The Millionaire Next Door

Millionaire Monday: Chapter 2 Part 2

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Happy Millionaire Monday.  Are you implementing the skills and practices highlighted within the pages of this book?  Have you learned anything about yourself and your family?  It is my hopes that this group read a long has resulted in a renewal of self discipline towards at least one goal of economic independence.  This book recommendation was not selected to motivate you towards millionaire status, it was selected to demonstrate to you the skills/practices needed to move from paycheck to paycheck.  This self-discipline would allow you the opportunity to pursue your dreams.  “Self-respect is the root of discipline:The sense of dignity grows with the ability to say no to oneself” –  Abraham Joshua Heschel.

While these posts contain up to 6 questions, I have many more questions for self-reflection which will be made available at a later date.  Stay tuned for details on how to obtain this information.  In honor of moving forward with our reading and review, I am posting the remainder of the questions developed for Part 2 of Chapter 2.  We will return to the practice of 6 questions on next week for Chapter 3.  Now without further delay, here are the questions for today.

Questions for Self-Examination:
1.  Do you wish to become affluent & stay affluent?  If yes, evaluate your household utilizing the questions below:
a.  Does your household operate on an annual budget?
b.  Do you know how much your family spends each year for food, clothing & shelter?
c.  Do you have a clearly defined set of daily, weekly, monthly, annual, & lifetime goals?
Do these goals include financial goals?
d.  Do you spend a lot of time planning your financial future

2.  Do you understand this statement?  “Income in the form of capital gains”

3.  The author profiles two types of individuals, Mrs. Rule & Mr. Friend.  Which individual more closely resembles you financially?

4.  Mr. Friend’s parents taught him that one earns to spend.  What are you teaching your children?

5.  Are you teaching your children the value of investing?  If no, what changes will you need to make in order to begin teaching this lesson?  What resources are available for you to access?

6.  Many individuals without wealth often state that they do not have any money to invest.  If you gave up one small expense in order to reinvest that money, how much would be available in one month?  one quarter? one year?

7.  How can someone change when all of their experience is as a UAW?

8. To build wealth,  __________ your realized income and _________ your unrealized income.

9. What gives Barbara the advantage over Sharon?

10. What would allow Barbara to easily survive for twenty or more years?

11.  How does Perot minimize his tax bill?

12. What is the Congressional Medal of Taxation and Consumption?   Are you teaching your children how to receive this medal?

13. What is the relationship between realized income and wealth?

14. What actions translate into financial independence?

15. Is your domestic overhead taking away potential investment money?

Til next time,
“Always Remember to take your Vitamins: Take your Vitamin A for ACTION, Vitamin B for Belief, Vitamin C for Confidence ,Vitamin D for Discipline, Vitamin E for Enthusiasm!!” – Pablo

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