BOOK REVIEW: Millionaire Women Next Door

Eunice Adeniran
March 27, 2021

 

||Author: Thomas J. Stanley

||Genre(s): Personal finance, Business, Biography.

||How I came across the book:

I saw this book on my parents’ bookshelf and fell in love with the title. 😁

||Expectations:

I desired to learn about financial intelligence that would eventually culminate into lasting wealth.

||Challenges:

The book is quite bulky, so I couldn’t take it with me everywhere and it took months to finish it.

||Lessons:

 

In America, only about one in ten businesses with annual revenues of $1 million and more are owned by women.

– Millionaire Women Next Door

Here are the 12 major lessons that I picked up, with a few excerpts, from the book.

 

  • 1. Independence:

 

  • Most self-made millionaire women became financially successful because they fervently wanted to be independent.

 

  • Financially successful women have learnt never to be fully dependent on others no matter how sincere their promises.

 

  • 2. Budgeting:
  • Most millionaire women are fastidious budgeters. In order to budget, one must account for expenditures.

 

  • Self made millionaires are great keepers of records.

 

  • Millionaire women learn to account for their expenditures long before they reach the millionaire status.

 

  • 3. Frugality & Generosity:
  • Millionaire women are a living proof that accumulating wealth and providing financial assistance to others are not mutually exclusive.

 

  • Millionaire women are able to give generously because they avoid the hyper-consumption mindset.

 

  • Charitable giving and financial planning are birds of a feather. You can’t give if you spend most of your income on yourself.

 

  • If you want to be wealthy yet don’t watch what you consume you are unlikely to be ever rich.

 

  • Women who wish to become financially independent early must learn the principles of frugality and thriftiness.

 

  • It is possible to be satisfied with your life without indulging yourself with material artifacts.

 

  • Many millionaire women never feel a need to brag about their financial success. On the contrary they deliberately and pro-actively guard against revealing their economic circumstances.

 

  • Showing off and displaying your economic success is a good case of poor taste.

 

  • Consumer indulgences like stocking up on luxury goods or joining an exclusive country club, does not make one wealthy, rather they are substitutes of wealth.

 

  • Buy the toys well after you become wealthy. Not before. If you buy your toys before you become wealthy you’ll never reach your goal of becoming financially independent.

 

  • As stewards of God’s wealth we’ve been called to be generous and gracious with what we’ve been given.

 

  • 4. Perseverance:
  • The topmost quality of millionaire women is their perseverance.

 

  • Millionaire women persevere in their ability to overcome regrets and adversity
  • .
  • To succeed in life and in business, you must become a type of woman that cannot be defeated. Let your adversity make you stronger.

 

  • Success comes to those who are willing to succeed, because YOU are the loom that weaves the tapestry.

 

  • It is difficult to succeed in any area of life if you spend a lot of time living in regret.

 

  • Most successful people are able to succeed in part because of their ability to get the most out of their circumstances.

 

  • Successful women learn from their past, but focus on the future.

 

  • Overcoming obstacles is not the end of your journey, it’s only the beginning.

 

  • If you’re determined that no one will stop you, then no one will stop you.

 

  • 5. Leadership & Courage:
  • Women who are not comfortable with taking leadership roles are not likely to succeed in business.

 

  • Successful business owners by definition are people who have a history of taking initiative.

 

  • Most self made millionaires have great empathy and respect for those who have a strong desire to follow in their footsteps.

 

  • Financial independence requires courage. Never let the fear of losing out overweigh your knowledge of financial prudence.

 

  • 6. Financial Investments & Risks:
  • When it comes to investing, men are bolder than women, but being bold doesn’t necessarily translate to being rich.

 

  • Women, unlike men are more uncomfortable with making quick decisions.

 

  • Women are more likely than men to research a stock thoroughly before making it part of their portfolio.

 

  • Success in taking economic risks has much to do with how one deals with fear and worry.

 

  • Fear is the cornerstone of panic and panic is the mother of financial disaster.

 

  • Wise investors take risks. Timid investors allow visions of total financial loss to overwhelm their judgement.

 

  • The key strategy to financial stability is to never spend more than you earn.

 

  • Income is a correlate of wealth but it is not wealth.

 

  • To build wealth, you must minimize your taxable income and maximize your capital appreciation.

 

  • Accumulation of wealth is like a long distance marathon, it takes years and years of frugality and wise investments to accumulate wealth.

