Millionaire Next Door Analysis

In Danny Boyle’s film ‘Slumdog Millionaire’, a vast range of effective film techniques are used to communicate not only transitions and character traits/personalities, but also the ideas of how power can corrupt individuals, and how ideas can be communicated, such as how ambition can enhance an individual, or be the reason for their downfall, and how our past informs our future; our outcome in life is determined by where we’ve come from. They are able to visualise this with the three main characters. The protagonist Jamal, the antagonist Salim and Latika.

In the book “My Life Next Door” written by Huntley Fitzpatrick, Samantha Reed is forced to construct a decision that may be straightforward to you but is ambitious for others. She has to pick between the boy next door, Jase, who she has passionately fallen in love with and her family. At all times, family should be a top priority because they always have your back and you’re stuck with them till forever.

The social stratification of people can be affected by many things. In most cases people are affected by economic factors. In class we watched documentaries that shows different economic struggles and other structural inequalities. The documentaries were Violence Next Door: Growing up in the Favelas and The Other Side of Immigration. They both showed different economic factors from different places.

Wealthier people are often those who work hard and put in a huge amount of effort into achieving their goals.

The less people want, the more people are thankful. However, people do not easily become rich, especially in with contemporary financial circumstances. Nevertheless, some of people becoming rich suddenly for many causes, for instance lottery or the success of deal in the business. Though those people when they have money suddenly, they use it in perfect way such as investing the money. Other affect their lives incorrectly, such as personality change and overspend. However, the wealthy have advantage that developing people while the disadvantages might change personal behavior or overspending.

First-generation millionaires make up 80% of the millionaire group, while 20% are retired and 50% own a business. I have always assumed that if you make 250K a year, then you are wealthy. To be classified as a millionaire you have to consider their net worth. A person who earns 100K a year as a contractor, but saves, invests and is frugal with their money will have a higher net worth in comparison to a surgeon who earns 250K and spends his money on new cars, expensive house and clothing. The surgeon is living above his means while the contractor is investing in appreciable assets and living below his means.

The Millionaire Next Door is insightful book for those wanting to understand how your money works for you. This being said, Thomas J. Stanley did a splendid job ensuring that you get his main points accessed on how people who are millionaires stay millionaires, these points include living below your income, manage your time and money efficiently, living independently is more important than showing high social status, not relying on your parents for money, having children who are self-sufficient, and choosing the right occupation. From these points the most the top three most valuable in my opinion are living below your income, manage your time and money efficiently, living independently is more important than showing high social status, having children who are self-sufficient, this is technically four but I believe that if you are going to live below your income you are going to have to manage your time and money efficiently, thus, in my opinion putting them as one point.

How does one earn the title of wealthy? Authors Dr. Thomas J. Stanley and Dr. William D. Danko have studied how people become wealthy for over twenty years. They have conducted research, written books, conducted seminars, and advised major corporations on whom the wealthy are and what are the characteristics of the affluent in America. The research for The Millionaire Next Door was comprised of personal, as well as focus group interviews, with more than 500 millionaires. A survey of 1,115 high net worth and/ or high income respondents was also compiled. The authors define the threshold for being wealthy as having a net worth of $1 million or more. This is one distinction that the authors make in comparison

In this chapter, one will learn that affluent parents and grandparents, are not as frugal when it comes to buying gifts for their children or grandchildren. As this chapter includes a lot of graphs, it includes an interesting static. From 1996-2005, they learned that parents and or grandparents will give adult children over $1 trillion dollars. “Gifts” do not always have to be in money form, they can be land, homes, cars, etc. One will also learn that many people that have healthcare insurance, most of the time does not cover dental and healthcare visits fully. Many will also learn that, affluent people enjoy vacations. It was shown in this chapter, that more than 55% spend over 5,000 dollars.

After all, if they did, they would be among the top earners as well. We’ve all heard the remarks: Rich people are lucky, rich people had an unfair advantage, rich people are crooks, rich people are selfish, etc. These are mostly empty statements with little proof to back them up.

A Synopsis of “The Millionaire Next Door” This book is based on 20 years of research on the journey of Ordinary Americans, who became self-made true millionaires in 1 generation and a comparison of their living standards and their spending pattern to find a commonality and break the common image of a millionaire which is projected by media . This book tells the real meaning of wealth ,how to calculate the total wealth and other qualities that an individual needs to develop to accumulate a huge amount of wealth even when there incomes are not very high.

This can be seen daily with movie/television stars, musicians, and professional athletes. They make a large amount of money, don’t know how to handle it, and therefore make poor decisions with it. Some of these people turn to drugs and alcohol, while others use it on frivolous purchases solely because they can. This works the other way too, where people making the same amount donate to charities or non-profit organizations. I think it depends on the person and their priorities that decide if he or she makes too much money for their own good.

Although anyone can become wealthy, the fact of the matter remains that most people will not. This remains attributed to the fact that they lack the fundamentals of becoming wealthy. Unless someone inherited their wealth, becoming wealthy will remain impossible without having a team. A prime example includes the music mogul Jay-Z. For those unaware, Jay-Z remains a prominent figure in the hip-hop community. In fact, he remains arguably the greatest rapper of all time. A few years ago, Jay-Z signed a $150 million dollar deal with Live Nation. As a result, Live Nation will not renew their "360" deal.

Before anyone has money they are humble people wanting to succeed in life. They are just trying to stay on the straight and narrow and get through life. Once a person has more money than they can even think about having they think the run the world. One might think they can get their self out of a murder or any other crime because they can pay it off with all of their wealth. In The article “Money and the meaning of life” Raj Rajaratnam was charged with 14 counts of insider trading.

The thing that naturally attracts success for wealthy people is the inner software in their brain their mindset. Imagine eliminating your weaknesses and discovering your strengths, bringing to life a new and powerful