Is wealth is a result of behaviour, not headline income?

Drawing on large-scale surveys of American millionaires, Stanley and Danko show that the truly affluent tend to be self-employed, live in unremarkable neighbourhoods, drive modest cars, and devote serious time to budgeting and investing. Their PAW vs UAW framework distinguishes those who build net worth from those who merely earn it—by tracking savings rate, time use, and resistance to status spending.

The authors also flag hidden drains, like subsidising adult children, that quietly erode family balance sheets for decades. This is not a pep talk about frugality; it’s a field study in ordinary habits that compound into freedom. If financial independence is your goal, these counterintuitive findings give you a practical blueprint—and a more honest definition of “rich” you can actually reach.