Millionaire Next Door Reflection

The author of this book, Dave Ramsey, is a man who has gone through many struggles in his life. Throughout his book he talks about the times when he went bankrupt and couldn’t provide for his family. Dave Ramsey sat down and wrote a plan on how to be smart with your money. Ramsey says, “The principles are not mine. I stole them all from God and your grandmother” (xi). He talks about how these are not new ideas and that these are not theories because they are proven to work every single time. The central concept of this book is to help people succeed in life with money but also their personal relationships. Ramsey wants to give people hope and happiness by playing a small role in their financial freedom.

Have you ever felt like the place you belonged to didn’t belong to you? In The House on Mango Street, this is how the main character, Esperanza, felt. The author, Sandra Cisneros, did a good job in portraying a girl who couldn’t find her place. She had a problem accepting where she was from, The House on Mango Street is heartfelt novel and is great to pass the time. In this story, you will be shown the lives of Esperanza, her sister Nenny, their two best friends Rachel and Lucy, and the many people who lived on Mango Street. This book is about a girl who went from denying her place to accepting it.

As a million dollars passes through your hands, Foster teaches us on how to hold onto the money we’ve earned. Many consider money to be a good thing, but when people start believing that quantity overrides quality, money can lead you to the wrong reasons. He’s gotten to know some of the most successful people in the world during his lifetime, and every single one of them started out learning what do with the money they’ve earned with a part-time job. “They also learned how tough it is to earn each and every dollar, so they were careful about how they spent their money. These successful people developed good spending habits when they were young that stayed with them throughout their careers,” (pg 22). In my future, I plan to get a job and save at least half of my

The fact that their parents did not provide economic outpatient care was astonishing. This means most millionaires were not financially supported by their parents. The author’s research indicates that “the more dollars adult children receive from their parents, the fewer they accumulate, while those who are given fewer dollars accumulate more”. I figured these millionaires were raised in a wealthy family and didn’t want to live any other way. I thought they were given things by their parents throughout their life. Another trait is their adult children are economically self-sufficient. The authors clearly believe that giving money to adult children damages their ability to succeed. I agree with this because if their children keep getting life handed to them on a silver platter they won’t learn the value of a dollar. They’ll think that daddy or mommy will bail them out whenever they’re in trouble which will not teach them anything about being successful on their own.

Whew, where to start? The personal finance class through Dame Ramsey’s Foundations in Personal Finance textbook and video series really had a lot of useful information, and it is hard to pick out the most impactful chapters and topics. However, I think the most important stuff for me was his five foundations for financial success, which were reinforced throughout the course. I am not downplaying the other important stuff in the course, including learning about the history of credit, budgeting, consumer awareness, investing, insurance, and taxes, but I think that mastering the fundamentals is important, which is why I am choosing to highlight them in this paper.

In the book The Wealthy Barber it begins by talking about the thing that he likes to do in his spare time. David then begins to introduce his wife and talks about how they have a baby on the way but he is completely clueless when it comes to managing/saving money. He needs to make himself a smart financial quickly with having a wife and now a baby on the way. David talks continues to talking about how his father was very smart with financial means. His father has never bought anything without saving for it first. The only thing David’s father borrowed money for was to buy a house and he had a 30 year mortgage. He learned to become financially smart from a local barber named Roy. David, his sister Cathy, and his best friend Tom together go visit Roy who promises by the end of seven months all of them will be on the road to success.

The presentation that I saw during the preparation of this discussion board post is entitled, “The 7 Baby-Steps” by Dave Ramsey. In this presentation, Dave Ramsey utilizes seven baby steps that will help individuals get out of debt and start a savings account. The question that was being answered in this research report is no matter what your income level is, Dave Ramsey will utilize your earnings in slowly chipping away at your debt. Dave Ramsey is very serious about his study and has used his teaching in his own life. Once a millionaire, Dave Ramsey had lost it all and was in crippling debt. However, using his research he developed a plan that not only allowed him to get out of debt, but to also become a millionaire once again.

According to Document A it says that if you get married at age of twenty-three and you save fifteen dollars a month and anyone could do that or try to save up 15 dollars a month then he keeps saving for over twenty years and at the end of that he would have four hundred dollars a month. He would be rich. Anyone could save 15 dollars if they would try hard and not spend the money they are saving at the end they will have a very good amount of cash every month and it would be worth all the saving.

In David Bach’s book The Automatic Millionaire, he reveals to readers a plan that could help them prosper in life financially and retire early without any financial stress. In the first chapter of his book his introduces to us the McIntyres, a normal married couple looking to retire early. After talking to the couple, Bach discovers that this is no regular couple financially. He finds out that this couple owns two homes without any mortgages, have absolutely no debt and have a net worth of almost two million dollars. He then investigates why this is so. He finds that the McIntyres have some guidelines that help them. They have goals instead of budgets, they pay themselves first, watch their latte factor or spending and make their savings automatic.

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.

This is not to say that people with less money will always throw out their inhibitions in order to achieve great financial wealth. People must be told that it is ok to venture outside of their safe zone and know that what they are doing is right.

The typical millionaires portrayed in the book were not the jet setting, high profile, luxury car driving executive that most would equate with affluence. In fact, the typical millionaire is a 57 year old male, self-employed, with an average income of $247,000. They are fairly well educated, wear inexpensive suits, and drive late model American made cars. On average, these millionaires live in modest homes and work in occupations such as: contractors, auctioneers, farmers, owners of mobile home parks, and stamp and coin dealers. These individuals are organized, live within a budget, and spend considerable time and energy investing. These individuals are also self-described tight wads. In lieu of receiving money directly for their time, the authors offered to donate money in the interviewee’s name to a favorite charity. The reply of most of the millionaires was “I am my own favorite charity,” and kept the money for themselves.

There are many ways for people to achieve prosperity and success in the matter regarding finance, and there are many billionaires who used different methods to make billions of dollars a year. As suggested by Dave Ramsey, a successful businessmen who is rich, one of the keys to being affluent in life is freeing oneself from debt. As regard the mean of getting rid of debt, Dave Ramsey suggested that people should not use credit cards, not borrow loan in emergency case by saving money for the future, and for students who are going to university, not borrowing student loan.

The Giver is a morally driven and thought-provoking story about a young boy called Jonas who lives in a society free of crime, sadness, pain, death, music, color and love. The story follows Jonas as he receives the memories of the past, good and bad, from the current Receiver, who is called the Giver. The Giver transfers memories by placing his hands on Jonas 's forearms. The first memory he receives is of a thrilling sled ride, which he will remake in the end of the movie. Jonas discovers the dangerous truths of his community 's secret past. Armed with the power of knowledge, which he knew about from memories (Ways of Knowledge), Jonas realizes that he must release all the memories to the community to allow them to feel

How do wealthy people succeed? In short, they are programmed for it. My realization is this. Its not your surroundings but what's inside you that causes success. My conclusion is this. Its not the tools, it's the person that determines how successful they will be.