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Their adult children are economically self-sufficient. Their parents did not provide economic outpatient care. They believe that financial independence is more important than displaying high social status.
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They allocate their time, energy, and money efficiently, in ways conducive to building wealth. Stanley's research identified seven characteristics of PAWs: As an Amazon Associate, I earn from qualifying purchases.Dr. *If you would like to buy this book, click here or check out the link in the first paragraph of this post.* What is reality, though, are the people that were interviewed in this book because they actually went through the experience of gaining all the wealth they did, so they have a thing or two that they can teach us.
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They may not be the same people you see all over the Internet or TV because those things can provide a false sense of reality. I definitely recommend this book to anyone that wants to observe or learn how millionaires actually live and how they got there.
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They said that kids often grow up accustomed to a certain lifestyle, so if they grew up in a high consumption household, they will need to maintain that lifestyle when they move out, but if the kids were in a financially disciplined household, they will grow up to be more financially stable because they know how to save and budget. On the other hand, parents who lived frugally, stayed within a disciplined budget, and encouraged their kid to become financially and emotionally independent were actually helping their kid immensely. Throughout their interviews, the authors realized that most of the time, the parents who lived a high consumption lifestyle and that wanted to fund everything for their kid and shelter them from risk or adversity are actually making things worse for that kid in the long run. The authors said that most of the PAWs that they interviewed drive a used car that they were able to get for a bargain, while the high income, high consumption people either bought or leased a luxury car for a high price without negotiating or trying to find it from a different dealership.įinally, the section of the book that stood out most to me was the part about the way that the two groups, PAWs and UAWs were raised.
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the people who have a high income but low net worth buy their cars. One important subject that was talked about in this book is the way that the affluent, or wealthy people, buy cars vs. PAWs, on the other hand, may have a realized income of less than $100,000 per year, but are actually millionaires, because they know how to live below their means and properly save their money. They “earn to spend.” Stanley and Danko mention the fact that a lot of UAWs are people that have a realized income of over $100,000 per year, yet they are not millionaires because of their spending habits. They say that a lot of people like to live high-consumption lifestyles, but don’t actually have the money to support it. An UAW is an under-accumulator of wealth, and a PAW is a prodigious accumulator of wealth. The authors start off the book by giving two acronyms: UAWs and PAWs. The authors talk about the important difference between a high net-worth individual and a high income-producing individual. The book was created by the two authors sifting their way through the over 300,000 neighborhoods in America to find the people that have a net-worth of $1 million or more. This is truly one of my favorite personal finance books you can buy.