The Millionaire Next Door is a term coined by Thomas J Stanley and William D Danko in a book by the same title.
How To Act Like A Millionaire – Business Insider by Len Penzo summarizes 19 differences between conspicuous consumption and how one truly gets wealthy. Rather than spell them all out here, you can quickly click through them through the link. As simple as they seem, and as explained in more detail in the Stanley & Danko book, most people simply miss these points.
As I point out in my book, Wealth Odyssey (Kindle edition), the difference between wealthy and rich is a simple frame of mind. Those who are “wealthy” by my book’s definition are those who are able to sustain their Standard of Individual Living (SOIL) between their working and retired years. The “rich” are those who have more than they need to meet the definition of wealthy.
Moral of the story: By my definition … anyone may be wealthy, regardless of how little or much they earn … because the metric is being able to sustain your individual living standard throughout your life, even into retirement when you are no longer working. You see, don’t you think wealthy means making work optional? Even with Social Security and/or a Pension, there tends to be a gap between that retirement income and how much a person spends during their working years. Saving enough to fund that gap makes you wealthy. Be happy. If you can do better than that, count your blessings.