Social Climbing Research Paper

Saving, Spending, and Social Climbing

Pearl Mathieu

California Southern University

MIS 86510

Due February 15, 2017

Dr. Thomas Van Dyke Saving, Spending, and Social Climbing

Introduction

This report is about what real wealth means and really gives a vivid description of what it takes to become wealthy. Moreover, through the data analysis made, the report depicts who the real affluent people are. The study breaks the norm against what many people deliberate on with millionaires according to their lifestyles. Consequently, the report gives some recommendations according to the research made concerning the book The Millionaire Next Door written by Thomas Stanley and William Danko. According to the Stanley and Danko (1996), the wealthy

Well, there are many recommendations and opinions given by some of the few millionaires and the wealthy individuals who can help us with answers on how one can get to be a wealthy. The research above depicts how people live a lie to impress others when they really do not have much wealth. Also, many individuals earn a good income but accumulate less or do not consider in investing their income. In this case, we will examine some of the factors wealth individuals operate in.

First, the affluent live well within their means. This means that they do not show off their riches to others. Secondly, the rich manage their time, energy, and interests efficiently to get a productive outcome. Also, other than displaying their social status, those with wealth believe in financial independence. On average, their parents have laid a good foundation without depending on their wealth. Wealthy individuals have adult children who are self-efficient economically. The affluent are also good at identifying an opportunity in the market. Finally, the wealthy began at choosing the right occupation without influence or pressure (Orman, S.,

Self-discipline is key. Many wealthy people are married once and they stick to their marriage. The family is very fundamental in this case, and the family background determines a great deal in every individual 's success. Every individual 's input is essential in determining a family 's overall performance. One of the interviewed wealthy people says that his wife is never extravagant at any point. He claims that she is accountable in every coin (Stanley & Danko, 2000). The authors Thomas and Danko (2000) depict that wealth would not be generated if a person married a wasteful spouse. Hence, if one member of the family is a hyper-consumer, it will be difficult to build a successful business or accumulate wealth. Finally, most of the wealthy are self-employed and are able to make an unlimited salary based on their input and strategies they can put in their businesses (Stanley,