An author who surveyed 600 millionaires has claimed that she found the secrets of getting rich. Sarah Stanley Fallaw, the author of The Next Millionaire Next Door: Enduring Strategies for Building Wealth, got her findings after she surveyed American millionaires in 2015 and 2016. The book is a follow-up to her father’s research in the 1998 bestseller The Millionaire Next Door, which Thomas J. Stanley wrote with William D. Danko.
Stanley Fallaw argues that resilience in the face of rejection and strict goal setting are important to building wealth. “To build wealth, to build one’s own business, to ignore critics and media and neighbors, you must have the ambition to keep pursuing your goals past rejection and pain,” wrote Stanley Fallaw in the new book, according to Business Insider. She added, “Millionaires and other economically successful Americans who decide to climb the corporate ladder, or struggle to create a financial independence lifestyle early do so by pushing on without stop.”
Stanley Fallaw stresses the importance of setting goals and sticking to them, especially for budgeting. She says that living modestly even as your income grows will allow you to devote a greater percentage of your income towards savings and building wealth. “Most millionaires we interviewed highlighted the great freedom that comes from spending below their means,” Stanley Fallaw writes.
The author says that the temptation to keep up with the spending habits of the people around can be highly harmful to building wealth. Particularly in the age of social media, when lavish vacations and new purchases are broadcast for the world to see, the perseverance to live thriftily is important, Stanley Fallaw argues.
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