[url=https://en.wikipedia.org/wiki/The_Millionaire_Next_Door]https://en.wikipedia.org/wiki/The_Millionaire_Next_Door[/url] Main points[edit] Spend less than you earn[edit] Anyone who spends more than they earn will fail to increase their net worth. "Most of our wives are planners and meticulous budgeters... Most of us will tell you that our wives are a lot more conservative with money than we are. (p.10)" Avoid buying status objects or leading a status lifestyle[edit] Buying or leasing brand-new, expensive imported vehicles is poor value. Buying status objects such as branded consumer goods is a never-ending cycle of depreciating assets. Even when you get a good deal on premium items, if you choose to replace them frequently, the older items hold no value and have become a sunk cost. Living in a status neighbourhood is not only poor value, but you will feel the need to keep buying status objects to keep up with your neighbours, who are mostly UAWs. The authors make the point that Hyperconsumers must realize more income to afford luxury items and become more vulnerable to inflation and income tax. PAWs are willing to take financial risk if it is worth the reward[edit] PAWs are not misers who put every penny under their mattress. They invest their money for good returns, and will consider riskier investments if they're worth the reward. Many put money not only in the stock market, but invest in private businesses and venture capital. They do not gamble or speculate on long-odds stocks. Family and Generational Wealth[edit] The authors also make the observation that UAWs tend to have children who require an influx of their parents' money in order to afford the lifestyle that they expect for themselves, and that they are less likely to have been taught about money, budgeting and investing by their parents. The authors talked about the seven most common traits that showed up among those that have accumulated wealth. Those common traits are the following; high income, low expenses, frugal, wealthy, breaking even (Spartan), spender, broke, and breaking even (Lavish).