The “Millionaire Next Door” is a national study of the 3.5 million households in America with a net worth of over $1 million. 80% are first-generation wealthy, i.e. they did not inherit it. A significant percentage of them are “blue-collar wealthy,” people who own businesses that “could be classified as dull-normal…welding contractors, auctioneers, rice farmers, owners of mobile home parks, pest controllers, stamp and coin dealers, and paving contractors.” The book describes at length the habits and attitudes of people who are wealthy. One important distinction the book makes: there’s a difference between making a lot of income (which is yearly gross revenue) and becoming financially wealthy (which is accumulated long-term profit in your bank account). 

In this episode, Barbara talks about her attitudes and decisions she made for her family after this lesson. In particular, she talks about forming a community of neighbors to talk about finances openly, and "the biggest lie in personal finance": that budgeting is the key to financial freedom. You need to play "great offense" and "great defense" and most people don't pay enough attention to earning more in their careers.