I have read that book, and survivorship bias is not a worry for most of the recommendations.
They find that most millionaires are quite frugal, have stable families, and live modest lifestyles--they have accumulated wealth but don't flaunt it and don't waste it. These are essentially the lowest risk strategies in life, and survivorship bias favors the exact opposite, i.e. the "lottery ticket" decisions.
The exception to the low risk mantra is that many millionaires run their own businesses, and of course entrepreneurship is risky. The authors do note the effects of survivorship bias here.
I'd summarize the book by saying: "work hard, live well below your means, and invest the difference. Also, don't spoil your kids if you want them to build wealth."
They find that most millionaires are quite frugal, have stable families, and live modest lifestyles--they have accumulated wealth but don't flaunt it and don't waste it. These are essentially the lowest risk strategies in life, and survivorship bias favors the exact opposite, i.e. the "lottery ticket" decisions.
The exception to the low risk mantra is that many millionaires run their own businesses, and of course entrepreneurship is risky. The authors do note the effects of survivorship bias here.
I'd summarize the book by saying: "work hard, live well below your means, and invest the difference. Also, don't spoil your kids if you want them to build wealth."