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The Millionaire Next Door | 5 Key Takeaways For The Sandwich Generation - YouTube
Channel: Tae Kim - Financial Tortoise
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who are the millionaires the investment
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banking executive living in a high riser
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new york apartment the movies start
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flying around the world in her private
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jet or maybe the tech ceo who's
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brokering the next google deal on this
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yacht what if i was to tell you that
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they could be your next door neighbor
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would you be surprised hi if you're new
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to the channel my name is tay from
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financial tortoise a channel dedicated
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to helping the sandy generation reach
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financial security in this video i'll be
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reviewing my five key takeaways from the
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classic personal finance book the
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millionaire next door by dr thomas sally
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so you can also call yourself a
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millionaire one day
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takeaway number one millionaires are
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frugal frugal probably isn't the first
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word that pops into our minds when we
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think of a millionaire but that is the
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word that dr thomas stanley uses to
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describe a typical millionaire he found
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in his study media loves to
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sensationalize big spenders and lavish
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lifestyles there's a reason why shows
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like gossip girls billions and movies
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like crazy rich asians are so popular i
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mean who would want to watch a show
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about a guy who practice habits of
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frugality spending their money wisely
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buying things based on value saving for
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the future purchases you wouldn't even
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get past the network's brainstorming
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session get out of here in order to
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become a millionaire you must learn the
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habit of being frugal being wise with
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the use of your money being frugal is
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the cornerstone of wealth building not
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buying the brand new sports car because
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everyone on your street has one not
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taking your family on a lavish vacation
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to a remote island because you want to
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show off to your co-workers one of the
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ways millionaires and dr stanley's book
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practice frugality is by creating an
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artificial economic environment of
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scarcity even though they could afford a
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hundred dollar dinner out they said a
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limit of only fifty dollars even though
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they could buy a million dollar home in
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an expensive neighborhood they limit
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themselves to a half million dollar home
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in a modest neighborhood by living
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frugally they're able to keep their
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spending to the minimum and invest the
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remaining money towards growing their
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net worth takeaway number two
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millionaires are planners planning is a
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strong habit among people who have
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accumulated wealth dr stanley found time
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and time again in his interviews that
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millionaires invest quite a bit of time
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in planning their financial future they
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prioritize managing their financial
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assets over a lot of other activities
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and they don't just leave it to when
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they feel like it most of them have a
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regimented schedule each week each month
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each year they review their investments
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and make adjustments to maximize the
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returns they're getting on all their
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assets not many people know this about
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arnold schwarzenegger the seven-time
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winner of mr olympia a movie star and
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the former governor of california
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actually became a millionaire through
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real estate before his 30s he had
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invested his earnings from bodybuilding
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into purchasing real estate in los
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angeles in the 70s however a key habit
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that enabled all this to happen was that
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he wrote his goals down on a three by
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five index cards and planned out his
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feature brian tracy the author of no
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excuses says in his book that only three
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percent of adults have written goals and
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plans and this three percent earn more
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than all the other 97 put together if
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you want to become a millionaire build a
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habit of writing down your goals and
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creating intentional time for planning
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and this should be for both life
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planning as well as financial planning
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do you like to write out your goals how
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has this helped do you notice yourself
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achieving more of the goals that you've
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written down please let me know in the
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comments below because i would love to
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hear more about it takeaway number three
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millionaires value financial
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independence over high social status
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many people struggle with this i
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certainly do in a world of social media
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and insatiable consumption it's so hard
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to fight off the desire to look
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successful to look rich we all want to
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fit in and perception plays a big part
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in that however the millionaires in dr
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stanley's book prioritize actually being
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financially independent rather than
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looking rich with a credit card any one
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of us can look rich we can buy the
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nicest clothes on credit lease the
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latest sports car and get a huge
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mortgage on a mansion we can't afford
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but we won't enjoy the peace that comes
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with financial independence because deep
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down inside we know that we're just one
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step away from financial catastrophe to
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the millionaires in dr stanley's book
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freedom is the ultimate purchase by
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living below their means and
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meticulously planning their financial
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future many are able to enjoy the
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freedom that comes with financial
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independence even if their income
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dropped or their business had a bad year
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it would be okay because they're not
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living the hyper consumption lifestyle
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that so many people struggle with for
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the standard generation like us this is
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huge we value time with our family over
