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It is important to teach children self sufficiency, but it is equally, if not more important, to teach one's children to manage million dollar investment portfolios, and to make informed decisions on budgeting and allocations of large amounts of money. If one follows the advice in this book religiously, a first generation millionaire family will likely end up a third generation pauper. The sections involving children are especially worrisome. Hoarding money by not giving to charity, or even your own children, does it's own kind of spiritual damage. Saving money by not going on vacation deprives both you and your children potentially life changing experiences. Living in better neighborhoods might be more expensive, but they are often safer, provide better schools, and may generally provide a better investment in real estate. Single minded dedication to amassing wealth is often penny wise and pound foolish. But there are issues with some of the advice the authors provide. The book provides many examples of folks who did, indeed find financial success. Careful planning, living below one's means, adequate income and proper investing can lead to economic self sufficiency. If you wish to retire as a paper millionaire, the basic advice presented in this book is sound, particularly if you happen to have disposable income. So if you say to yourself,'I already know most of this stuff', then look around and ask yourself 'Am I the Millionaire Next Door?'. I guess I always knew all this, but apparently I needed this great book to tell me knowing but not doing is just as bad as not knowing at all. Once I calculated that I was really paying 40% of my net worth in income taxes, it became painfully obvious that simply increasing my net worth contributions will automatically reduce my income taxes and therefore burn down this 40% ratio from both ends. Finally, I learned that the govt taxes earnings and not necessarily net worth. Simply put more away and I will be in the same position at the end of the month, penniless but with a higher net worth. Truth is, I am spending whatever is left. I thought that because I ran out of money at the end of the month that I must be saving as much as I could afford at the beginning of the month. The extra $10k I might spend on a luxury import will translate into $100k less I'll have 15 years from now. I have always tried to become rich so I could drive a great car. Maid for the Billionaire by Ruth Cardello The Billionaire and The Virgin by Bella Love-Wins The Billionaire Bad Boys Club by Emma Holly PDF's Related to The Billionaire Next Door Mollys Game: From Hollywoods Elite to Wall Streets Billionaire Boys Club, My High-Stakes Adventure in the World of Underground Poker by Molly Bloom If you see a Google Drive link instead of source url, means that the file witch you will get after approval is just a summary of original book or the file has been already removed.
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Some of the techniques listed in The Billionaire Next Door may require a sound knowledge of Hypnosis, users are advised to either leave those sections or must have a basic understanding of the subject before practicing them.ĭMCA and Copyright: The book is not hosted on our servers, to remove the file please contact the source url.