When Austin Powers came out in 1997, one million dollars wasn't what it used to be. So now in 2023, it's not that bonkers either, but it still is — pinkie on the lip — ONE MILLION DOLLARS!
The fact that The Millionaire Next Door by Thomas Stanley and William Danko came out in 1996 made it a long shot that I'd actually read it. The fact that it I highly, highly recommend it also is surprising because, well, I prefer books from this century.
But my god, the book deserves the accolades and hype it attracts because of how clearly it explains what true wealth is and how to obtain it.
"Big hat, no cattle."
That's a phrase that sticks with me from The Millionaire Next Door about how there are so many people with gaudy displays of what they think show wealth. But in reality, it's just a facade, and they could have hardly any savings, retirement or even be in debt.
With this book, I now know what the offense and defense of wealth are. Offense is what you pull in, and defense is what you spend. Too many Americans have poor defense. They just spend, spend, spend. Fortunately, I had the value of smart spending instilled in me, so my defense isn't too shabby, thank God.
I also understand the difference between PAWs, AAWs and UAWs. That's the difference between prodigious accumulators of wealth, average accumulators of wealth and under accumulators of wealth. Thank God, I'm a PAW, always saving at least 15 percent of my income and "paying myself first" before even getting to spending.
I come from a working-class city, Cleveland, and on some level, will always have a working man's aesthetic. I've worked hard for my wages, and, hopefully, I've saved 15 percent of them. If I were a youngster, I'd consider having a start-up, but if I really wanted to do that, I suppose I would today.