The Wealth Formula: 8 Rules

“Doctors have the income to be good wealth-builders, but not the mind-set.”

—Thomas Stanley, PhD

Back in the day, when I was editing the print version of Physician’s Money Digest (and the web version is every bit as good), one of the best sources for money and business information for me was Thomas Stanley, PhD.

The author of several bestsellers including The Millionaire Next Door and The Millionaire Mind, Stanley has studied affluent Americans (including physicians) for more than 30 years. We covered him more than a few times in the magazine, and I quoted him often in my editorials.

In working with physicians Stanley found that the most successful ones possess strong organizational skills, work very hard, are their own bosses, and have very supportive spouses.

As a result of his copious research, Stanley has identified some “foundation stones to success” for millionaires:

1. Know that our economy rewards—and will continue to reward—success factors such as hard work, integrity, and focus.

2. Be assured that the lack of deep financial knowledge will not stand in the way of economic productivity.

3. Have the courage to take some financial risks. And learn how to overcome defeat.

4. Maintain a vocation that is original, profitable, and makes full use of your strengths. Make it one that you love.

5. Choose a spouse who is honest, responsible, loving, capable, and supportive—characteristics that are compatible with success.

6. Run an economically productive household. Focus your time and spending to enhance your productivity.

7. Search and negotiate aggressively when buying a house—and choose one you can easily afford.

8. Adopt a balanced lifestyle. Fun doesn’t have to carry a luxury price tag.

Note: Doctors can get more money insights from Stanley at his bog here.

Further Reading:

5 Common Traits of Millionaires

Can Anyone Become a Millionaire?

How to Tell if You’re Rich

Are the Rich Smarter?