Learning from Chapter1 - Most Surprising Discovery about “Millionaires”
It is learned that millionaires spend quality time with their families and enjoy life while refraining from being a workaholic person. They can achieve work and personal life balance as they do not borrow money/credit to finance their consumptions. Instead, millionaires borrow a little and earn more money through business activities. They live normal but comfortable lifestyle and in fine homes. They wake up early (at 3:00 A.M.) as well as play sports like tennis and Golf. Millionaires love their work/profession and become expert professionals in their fields. All millionaires never do work by themselves and assign tasks to others.
Lesson Learned from Chapter 2 – Success Factors
Every person has own success factors, as described at start of the chapter-2. The most important success factor is to consider only those that are highly exercised and valued by “millionaires” themselves. Following ethics and moral values, social involvement, discipline, specialization in chosen field of endeavor, being physically fit, having professional mentors, a supportive spouse, avoiding criticism through self-control and having strong faith in Almighty are some of the success factors that must be valued the most. Gratefulness to all well-wishers, family and team members are quite imperative. Getting along with others to receive social cooperation is also an important success factor in one’s life.
Impact of “School Days” Realized from Chapter 3
Courage and its Impact on Financial Life
The most prominent feature of my courage is to remain persistent in the face of challenges and setbacks. Though everyone is talking against me, yet, I bravely take needed actions. I am courageous to take “calculated” risks and overcome my fears. When any failure encounters, I accept my weaknesses and mistakes to learn from such a negative experience. I take courage to access a group of mentors/teachers and become decisive to continue. When I am persistent and courageous in my endeavors, it will help me become financial independent as I become immune to giving up on my dreams.
Ways to Make Vocation Decision
The first and foremost source of vocation decision is one’s intuition and interest. It is good to listen to hunches and insights a person gets regularly. Another source of making decision about one’s vocation is the market trend or professional demand. There are certain professions such as investment bankers, stock brokers and auditors who are highly paid. One can also discover the profession of interest with trial and error as well as by listening to ideas by expert professionals. A vocation that keeps a person motivated and excited is the right profession to be pursued for becoming a millionaire.
Spouse Selection and Wealth Accumulation
It is learned that couples who have common interests of wealth accumulation and business development through controlled consumption and planning, they are more likely to live a happy, peaceful and rich life. However, those couples whose thoughts of consumption resonate with each other are more likely to live a happy married life but they can never be millionaires due to increased spending and borrowing behavior. Therefore, it is imperative that thoughts, habits and interests for wealth accumulation of couples should match if they wish to become millionaires in the first generation.
Economically Productive Household
Any household in which consumption patterns are controlled for saving money and by looking at the future potential of saving could easily be considered as “Economically Productive Household”. Instead, of buying new stuff which a couple does not need, they can have their household items repaired. Household where children are given an utmost importance to help their parents with shopping lists and other daily decision is also an “Economically Productive Household”. If their consumption/spending behavior is well-planned, organized and disciplined, such a household is more Economically Productive than others.
First Home or a Dream Home
I envision that my first home should be nearer to my office and customers so that I could remain highly productive at work. I can reach my office on time and can return in a less time to spend quality time with my family. Instead of shifting neighborhoods, I would seldom shift from my first home. For market value appreciation, I aim to renovate the house with the passage of time. I dream of a house that is well-decorated, excellent in condition, in a fine locality and contain 5 to 6 bedrooms.
Lifestyle of the Millionaire different than what was imagined
Yes, because I held an opinion that millionaires tend to have expensive lifestyle, consume handsome amounts on their purchases and borrow more. It was really very shocking to me that millionaires wake up earlier in the morning as I initially thought that they can wake up at any time millionaires please. After reading chapter 9, I have realized that millionaires are never driven by consumption and possessions. Millionaires are productive as they are less materialistic than average people which is very astonishing discovery to me.
Thinking differently than the Crowd about Wealth Accumulation
Wealth accumulation is a mindset where it is critical to control expenses, borrowing as well as the love for possessions. To accumulate wealth, one must exercise stronger self-control to avoid materialism. Planning expenses, taking care of one’s health and careful analysis of saving-investment pursuits are some areas where a person (wanting to be a millionaire) should think differently from average people.
