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Cocktail Economics: Discovering Investment Truths from Everyday Conversations by Victor A. Canto

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Chapter 17. Tilting Toward Success: A Step-by-Step Guide to Above-Average Asset Allocation

In The Millionaire Next Door, a bestseller from a few years back, authors Thomas Stanley and William Danko attempt to uncover just what makes the modern millionaire tick.[1] Drawing from an exhaustive survey of more than 1,000 millionaires, the authors conclude that most in the seven-figure crowd work hard, are frugal, plan their every move, and are unpretentious in their consumption. On this last point, it seems that a good many millionaires don’t drive fancy cars, or dine very often at five-star restaurants, or live in mansions. They’re rich, it turns out, because they don’t spend their money conspicuously. They are savers—and, importantly, they are investors. ...

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