The Millionaire Next Door by Thomas Stanley & William Danko

Author:Thomas Stanley & William Danko
Language: eng
Format: epub
Publisher: Joosr Ltd

Choosing the right profession or business can be crucial for growing wealth

Millionaires know how to target market opportunities. If you’re considering becoming self-employed or setting up your own business, or you’re just looking to change careers, keep in mind that individuals who offer services to the wealthy often become wealthy themselves.

This is because professions and businesses that involve solving the problems of the rich tend to generate a high income. Specialist attorneys such as tax lawyers, health and medical specialists like orthodontists, doctors, and even nutritionists, asset facilitators, accountants, financial advisors, and building contractors all tend to earn a high wage. And, although the millionaire next door may be frugal in many areas of their life, remember they are often willing to spend good money on things like financial advice. So if you’re currently thinking about your career, seek guidance, and spend some time researching your preferences. Any of the previous choices could be financially productive for you.

As mentioned, two-thirds of self-made millionaires are self-employed—yet only 20 percent of the American workforce is self-employed. This indicates that working for yourself can play a significant part in becoming financially independent. You may fear the risks involved in setting up your own business, and understandably so. However, running a business can actually be less risky than a salaried job. In standard employment, you are at the mercy of your boss, an individual who could choose to fire you at any time. Meanwhile, someone who is successfully self-employed may have hundreds, even thousands, of clients and customers.

If you do decide that you want to run your own business, take note that it’s often the “dull-sounding” businesses that are more likely to have longevity and stability (agricultural suppliers, welding contractors, pest controllers). While flashy tech start-ups or glamorous enterprises might make for better dinner party conversation, they can also be riskier as they are more subject to market whims.

Of course, not everyone is suited to becoming an entrepreneur. Before making the choice, again it could be worth seeking professional advice, and definitely reach out to other business owners. Then ask yourself honestly if it’s the path that’s right for you.

Ultimately, aim to choose an occupation or business venture that you care about, one that you’ll enjoy and be happy to devote your energy to, and one that has good prospects for long-term financial success. The higher an income you can generate, then the more money you will have to invest, grow your wealth, and join the ranks of the millionaires next door.

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