By John Eidson
The 1970s runaway best-seller The Millionaire Next Door laid out the results of an extensive study of how the rich in America become wealthy, and stay that way.
Contrary to popular misconception, most millionaires are not athletes, entertainers or corporate CEOs, nor did they inherit their fortunes. Most of the well-do-do don't live in mansions and don't drive luxury cars. More carry the credit cards of places like Sears and Target than those of exclusive upscale stores.
In short, most millionaires have used an incredibly simple strategy in amassing wealth: they spend less than they earn. Having learned how to get ahead by cutting back, they are living the ultimate American dream.
The good news is virtually anyone can join them, and it isn't necessary to be a doctor or other high income earner. According to no less an authority than Forbes magazine, the inescapable implication of The Millionaire Next Door is that ordinary people with nothing more than ordinary jobs can accumulate impressive nest eggs simply by learning to live beneath their means.
John Eidson is a white conservative who takes great pleasure in black success. In addition to postings on YourBlackMoney, he also occasionally posts on YourBlackPolitics.
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