Read the book THE MILLIONAIRE NEXT DOOR by T.J. Stanley and W.D. Danko Pocket Books 1996

Although this book was written some 20 years ago, the principles contained are as relevant today as when the book was first published. I want to emphasize that becoming wealthy is not difficult, it takes time and the development of healthy financial habits. It takes a willingness to accept some risk for the potential of a greater return on the investments.

Wealth is not as much about income as it is how that income is spent. The author speaks of offense (income) and defense (budgeting and planning- spending patterns)

"Millionaires play both quality offense and quality defense. And quite often their great defense helpes them out score/out accumulate those who outearn/have superior offenses. The foundation stone of wealth accumulation is defense, and this defense should be anchored by budgeting and planning" page 38

The authors have identified seven life style factors that affluent people typically follow to accumulate money.

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 their 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

The extra credit/missed assignment project will require you to read the book. Provide the definition of wealth (the mathematical equation used by the authors to calculate wealth).Recognize that wealth is not so much an absolute number applicable to everyone but rather a function of ones income - so technically a blue collar person can become wealthy the same as a white collar professional although the dollar amounts will be different. While the authors rightfully state that many millionaires are entrepreneurs, it is entirely possible to attain wealth - perhaps considerable wealth - while working for a company or other organization.

Then provide a summary of the book offering specific examples to illustrate the points you wish to make. Your summary should touch on each of the major topics covered in the course modules. Included in your summary should be 8 strategies you could employ to become wealthy.

Conclude your paper by telling me what you learned from the book and how it correlates with the assignments in this course and the topics covered in the text.