This podcast covers the book "The Millionaire Next Door: The Surprising Secrets of America’s Wealthy" by Thomas J. Stanley and William D. Danko
It reveals that most millionaires are self-made, frugal individuals who live well below their means.
Based on extensive research, the book highlights that these individuals prioritise financial independence over displaying high social status. They efficiently allocate time, energy, and money towards building wealth, often running "dull-normal" businesses.
Crucially, their parents typically did not provide "economic outpatient care". This contrasts with "Under Accumulators of Wealth" (UAWs) who often earn high incomes but fail to build wealth due to hyper-consumption and status-seeking.
The core message is that true wealth is accumulated, not spent.