The millionaire next doorHow to earn the title of rich? Authors Dr. Thomas J. Stanley and Dr. William D. Danko have studied how people become wealthy for over twenty years. They have conducted research, written books, given seminars, and advised major corporations on the nature of the wealthy and the characteristics of the wealthy in America. The research for The Millionaire Next Door included personal interviews as well as group interviews with over 500 millionaires. A survey of 1,115 wealthy and/or high-income respondents was also conducted. The authors define the threshold for being rich as having a net worth of $1 million or more. This is a distinction the authors make from what most Americans might perceive as the definition of wealth. Contrary to what most Americans in our society believe, measuring an individual's material possessions does not necessarily equate to their wealth. According to the authors, wealth is what you accumulate, not what you spend. According to the author's definition of wealth, only 3.5% of American households meet their criteria to become a millionaire. Of this small percentage, 95% of millionaires have a net worth between $1 million and $10 million. The authors chose to focus on this segment of millionaires because this level of wealth can be achieved in a single generation and by many Americans. The characteristics of the wealthy studied in the book share seven common traits that helped them achieve financial success:1. They live below their means.2. They allocate their time, energy and money efficiently, in ways conducive to wealth creation.3. They believe financial independence is more important... middle of paper ... and believe it is more beneficial to their financial well-being to accumulate wealth rather than material goods. Frugality, planning, living below your means, and a smart investment strategy are paramount to accumulating wealth. Stanley, Thomas and William Danko. The millionaire next door. New York: Simon and Schuster, 1996, p.1. Stanley, Thomas and William Danko. The millionaire next door. New York: Simon and Schuster, 1996, p. 12.Stanley, Thomas and William Danko. The millionaire next door. New York: Simon and Schuster, 1996, p.9. Stanley, Thomas and William Danko. The millionaire next door. New York: Simon and Schuster, 1996, p.11. Stanley, Thomas and William Danko. The millionaire next door. New York: Simon and Schuster, 1996, p. 97Stanley, Thomas and William Danko. The millionaire next door. New York: Simon and Schuster, 1996, p...2.