“Mindful Maneuvering: Untangling ‘Thinking Fast and Slow’ — A Comprehensive Summary” | Andrew | Coins | January 2024

“Millionaire next door” Released in 1996, it clears up misconceptions about money and highlights the behavior and characteristics of America’s wealthy. Written by Thomas J. Stanley and William D. Danko, this book highlights how many millionaires live frugal lives and build their wealth through rigorous money management techniques. It is based on in-depth research and interviews with millionaires.

Definition of wealth:

• Authors reinterpret the concept of wealth, emphasizing that building a significant net worth is just as important as earning a large salary. The emphasis shifts from apparent wealth to true financial independence.

Extremely Wealthy Accumulators (PAW) and Under Accumulators (UAW):

• The book uses the acronyms PAW and UAW to categorize people based on how much wealth they have accumulated relative to their salary. While the UAW ignores their financial future and spends more money than they save, the PAW is a saver.

Frugality and lifestyle:

• This book shatters the myth that billionaires live extravagant lives by showing that many wealthy people practice frugal spending. They place more value on investment and savings than conspicuous consumption.

Correlation between income and wealth:

• The authors examine the link between wealth and income, emphasizing that having a high salary does not guarantee wealth if your spending patterns do not match your investment and savings strategy.

Career Selection:

• The book makes it clear that many millionaires do not work in prestigious or well-paid fields. Rather, they often do unglamorous things while carefully saving money and making prudent financial decisions.

Education and Department: