Millionaires

If you are at all interested in personal finance, wealth, or behavioral economics, you need to read The Millionaire Next Door: Surprising Secrets of America's Wealthy by Thomas J. Stanley. A detailed and fascinating study of America's wealthiest households, The Millionaire Next Door combines research data with case studies to bring the American Millionaire to life. The American Millionaire looks shockingly little like the stereotypical picture of McMansions and luxury vehicles. Instead of private schools and gated communities, the Prodigious Accumulator of Wealth opts for public school, middle class neighborhoods, and financial independence.

Here are seven common but possibly unexpected traits of those who have accumulated great wealth:

1. They live well below their means

2. They allocate their time, energy and money efficiently in wealth building activities

3. They believe financial independence is more important than displaying high status

4. They did not inherit their wealth

5. Their adult children are economically self sufficient

6. They are great at selecting and seizing opportunity

7. They choose the right occupation

Some of these traits seem obvious for building wealth, but this study of American wealth is anything but commonplace.

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