“If you want to become wealthy to consume, you are unlikely to ever be rich” Thomas Stanley
Not long ago a good friend of mine gave me this book as a gift: The Millionaire Women Next Door – The Many Journeys of Successful American Businesswomen by Thomas J. Stanley, Phd. I guess she thought that I could relate to much of it and that I’d find it interesting. Right on both counts. Thomas Stanley interviewed women who are millionaires to find out how they are different from women who remain poor and from the millionaire men he had surveyed in the past. I think you will find what Stanley found out interesting as well.
This book is an interesting, enlightening and inspirational read for women who would like to join the ranks of the millionaire women, and for both men and woman who would like to include them as clients and customers.
One of the sections that immediately caught my eye was is titled “The Meaning of Being Rich”. In it he explains that “hyper-spending” is at odds with the goals and motives of millionaire women and that nearly all of the women he interviewed had independence, not spending, as their primary motivation for acquiring wealth. And, while they didn’t spend large sums expensive clothes and luxury cars, they never felt deprived. In fact they would often go out of their way to not put their wealth on display. For most part these millionaire women were what many men would call “a cheap date” in they did not require “goring themselves on expensive homes, custom vehicles, boats, showy jewellery, designer furniture, and other luxuries. Thomas found that even when these women had accumulated millions they continue to be quite frugal and are astoundingly charitable. For every 1 woman he interviewed who thought it was unimportant to support charities and noble causes 75 thought it was a very important goal. They have a strong sense of community and natural empathy.
What else does Stanley tell us about the women who are the millionaires living among us? The majority are business owners. This one statement seems to sum up best what sets these women apart “Happiness, pride and a high-self esteem are qualities possessed by the majority of women profiled (in the book). How did they attain these qualities? They set certain goals for themselves, such as becoming financially self-reliant and financially independent through owning and operating a business.”
Here are some other interesting facts Thomas also learned about the Self-Employed Millionaire Business Women he interviewed (based on averages or medians):
- They average 52 years old and 81% are mothers
- They wake up a 6 am and retire for bed at 10:30 pm and get 7.5 hours sleep
- They work 49.5 hours per week and exercise 3.5 hours per week
- Median household net worth is $2.9 million (40 times the median net worth of the average American household)
- Only 1 in 20 has never been married and of those who are married half have been divorced at least once
- 60% are college graduates and less than 20% attended a private school but over 50% have paid for private school for their grandchildren
- Nearly all (98%) are homeowners and 34% have no mortgage on their homes
- They are supporters of noble causes and donate 7% of annual incomes which is 2.5 times higher than the average household in America
- They are significantly more frugal than men (more likely to change phone companies or have clothing mended to save money)
- Almost all have had some adversity and reversals in life but only 20% ever spends time thinking about how things could have been
- They are highly goal oriented and persevere
Want to preview the book for free? I found almost the entire book (with only a small number of pages inaccessible) HERE. I am certain you will find a lot more interesting and valuable information in this fascinating book about the millionaire business women who are living right next door to you.
