How to get rich: Ignore rejection and stick to your goals, author says after surveying 600 millionaires
- Author Sarah Stanley Fallaw surveyed 600 millionaires for her new book
- She cites resilience and perseverance as key traits for building wealth
- Also says living modestly even as your income grows is vital to becoming rich
An author who surveyed 600 millionaires has claimed that persevering through failure and sticking to your goals are the keys to getting rich.
Sarah Stanley Fallaw, the author of The Next Millionaire Next Door: Enduring Strategies for Building Wealth, based her findings on a survey of American millionaires in 2015 and 2016.
The book is a follow-up to her father’s research in the 1998 bestseller The Millionaire Next Door,’ which Thomas J. Stanley co-wrote with William D. Danko.
Stanley Fallaw argues that resilience in the face of rejection and strict goal setting are vital to building wealth.
Sarah Stanley Fallaw, the author of The Next Millionaire Next Door: Enduring Strategies for Building Wealth , based her findings on a survey of American millionaires in 2015 and 2016
‘To build wealth, to build one’s own business, to ignore critics and media and neighbors, you must have the resolve to keep pursuing your goals past rejection and pain,’ wrote Stanley Fallaw in the new book, according to Business Insider.
She added: ‘Millionaires and other economically successful Americans who pursue self-employment, decide to climb the corporate ladder, or strive to create a financial independence lifestyle early do so by perpetually pushing on.’
Stanley Fallaw stresses the importance of setting goals and sticking to them – particularly in the realm of budgeting.
Stanley Fallaw’s book (above) is a follow-up to her father’s research in the 1998 bestseller The Millionaire Next Door,’ which Thomas J. Stanley co-wrote with William D. Danko
She says that living modestly even as your income grows will allow you to devote a greater percentage of your income towards savings and building wealth.
“Most millionaires we interviewed highlighted the great freedom that comes from spending below their means,” Stanley Fallaw writes.
The author says that the temptation to keep up with the spending habits of peers can be highly detrimental to building wealth.
Particularly in the age of social media, when lavish vacations and new purchases are broadcast for the world to see, the perseverance to live thriftily is vital, Stanley Fallaw argues.