I’m reading The Millionaire Next Door by Thomas J. Stanley and William D. Danko right now. Outside of fitness, games, and cooking/eating, one of my greatest interests is personal finance, so this book is clearly quite absorbing for me. I spent 40 minutes on a recumbent bike without even noticing the time go by because I was so engrossed in reading about the traits of the majority of millionaires in the USA.

The typical millionaire tends to have the following traits:

• They are in their mid-50s and married with an average of three children
• They are self-employed entrepreneurs.
• Half of them have spouses who do not work outside the home but are meticulous planners and budgeters.
• Average net worth is $3.7 million.
• Median total taxable income is $131,000.
• 97 percent are homeowners, and half of those have lived in the same home for 20 years or more.
• 80 percent are first generation affluent.
• They live WELL below their means.
• Most have accumulated enough money to live without working for ten or more years.
• 80 percent have college degrees.
• Only 17 percent attended private schools.
• 2/3 work between 45 and 55 hours a week.
• They invest 20 percent of their realized income each year.
• They are ultra-frugal tightwads with a great deal of discipline.

So according to the first few chapters of the book, the secret to becoming a millionaire seems to be owning your own moderately successful business, investing your money instead of accumulating depreciable material status items, living frugally, and marrying someone who is even MORE frugal and organized with money than you are.

:slappy:

Sounds simple enough, doesn’t it?

This is how my parents think and live, and it is how I more or less operate, too. While I’ve been known to pick up a few items on impulse (…Powerblocks…cough…), I generally don’t get the urge to upgrade to the latest and greatest of EVERYTHING if I have something that is still perfectly serviceable. I don’t need to wear the latest clothing styles or designer labels, buy a posh new car every 2 years (I drive a ‘93 Honda Civic, hehe), eat out every night at a nice restaurant, cook with gourmet ingredients, go on expensive vacations and trips, pick up every new game that comes out, swap out my PDA or cell phone every 6 months, use only luxury brands of make up and hair products, or schedule $100 hair cuts.

I don’t think I’ve ever spent more than $60 for a single item of clothing (brown suede jacket I’ve had for years now) in my entire life. Buying anything at full price makes me cringe. And who can really justify paying hundreds or thousands of dollars or more for a single purse, wallet, blouse, pair of jeans, or watch?

Truly, I find the whole luxury industry beyond stupid.

Back to practical matters now…I figure that all I need to do to achieve my dream of financial independence now is to start up that chain of healthy restaurants, work my butt off for 50 hours a week, marry another frugal-minded, investment-savvy individual so our combined annual income can average out to $130k, buy a home and stay in it for the next 20 years, keep investing and saving at my current aggressive rate, and refuse to give up my tightwad ways for the lameass, financially-disastrous earn-and-spend mentality of American society.

So much to do….

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Nutrition: SGX Training Day Menu
(Details omitted by request of trainer)

Daily Supplements: multivitamin with iron, calcium 500 + D, 1 T. flaxseed oil or natural peanut butter, 1 t. GNC Creastack
Water: 16 cups minimum

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Workout:
12:00 PM LISS cardio - Bike (Level 3 / 40 minutes)
7:00 PM SGX Upper body / chest workout

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The Awful Truth:
1. Had a handful of cashews at my parents’ house last night when I picked up their broken computer.

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Brownie Points:
1. Didn’t have any overpriced, unhealthy movie theater food last night while viewing “The Island.”

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Short-term Goals:
1. Take spare loaner computer to Mom’s house for her to use until her system is repaired.
2. File papers on drafting table.
3. Finish reading The Millionaire Next Door. Take copious notes.

I went through the Red Cross Adult CPR/AED certification class this morning. It was pretty familiar material since I’ve been certified twice before (once in the Army, and again two years ago for work), so it didn’t take long to take the test at the end of the lecture and practical portions of the class. All in all, the most useful thing I learned was how to use a chair, table, or other piece of furniture to perform the Heimlich maneuver on myself in case I ever choke on homemade protein bar or something.

Did you know that CPR results in a cracked sternum quite often? Or that every minute a victim languishes without a pulse reduces his chance of survival by 10%?

I’m glad I took the course, but I won’t deny that I hope I never have to put the skills I learned to use. Human bodies in real life are a lot more breakable than Hollywood implies.

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Nutrition: SGX Non-Training Day Menu
(Details omitted by request of trainer)

Daily Supplements: multivitamin with iron, calcium 500 + D, 1 T. flaxseed oil or natural peanut butter, 1 t. GNC Creastack
Water: 16 cups minimum

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Workout:
Rest Day

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The Awful Truth:
1. Only drank around 10 cups of water yesterday.

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Brownie Points:
1. Got recertified in CPR.
2. Got to bed on time.
3. Didn’t buy any new running shoes, Palm software, or books despite having some great coupon codes for all three types of merchandise.

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Short-term Goals:
1. Mop kitchen floor.
2. Plan menu for the week.
3. Fix Mom’s desktop computer - swap out power supply and test mainboard and HDD.