They drive 10 year old sedans, and shop at discount stores. This is how the invisible rich remain invisible. We’ve spoken about this concept many times, and it may seem like we’re beating a tired drum, but this is one of the biggest differences between PAWs and UAWs. Let’s take a look at the things that distinguish a PAW from a UAW. On the other hand, PAWs never flaunt their wealth, focusing on saving rather than spending. UAWs tend to consume income instead of saving. These terms were coined by the authors to define two groups of people: Under Accumulators of Wealth (UAW) and Prodigious Accumulators of Wealth (PAW). Most millionaires don’t actually “look” like millionaires, and those that do typically over spend on looking that way. In fact, millionaires are disproportionately found in the middle-class and blue collar neighborhoods.

What do you see when you picture a “millionaire”? Are they wearing fancy clothes and expensive jewelry? Are they driving a brand new imported car? Well, through Stanley’s research he found that the opposite was true. Let’s take a look at some of the key concepts of the book, and what the millionaire next door really looks like. The book was written out of the research the authors did on the profiles of millionaires, or households with a net worth over $1 million. The book was written in 1996, and $1 million may not be as much as it used to be, but the concepts in the book still ring true. One of the most important books I’ve read in my life is “The Millionaire Next Door” by Thomas J Stanley.

The millionaire next door mp3