. If they do not spend much money on luxuries like the rich, then they are not rich. But does this really happen?           

This book removes the curtains of pretense and shows you the face of reality. By reading this book, you will know what it actually means to be rich and how you can make yourself rich.

 

Apart from this, this book tells you why your children can develop good money-related habits.

 

- How can you plan your retirement well?

- How you can use your money wisely and increase its value over time.

- Why do children who are dependent on their parents get a greater share of their parents' inheritance?

 

Most rich people manage their expenses well.

Many people believe that being rich means traveling in expensive cars, going to expensive hotels and spending a lot of money. But it is not so. Rich people manage their expenses and their income keeping in mind the future so that when the time comes, they can use it properly.

 

Rich people are not focused on earning more money, their focus is on gaining freedom from the process of earning money. They wish that when they retire, they should not have to work for the rest of their life and should have to live with someone's support. So they pay their expenses and save their money.

 

To become rich you have to think far ahead. If you are young at this time and are able to work, it does not mean that you will always remain like this. What will happen to you when your hands and legs cannot work? Will that car worth Rs 20 lakh bring you food or will that car worth Rs 1 lakh serve you? Yes, you thought right. None of these will be able to take care of themselves. But if you save this money, it will definitely be useful to you when the time comes.

 

A survey revealed that more than half of the rich people of this world (about 55%) work keeping in mind their future. They plan their future well and save money for it so that when they retire, they can live well. Therefore, you should also save your money or invest it somewhere from where you can get money from time to time.            

 

There is a lot of difference between being rich and looking rich, but are you aware of this difference?

 

Most people start wishing for money at the age of 25. Suppose when he started he used to earn Rs 20000 a month. But they were not satisfied with this. So he worked hard and after some time he started earning Rs 50,000. But even now his household expenses are not being covered. Even if these people start earning Rs 100,000, they will still face money problems because along with money, their desires are also increasing.

Many people look rich on the outside, but are poor on the inside. They wear good clothes, travel in good cars and have good houses. There is always money problem. This is because they just want to look rich.

 

So what does it actually mean to be rich? Financial Independent | Ask yourself the question that when you retire, will you be able to spend the rest of your life well without working? Or ask yourself that if you stop working at this time, how long will you be able to survive? If you are satisfied with the answers you get, then you are rich.

If you have all the comforts but you will not be able to survive without working, then you are not rich. If you really want to know, one can adopt this simple formula:-

 

First of all, see how much money the person is earning in a year. Then multiply it by his age and divide the result by 10.

 

Suppose a person earns Rs.200,000 in a year and his age is 40 years. When you do 40 * 200000 and divide it by 10, you will get 800000. But if that person spends money on expensive things and his savings are only Rs 100,000 then he is not rich. He is still working for money and cannot sustain himself without working. Therefore, spend your money wisely.

Rich people know how to handle their money.

For some people, even if they win a lottery worth Rs 1 crore, they will still live the same life they are living now after a year. This is because they do not know how the value of money increases with time.

Immortal people always invest money in things that can benefit them over time. For example, if you take a financial advisor out for dinner and get advice from him on how to manage money well or get tax related advice, you can earn a lot of profit from that information. In the beginning, your money was spent, but with the help of the information received in exchange of that money, you can save lakhs of rupees over time.

On the other hand, if you buy a new mobile with your remaining money, you will never be able to become rich. The value of mobile increases with time.

In the same way, if you always spend your remaining money on luxuries instead of investing it in a good place, then no matter how much money you earn, you will not be able to become rich. Rich people always make plans and invest their money, which benefits them a lot over time.          

 

Apart from this, rich people invest their money in things about which they know. If you have knowledge about real estate then you invest in real estate and if you have knowledge about stock market then you invest in stock market.

Most of the children from rich families do not understand money.

Often you must have seen that children from rich families live in more comfort than all the children of their class and they have the most expensive toys. Many rich people give money to their children every month, due to which their children develop the habit of spending money. They do not understand their importance due to which when the support of their parents is removed, they live their lives like poor people.

If you keep giving money to your children from time to time, they will develop the habit of spending money. They will not think about saving money because they are getting money from time to time with which they buy all their necessary things.

If your children have grown up and you are still taking care of their expenses, then you are crippling them. You are not teaching them to depend on themselves, due to which the development of their intelligence has stopped. He will always be looking for your support and the day your hand leaves his head, he will spend the rest of his life in poverty.

If you want your children to understand the value of money, then first of all try to change their habits. You go shopping every week, spend your money on luxuries, your child is also learning the same things by watching you. If when the time comes, he will not be able to earn enough money to spend, then he will spend his entire life in poverty.

Every family has its own rules. It is important that you make your family rules thoughtfully and see what impact it will have on your children's life. Many people from rich families look rich from outside but they have not earned a single rupee till date. He has inherited all this wealth from his family. Imagine what will happen to them when their money runs out. Do you want the same solution for your child? If not, then tell them about the importance of money.

Children who are more dependent on their parents inherit their parents' property.

 

 

You must have seen in films or stories that after death, a person's property is distributed equally among his children.

Perhaps you might be thinking that this happens everywhere. But it is not so. Children who are more dependent on their parents get a larger share of the property.

If a girl is her father's darling but is married to a family where people do not earn much money, then often her parents give her everything as inheritance. It is believed that women earn less money than men. Therefore, most parents prefer to give most of their property to their daughters.

On the other hand, those boys who are more dependent on their families take most of the property of their parents. Many people want to complete their studies and some people decide to keep studying forever. Some people become a student for life. In such a situation, they do not earn much money and their parents arrange money for them.

 

Take two brothers for example. If one brother goes out somewhere after completing his studies and starts earning good money, then he does not get any share of his parents' property. On the other hand, if the other brother does not do anything, then he becomes the owner of his parents' property.

 

overall

 

The secret of every rich person becoming rich is to save money and invest it in the right place. Spending unnecessary money on your luxuries and not thinking about your future is a very bad thing which can prove to be very harmful with time. Apart from this, if your habits are good then the habits of your children will also be good due to which they will be successful in future.

Instead of decorating your body with your money, invest it.

If you ever get more money, instead of spending it, deposit it in your bank so that the investment keeps getting added to it over time. Don't always spend your money, rather save and invest it.

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