Discussion: The Millionaire Next Door
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Last week we discussed Malcolm Gladwell’s Outliers, which uncovered a variety of ways in which a successful person has hidden advantages; I’ve accumulated a listof those advantages, so you can further reflect on them. This week, we will discuss a different aspect of success, one that is financial, and I would like to clarify that this isn’t about figuring out how to become insanely wealthy; it’s more about learning certain financial principles that help us become more financially secure in the long run. This is where reading well-known financial books, such as The Millionaire Next Door can be extremely helpful. Below is a preview of a video series produced by PBS called Your Life Your Money, which I highly recommend watching in the future. I have posted several questions to help generate discussion regarding the book.
1.To what extent do you equate financial security with success? Explain.
2.What are the stereotypes associated with wealthy people? How does the information in The Millionaire Next Door contradict those stereotypes?
3.Is this book arguing that going to college is not necessary for future success, and this is assuming that we are equating future success with financial security? What evidence from the book asserts this and how do you feel about it?
4.How is the argument structured differently in The Millionaire Next Door than it is in Outliers? Give specific examples.