Speed Your Path to Wealth

The authors of "The Millionaire Next Door" studied the ancestry groups of American Millionaires. The top three groups with the highest concentration of millionaire households are the Russians, the Scots, and the Hungarians, in that order. But the Scots have something beyond all the others...

1) Thrift: At the time of the initial research (mid-1990's), fewer than 40% of Scottish ancestry millionaire families had incomes over $100,000. The Scots' descendants were the ones with the highest percentage of millionaire households from such a small percentage of high-income producers.

They lived below their means, spending less than others at their income level do. This allowed them to save and invest more in wealth building, ultimately growing larger wealth than would be expected for their income level. In fact, the Scottish ancestry group paid less than any other did for their typical consumer items such as cars, watches, suits, and shoes.

2) They have wealth to pass to the next generation, in part because their youngsters become economically independent at an early age and don't drain their parents' resources. One good example of this is who may bear the cost of higher education. By not having to spend upwards of $100,000 per child to send them to college, the parents can use these resources instead to build their own wealth. The student will often find ways to pay for their own education: for example, scholarships, aid available for the financially independent, and even student loans.

frugality, economic growth, restraint, and financial independence. The above instance of paying one's own way through higher education is an excellent example of how these values are first learned, then put into action by the younger generation.

Think about what the above behavioral traits mean to you. How can you learn from these Scottish Wealth Secrets? How can you begin to use their knowledge for your gain, to speed your path to riches?

Resources: "The Millionaire Next Door", by Stanley & Danko, 1st Edition 1996
Ryan Papesh is the founder of Scottish Wealth Secrets, dedicated to helping you Speed Your Path to Riches! Visit http://www.scotswealth.com/ for ideas, inspiration, tools, and free tips for building your wealth.

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