Interesting…if the Millionaire authors wanted to prove their point, they should take 1000 20-somethings with and without the Millionaire traits (B or C college students, high SAT scores, frugal, no need to show-off with money, save, budget regularly, live below their means). Follow these people over 30 years, and keep track of their net worth. Then they would know if the traits truly are predictors.
For immediate data, they should have looked at non-millionaires and determined if there are overlapping factors. Do both groups have high SAT scores and mediocre college grades? Then they can do that probability stuff, like r-squared, and calculate how much of the wealth is coincidence, vs. linked to those traits.
One premise of the book does make sense: the more you live below your means, the more you can save and the greater your net worth.
I found it interesting that they didn’t ask the millionaires about personal satisfaction. What is the point of being a millionaire if you’re so frugal, you won’t even take your wife out to dinner? Some of those people are just nut jobs. What is the link between net worth and happiness? Well, there isn’t one. Ever see the photos of those beaming poverty-stricken people in 3rd world countries? So the whole millionaire thing doesn’t impress me.
Personally, I want enough money that my husband can stop working if and when he chooses. Just some financial security, so we can support ourselves while still on this earth.
What good is all that millionaire money? I find that I worry about money more, now that I have more. I should be more peaceful about it, but am more worried. What if I lose it? That’s always on my mind.