The Millionaire Next Door: Book Review & 5 Takeaways

Here we are. The first book review EVER posted on this website and I could not think of a better book to begin with.  Finally, after many references on other blogs and suggestions in forums, I decided to read “The Millionaire Next Door” by Thomas Stanley, PHD and Willian Danko, PHD.  It amazes me that it has taken me THIS long to read the book, but I guess it is better late than never, right?  One of my goals in 2017 was to read more books, so this seemed like a great place to start.  Here are some of my thoughts on the book.

The millionaire next door

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The Power of $50,000 in Dividend Income, Explained

By now, you have come across tens and tens, and heck maybe even one hundred sites that are dedicated to dividend investing.  You have dissected the reports, seen figures that members are posting in the community, what stocks are being purchased & by whom, as well as in what dollar amounts & frequencies.  If you’ve been to our website, then you have seen those items and have seen us post our income results each month and where we stand in our journey to financial freedom with the main catalyst of dividend investing.  Instead of being “this thing” that investors and the community is doing, I wanted to pull a major, not the only, but a major driver from behind the curtain on the “why” we are dividend investing.  To break it down in one painfully wonderful word, taxes.

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Bert’s June Dividend Income Summary

Half of 2017 is in the books.  Man oh man does time fly.  I look forward to the first weekend of every month so that I can summarize my dividend income from the previous month.  Summarizing my June dividend income, aka the third month of the quarter, is always a little more exciting since I get to include the dividends received from mutual funds.  Enough talk, let’s take a look at how I performed in June compared to 2016.

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Lanny’s June Dividend Income Summary

6 months in.  Wow, the year is officially half over.  However, is there another way to look at it?  What about – we have half of the year left to make an impact?  I like the sound of that better.  I hope everyone had a great 4th of July weekend and that everyone has enjoyed their time with friends, family and, well, updating their portfolios!  I am excited to share my June dividend income results, as it happened to be – my best month, ever.

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The Diplomats’ June Side Hustle Report

Side Hustles, ah yes, the sides hustles.  A topic we, and so many others in the early retirement community, discuss constantly.  In our journey to retire early and spend the rest of our lives pursuing our dreams or living life ON OUR TERMS, we look to scrape together every dollar.  Why?  Every dollar, every hustle, puts us one step closer to the end of the journey.  For the first time ever, the two of us decided to hold ourselves accountable and publish our own “side hustle” report to provide some additional disclosure about the products, apps, and methods we use to earn an extra dollar or cut down our expenses.   Time to check out our June Side Hustle Report from the double D, Dividend Diplomats.

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Lanny’s July Dividend Stock Watch List

Tough month for Clevelandars with our Finals loss to the Golden State Warriors in June.  It’s okay, another year to plan and strive for the trophy.  Our Cleveland Indians are playing some pretty damn good baseball and the perfect summer weather of low 70s and sun has started to peek through, as we recently had muggy/humid 80 degree weather.  Amazon (AMZ) has purchased Whole Foods Market (WFM) and stocks are showing a few signs or better signs of opportunities based on valuation metrics.  I wanted to share my July dividend stock watch list and to see if they happen to be on yours as well.  Now, onto the stocks!

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