the millionaire next door

Aaron Olson Mr. Howell April 11, 2017 Personal Finance The Millionaire Next Door  The concept of !i" Hat, No #attle$ is %asicall& sa&in" that &o' (on)t nee( to loo* the  part or act the part of a +illionaire to %e a +illionaire. The The +an that sai( this i(ea to the people ta*in" the s're& for the %oo* loo*e( a%o't -, lie( in Texas, (roe a ten/&ear/ol( tr'c*, an( wor* eans an( a %'c*s*in shirt which threw off his !ritish partners %eca'se the& were pro%a%l& loo*in" for a +an (resse( in fanc& clothin". The o to Hell F'n($ states that the wa& the& lie so well is the& sae 'p eno'"h eno'" h of their own wealth so that the& (on)t hae to wor* an( the& the & can s'rie for a%o't 10/12 &ears +a&%e een lon"er. i+pl& sa&in", sain" 'p &o'r +one& can help &o' s'rie for a lon" ti+e in the f't're if &o' are eer lai( off or (eci(e not to wor* an&+ore for a while. Mr. 3ichar(s 4the P5A6 has fie ti+es the net worth of Mr. For( 4the A56 %eca'se of a few reasons. One reason is Mr. For(, %ein" an attorne& an( liin" li*e a +illionaire, spen(in" +ore +one& than he has to, to +aintain the ill'sion of %ein" a +illionaire. #o+pare( to Mr. 3ichar(s who lies the sa+e class leel %'t choses ch oses to lie in a nor+al ho+e an( not spen(in" as +'ch +one& on s'ch extraa"ant thin"s 'st to hae the appearance app earance of %ein" wealth&. Mr. 3ichar(s %ein" fie ti+es as wealth& as Mr. For( (oesn)t +ean he li*es to show off his +one& an( flash it aro'n( he wo'l( wo' l( +'ch rather prefer to wor* at his +o%ile/ho+e (ealership (ea lership o% an( *eep a low profile aro'n( people he *nows.

Most people will neer %eco+e wealth& in one "eneration if the& are +arrie( to people who are not fr'"al. The& +a& not %e a%le to acc'+'late eno'"h wealth in or(er to *eep a "oo( a+o'nt of +one& so that the& +a& %e a%le to s'rie an( still +a*e +one& while s'riin". 5hen Mr. 8ohnn& 9'cas) wife was "ien :; +illion in stoc*, rather than "oin" o't an( sellin" it or tr&in" to (o st'ff with it she 'st contin'e( to (o as she (i(, clippin" 2 an( 0 cent co'pons off the newspaper li*e she 's'all& wo'l(. The reason so+eone who is a +illionaire wo'l( nee( to %'("et, is %eca'se if the& (on)t then the& co'l( easil& sO# fro+ her wealth& parents is that the& %oth hae %asicall& %een lettin" her parents 'se an( a%'se the+ %oth. The& help pa& for their ho+e, where the& lie onl& a few +iles awa&, +ost of the ti+e the +other is at !eth)s ho+e, inite( or not an( +a*es +ost of the (ecisions on the ho'se ho' se rather than !eth. !eth)s h's%an( was calle( a !oBo$ !oBo $ %& his father/in/law in front of Ann an( her h's%an(. All in all, the two of the+ hae %asicall& %eco+e a('lt chil(ren for the fa+il& to watch after an( 'se for their eno&+ent. Ceepin" their (a'"hter an( he h's%an( close %& so that the& can hae so+eone to tal* to an( eno& co+pan& with wheneer the& want. The concept of 5ea*enin" the 5ea*$ is one that is o%io's, when &o' hae a chil( that is (oin" poorl& in so+ethin" than &o' will enco'ra"e +ore wea*ness rather than wor* on tr&in" to i+proe on it. o+e of the exa+ples the %oo* states is that a +other reO# 4>cono+ic O'tpatient #are6 eniron+ent en iron+ent to +e is so+ethin" that = co'l( neer see +&self %ein" in, %eca'se = want to %e in(epen(ent when = a+ ol(er. = want to %e a person that can +a*e +& own financial (ecisions an( (o thin"s on +& own so that = (on)t nee( people to help +e co+e 'p with +one& that = +a& nee( %'t "et it as a han( o't. = wo'l( +'ch rather %e the person that wor*s har(er to +a*e the +one& = nee( than "et st'c* in a spot where = a+ "ettin" +one& an( not wor*in" for it. A specific exa+ple = will 'se in +& financial well%ein" in +& life wo'l( hae to %e = want to %e +ore fr'"al. At the +o+ent, = see +one& as so+ethin" that = want to spen( on so+ewhat expensie st'ff rather than consi(er "oin" for the cheaper cheap er ersions of thin"s. = will start to consi(er what = reall& nee( to spen( +& +one& on c'rrentl& an( consi(er what sain" +& +one& co'l( (o for +e in the f't're, helpin" +e with p'ttin" +one & into sain"s acco'nts so that = can %e +ore well off o ff in the f't're.

3eflectie 5ritin" The wa& this assi"n+ent was a%le to tie into 9##)s learnin" o'tco+e was in the fallowin" wa&sE (eelop *nowle("e an( s*ills to ciicall& en"a"e( an( (eelop co+p'ter an( infor+ation literac&. The reason = choose these two learnin" o'tco+es is si+ple, (eelop co+p'ter an( infor+ation literac& s*ills is %eca'se = was hain" to loo* thro'"h the %oo* an(

re+e+%er thin"s that = hi"hli"hte( an( can t&pe the+ o't witho't hain" reloo* at eer&thin" +'ltiple ti+es. The reason = choose (eelop *nowle("e an( s*ills to ciicall& en"a"e( is %eca'se 'sin" the infor+ation that = learne( a%o't in this %oo* will %e a%le to help +e in +& own life. = fo'n( that %ein" fr'"al with thin"s can help +e sae +one& an( can *eep +e financiall& sta%le so+ewhat. The other infor+ation = fo'n( in this %oo* will help +e with *eepin" +&self financiall& in(epen(ent so that wa& = (o not nee( to rel& on other people for +one& or to *eep +&self financiall& sta%le if = eer co+e into a ti+e where = hae no o% an( = a+ on +& own.