Millionaire Women Next Door
by Thomas J. Stanley
Those who are self employed have 5 times more accumulated wealth than those who work for others. Thomas Stanley, known for his best selling book, the Millionaire Next Door, has just released a followup study on women who are millionaires. His previous book featured mostly men millionaires. Here`s a brief summary of what he reported in Millionaire Women Next Door.
What does it mean to be rich? Most women focused on others... contributions, grand kids, education. The women millionaires give more to charities than men millionaires.
Women give more credit to educational experiences than the men did. Women seek more advice from others in making financial decisions... and usually took longer to make decisions than men.
Women were more fugal than men. For example, they would upholster old furniture before considering going out to buy new furniture, lowered the thermostat at night, seek the best phone rates more often and change to save money, and purchase less expensive homes.
Women are less likely to join the country club but more likely to join a church. They generally pray more. Characteristically, they seek help from those more capable than they are. Generosity runs higher with women too...they gave more to charities and good causes as well as getting personally involved in good causes.
Women are more likely to share concerns with a spouse or a trusted friend than the men. They commonly would seek advice from "outstanding people." > Although, the women raised in successfully-minded families saw this as one of their greatest assets, the women from less fortunate backgrounds also found they could overcome odds and reach goals. Women from challenged childhoods said they focused on the future(not dwelling on the past), learned from the past and lived determined to make a difference in their own lives. Those with challenges were viewed as strong mentors for others.
The most profitable businesses for women included management services, consulting, nursing, counseling, real estate, medical labs and janitorial/cleaning services. Business ownership and self employment were listed as most likely means to make above average incomes. (They did not include physicians, lawyers in their study.) The study also reported that 70 percent of women generally would choose retail, which was one of the least profitable businesses.
Why did they choose self-employment...most felt they could use all their abilities and aptitudes and have higher self esteem. > Two alternative routes to becoming a millionaire studied included the sales profession and education. Sales professionals have no ceiling on how much they can earn when choosing the right sales profession. Many in education who saved religiously and lived very modestly over a lifetime of steady saving developed a net worth of a million dollars.
Stanley pointed out that marrying into wealth didn`t guarantee having wealth later. Many factors later in life may keep the wealth from coming to you. It is better for women to consider building a business themselves over their life time which they can maintain regardless of decisions of those around them.
What do women who own successful businesses suggest as key components to creating wealth? (the top 5)
- Perseverance--most success they found came after a disappointment or failure. Those who overcome conflicts in their path eventually succeeded.
- Education and training--both formal and informal (i.e., seminars, books)
- Self reliance--rely on your own strategies and beliefs
- Caring/helping--care about employees and customers
- Enjoyment--doing something you truly enjoy
This book is packed with information and in many areas. It would be worthwhile for any women interested in personal finances and wealth building to read. It will surely be a classic resource on wealth building.
~ Barnes and Noble book review by Dale Shumaker
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