Why are Thomas Stanley and William Danko www.JosephSangl.com Financial Heroes?
Thomas Stanley and William Danko became www.JosephSangl.com Financial Heroes when they wrote a book titled The Millionaire Next Door. Stanley and Danko conducted multiple controlled studies of affluent people. Wealthy people.
I have always said that if one wants to become wealthy, you should speak to wealthy individuals and learn what they have done and are doing to create more wealth. You do not go to your broke brother-in-law to become wealthy!!!
Stanley and Danko take this to an entirely different level! They went to the wealthy people and conducted studies on their behaviors to try and understand why they have become wealthy. What they found is AWESOME! It is best summed up by the start of the book which I have transcribed here …
These people cannot be millionaires! They don't look like millionaires, they don't dress like millionaires, they don't eat like millionaires, they don't act like millionaires – they don't even have millionaire names. Where are the millionaires who look like millionaires?
Oh baby! This book proves WITH PILES OF DATA (you KNOW that I love that!) that the "keeping up with the Jones'" crowd are destined to remain B-R-O-K-E.
Stanley and Danko talk about UAWs and PAWs. Under Accumulators of Wealth (UAW) and Prodigious Accumulators of Wealth (PAW). There are many professionals who have a relatively large net worth but are actually UAWs. Why? Because just because you have a net worth of $350,000 does not mean that you have done well financially! What if you are a doctor who is earning $240,000 per year? Is $350,000 a prodigious amount? ABSOLUTELY NOT! To be a PAW, a 40 year old doctor earning $240,000/year would have to have a net worth of $960,000 or more!
Don't get it? Read the book! It will challenge you in ways you have not been challenged financially.
Thomas J. Stanley and William D. Danko – You have officially been named a www.JosephSangl.com Financial Hero!