 

  • 7. Hardwork & Goal-setting:
  • Believe in your dreams. Set simple goals and achieve them. Those achievements give you the confidence to aspire for more.

 

  • Success is not an accident, it’s a product of deliberate choices. Success is not given, it is earned.

 

  • Be organized and decisive about your plans, but stay flexible in your approach.

 

  • Most millionaire women were late bloomers in the world of commerce. You can follow your dream no matter your age.

 

  • Millionaire women are more goal oriented than their counterparts. They have clearly defined set of daily, weekly, monthly, annually and lifetime goals!

 

  • Self-made millionaire women succeed in business because they work hard and are smart.

 

  • Success is not indicated by consumption, it is defined by contribution.

 

  • Truly financially successful people have a growth mindset that pushes them to keep learning on a daily basis.

 

  • Knowledge must be leveraged properly if one is to earn a good living.

 

  • 8. Positive Parental Upbringing & Childhood traits:
  • Most successful women were raised in a parental environment that was a training ground for success.

 

  • Their parents were proactive mentors, positive role models and cheer leaders. Only very few pampered or overindulged their children.

 

  • Money handouts will not make an unproductive child productive.

 

  • Emotionally secure parents raise financially and psychologically secure children who have high self confidence and self esteem.

 

  • While dependent children spend much of their time planning for shopping, independent children spend most of their time planning to achieve and succeed.

 

  • Every responsible parent’s goal should be to give much more than money. Teach time children how to think, lead and succeed.

 

  • Being different and being creative are qualities that should be nurtured in a child not ridiculed.

 

  • Creativity is not discerned by how book smart a person is, but by the unique solutions he or she brings to problems.

 

  • One of the most pervasive characteristics of successful women is their history of early work experiences.

 

  • Standardized tests don’t measure some qualities that explain success in life.

 

  • 9. Self-Confidence:
  • You’re your own greatest and best resource. If you don’t believe in you, no one will.

 

  • You’re your most important asset. Not your savings.

 

  • Pacesetters are people who have learnt how to question conventional wisdom.

 

  • Being different in thought and deed is something to be proud of, not condemned.

 

  • Find something you’re passionate about and pursue it with passion.

 

  • 10. Mindset & Life choices:
  • Controlling your mind helps to control your money. A positive financial mindset is the key to becoming successful.

 

  • Millionaires are not only about the money, they are also about the freedom their financial status gives them.

 

  • Approach all your major purchases in terms of hours. Ask yourself, “Exactly how many hours do I have to work at my present pay rate to be able to afford this purchase?”

 

  • No matter how smart or well educated you are, you can’t make a living without a job.

 

  • Women whether you work outside the home or not you must develop budgeting, saving and investing skills.

 

  • It’s better to marry for love, respect and ambition than for a spouse’s ancestors and their financial artifacts.

 

  • Joining a family business is never a decision that should be made lightly.

 

  • Just because it’s your family business doesn’t mean it’s a good career move.

 

  • In working for a family business you must realize that being a good daughter is different from being an effective manager.

 

  • Before you join the family business you need to think about yourself, your goals and what you find fulfilling. If it doesn’t fit, consider a different job.

 

  • Even if you inherit the business, you must earn it through hardwork, commitment and contribution.

 

  • If you don’t know how to deal with money, it will not matter if your husband leaves you well off financially.

 

  • 11. Business acumen & skills:
  • Building a business is like building a home, if the foundation is faulty, no matter how lovely the rest of the house looks, it won’t produce joy to the owner.

 

  • Most multimillionaires are much more likely to be involved in industries other than retailing.

 

  • Doing what you love best doesn’t always translate to making profit.

 

  • Necessity and Adversity are often the parents of a successful business operation.

 

  • Passion and perseverance can’t be planned, they must be experienced.

 

  • Intuition plays a major role in choosing one’s vocation.

 

  • Enthusiasm is highly contagious. If a leader is passionate about her job she can excite others to adopt similar emotions.

 

  • Are you good? Really good? Then why do you sell yourself to strangers? Why not sell your talents, emotions, drive and intellect, first to yourself. Give yourself an exclusive deal on all your skills.

 

  • 12. Mentoring
  • One of the greatest tips to becoming successful is to hangout with people who are already established in their success.

||Conclusion:

I think it’s a beautiful thing to know that women can be just as financially savvy as their men counterparts.

||Recommendation:

This book is an eye-opener, and I think every woman, no matter the current status or phase, should try to read it.

Thank you for reading!

:::requ1ne:::
♥️♥️♥️

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