that this fall is the 15th anniversary of the publication of . I got one of the first copies, read it (a couple times), loved it, and applied it to my life. Since then, my net worth has skyrocketed and I've benefitted tremendously by the findings/advice. So thank you, Dr. Stanley. You made a HUGE difference in my financial life.
Furthermore, if you've benefitted from reading Alltribes at all, you also have the book to thank. Much of my thinking and what I do financially comes from it.
For those of you who do not know, the heart of the book is the seven common denominators among those who successfully build wealth. They are:
1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important than displaying high social status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They chose the right occupation.
Let me summarize some of these and how they have impacted my life and writing:
- Millionaires work to make their gap as large as possible. I have done this as well.
- It's noteworthy that he lists living below your means as #1 and I have named it my best piece of financial advice.
- I have taken steps that are conducive to building wealth. In particular, I save as much as I can for as long as I can. And I invest it in index funds.
- I don't remember a huge emphasis on making a high income in the book. In fact, that was much of his point -- that you can become wealthy without having a high income. I certainly believe this is true, but I lean more towards having my cake and eating it too. Why not have a high income AND control your spending? That way you can really super-charge your savings/investing, which will drive your net worth to great heights. Oh, and it will allow you plenty left over to give as well.
Anyway, of any single book that's helped me financially, this is it. That's why it's #1 on my list of the best personal finance books. So again I say thank you to Dr. Stanley!
Any of you been influenced by this book? Or perhaps there's another that's done a lot for you financially? What is it?