They state that millionaires "believe that financial independence is more important than displaying high social status." One of Stanley and Danko's refrains is summed up in the phrase from Chapter 4: You Aren't What You Drive.
Many millionaires reject status symbols whenever possible There are ways to start a small business that offers a value-add that doesn't require a college education. It was nice, in an era where we are thinking so hard about whether high-priced higher education is "worth it," to realize that there are options if college isn't of interest to you. However, it did point to some of the advantages of being the owner when a business idea takes off. Stanley and Danko write: "These self-employed people are four times more likely to be millionaires than those who work for others." Of the non-retired millionaires, two-thirds of them were small business owners.ĭoes this mean every small business succeeds? Of course not. I expected more discussion of highly paid professionals (lawyers, doctors) as high-wealth individuals, but this book really focused on the many people who built a small business to the point of retaining more than $1 million in wealth. A huge percentage of millionaires are small-business owners I believe that generational advantages also play a role, but it was refreshing to hear stories of people whose families were not wealthy and who still accumulated $1 million in savings or investments in a single lifetime. Stanley and Danko point out that only 19% of millionaires had received money from a trust fund or estate, and 91% never received any ownership of a family business a substantial percentage are "self-made" millionaires. I was initially surprised to realize that generational wealth is a major player but not the only player in the millionaire set.
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