Last week we took a brief break from our weekly posting of questions associated with The Millionaire Next Door in order to pay tribute to veterans/families for Memorial Day. This week finds us on Chapter 2. There is so much information in this chapter that I feel it is important to break it down into 2 parts.
Indicated below are the questions for reflection regarding the chapter entitled Frugal, Frugal, Frugal. Hopefully you have identified areas in your life in which change is necessary. Read each question carefully and consider how you will implement the lessons you have learned.
1. Allocating ______ & ______ in the pursuit of looking superior often has a predictable outcome: ______ economic achievement.
2. What are three words that profile the affluent?
3. In the lifestyle of the typical american millionaire, Johnny Lucas indicates what six characteristics that might threaten the audience?
4. If you live in America and are not affluent, why?
5. When asked the following three questions during the study, the affluent answered yes. What are your answers?
a. Were your parents very frugal?
b. Are you frugal?
c. Is your spouse more frugal than you?
6. According to The Millionaire Next Door, How is great offense defined? Does your household meet this definition?
7. According to The Millionaire Next Door, how is great defense defined? Does your household meet this definition?
8. True False Based on your personal experience, answer the following questions:
a. A couple cannot accumulate wealth is one of its members is a hyperconsumer?
b. Few people can sustain profligate spending habits & simultaneously build wealth?
Til next time,
“Nothing is more intolerable than to have to admit to yourself your own errors.” – Ludwig van Beethoven