Having a longterm financial plan is necessary for becoming wealthy from "summary" of The Millionaire Next Door by Thomas J. Stanley
Having a long-term financial plan is an essential component of achieving wealth. Simply put, individuals who accumulate significant wealth do so by consistently following a well-thought-out financial plan over an extended period of time. This requires discipline, patience, and a clear understanding of one's financial goals and priorities.
One of the key reasons why a long-term financial plan is necessary for wealth accumulation is that it provides a roadmap for individuals to follow. By setting specific financial goals and outlining the steps needed to achieve them, individuals can stay focused and disciplined in their financial decisions. This helps to avoid impulsive or short-term thinking that can derail one's financial progress.
Additionally, a long-term financial...
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