She gets the same number of hours in her day as you. He uses the same tools as you, only he seems to get more done. Their production outdistances you by the millions. What have they got that you haven't got?

The best-selling book "The Millionaire Next Door: The Surprising Secrets of America's Wealthy" by Thomas J. Stanley, Ph.D., and William D. Danko, Ph.D, Longstreet Press, Atlanta, is capturing the imagination of America, and could be a boon to REALTORS®, if the same principles revealed in the book are applied to building a wealthy real estate business.

According to the research findings in the book, America's wealthy live below their means, not beyond. They live in middle-class neighborhoods, drive five-year-old cars, and follow the personal credo of less is more.

What the authors discovered is that there are at least seven common denominators shared by wealth-accumulators. Just for fun, let's include the seven equally effective strategies for building a wealthy business for REALTORS®:

They live well below their means. (REALTORS® don't put money into people or technology that don't produce. They can put their money into time and labor saving technologies that maximize their marketing/farming/contact efforts.)

They allocate their time, energy and money efficiently. (REALTORS® organize their time into categories for maximum efficiency - prospecting, farming, showing, closing, and contact management.)

They believe financial independence is more important than displays of wealth or social status. (A great reputation for doing the job is more important than showy advertising.)

Their parents did not provide adult financial support. (They are on their own financially, and not solely dependent on spouses, parents or friends for listings.)

Their adult children are also self-supporting. (They delegate responsibility.)

They are adept at targeting marketing opportunities. (They build referral and repeat customer business.)

They choose the right occupations to build wealth. (They make the most of being a real estate professional by continuing their education, improving their skills, and earning designations.)

The book divides people into two basic camps - those who build wealth are Produgious Accumulators of Wealth (PAWs) and those who don't Under Accumulators of Wealth (UAWs.)

The same principles could be applied to REALTORS®. By the book's definition, PAWs have approximately four times the wealth that UAWs have. UAWs tend to spend and live beyond their means. REALTORS® Who Prosper (RWPs) accumulate four times the repeat business and referral base as REALTORS® Who Falter (RWFs.)

PAWs allocate nearly twice the time planning their investments as UAWs with controlling and planning consumption as key factors in their decisions. RWPs spend twice the time prospecting for new business and contacting their sphere of influence as RWFs.

One of the surprises that the authors discovered is that earning a large income had relatively little to do with achieving financial security. Those with financial security were happier than those with large incomes, but less frugal spending habits. RWFs can easily experience the job satisfaction and material rewards of RWPs by organizing themselves for success.

The upshot of the book is that the difference in whether you are a PAW (RWP) or a UAW(RWF) is how you choose to spend your time, money and resources. Are you a saver or a spender? Only your bottom line knows for certain.

Published: September 15, 1998

Use of this article without permission is a violation of federal copyright laws.

Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. For more articles by Blanche, click here.