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many things so by managing our finances
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well and overcoming the social status
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game we can also enjoy the financial
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freedom with family that many of these
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millionaires were able to enjoy before
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we go to the next takeaway if you're
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enjoying this video and you want to
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learn more about personal finance and
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navigating life as a center generation i
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would appreciate it if you could
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subscribe and hit the like button
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because that would really help out the
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channel takeaway number four their
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parents did not provide economic
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outpatient care dr stanley uses this
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term economic outpatient care to refer
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to adult children who are still
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receiving financial support even well
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into their adulthood many of the
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millionaires in the book never received
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cash gifts from their parents majority
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were self-made millionaires studies show
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that when adult children receive more
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dollars the fewer they would accumulate
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well those who were given fewer dollars
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accumulated more this is quite ironic
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basic math would tell us that if you
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receive more money you should have more
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right however we humans aren't logical
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beings productivity is a skill that
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needs to be developed and people who
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continue to receive economic outpatient
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care have a hard time developing that
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skill sadly they become dependent on
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their parents to provide them with the
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next dose of cash to maintain their
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lavish lifestyle reading this chapter
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made me think hard about my own kids how
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could i raise them so they become
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self-reliant and productive members of
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society instead of becoming dependent on
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economic outpatient care dr stanley
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gives a few tips via what he heard from
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the millionaires just as we practice
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frugality we must teach them to our kids
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kids observe everything that we do so if
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we're living a lavish lifestyle then our
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kids will follow suit as they get older
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we should also create an environment
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that honors independent thought
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individual achievement and
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self-responsibility lastly many of the
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millionaires had a great appreciation
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for the value of high quality education
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for me this would be reading with my
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kids on a regular basis and passing on
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the value of learning from an early age
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of course this is much easier said than
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done i'll keep you guys posted on my own
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journey with my kids how well i managed
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not to fumble this take away number five
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they chose the right occupation the most
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affluent in america are business owners
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including self-employed professionals
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and this makes sense given that there is
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a lot of upside potential that comes
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with owning your own business and
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control that comes with being a business
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owner in addition unlike having just one
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source of income as an employee business
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owners have multiple sources of income
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each client they service or sell
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products to is a source of income in
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itself so they could have hundreds or
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even thousands of sources of income but
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don't think that just because you have a
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business you will become a millionaire
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yes it is true you're more likely to
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become affluent if you're self-employed
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however most business owners are not
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millionaires and will never come close
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to becoming wealthy it's a competitive
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environment only the ones with
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resilience and the best business models
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will survive however dr stanley does
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give some pointers based on his research
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on how one can find success as a
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business owner dull company
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interestingly many millionaires talked
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about finding success in adult
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businesses often dull normal industries
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think trash collection or even junkyard
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don't attract a great deal of
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competition and economic impact isn't as
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detrimental as other industries think of
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tech or real estate some knowledge most
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successful business owner has some
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knowledge or experience with their
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specific industry before they even
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started their business if you don't know
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anything about baking maybe you should
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think twice before opening up that
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cupcake shop reality and business just
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like how we want to practice frugality
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in our own personal lives you want to
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practice frugality in your business
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treating company money like our own
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personal money and considering all
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spending from the perspective of an
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investment if i purchase this equipment
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or this course what will i get in return
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faster production better knowledge to
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better market becoming a millionaire is
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something that many of us can achieve if
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we're willing to practice the takeaways
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found in this book i hope you found this
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video helpful check out the book because
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it's filled with many more details about
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the lifestyle of millionaires and
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support dr stanley and this channel by
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getting the book from the link in the
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description below thank you guys for
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watching if you found value from this
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video please hit the like button leave a
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comment and subscribe to channel so that
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you don't miss out on any of my other
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upcoming videos i firmly believe that
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being part of the standard generation
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doesn't have to mean financial stress
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with careful planning and preparation we
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can thrive during the stage of life help
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me spread the knowledge thank you again
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i'll see you in my next video
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[Music]
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you
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