I recently reread The Millionaire Women Next Door, by Ph. D. Thomas Stanley. Subtitled 'The Many Journeys of Successful American Business Women', the book compiles research on these women and their spending habits, as well as their views on work and family. It's an interesting book. Here are the priorities that these women have developed.
Perseverance - These women are intelligent but do not test at genius level. They ascribe their success to never giving up. They believe in persevering through every difficulty.
Forgetfulness- By this I mean that millionaire women choose to let go of mistakes and wrongs done to them or by them. They purposely live in the present and discipline themselves to stay there.
Family- Family is most important to millionaire women. They spend smaller amounts on themselves and often - not necessarily wisely- overspend on their children. They buy used cars for themselves, stay in their neighborhoods even while growing financially rich, but frequently support adult children.
Charitable- These women average an annual donation amount, as a class, of about 7%, with many of them giving at least 10% of their earnings to charity. Millionaire women exceed millionaire men in the percentage of income that they donate to charity.
These are traits that I think many of us may identify with easily and they show us how we may set financial priorities.
Marion R. Syversen, MBA - President
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Secrets of Millionaire Women
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