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The Millionaire Next Door by Thomas J.…
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The Millionaire Next Door (1996)

by Thomas J. Stanley, William D. Danko

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Showing 1-5 of 36 (next | show all)
"Millionaire" in this book represents a changing of the goalposts. People who would've been called millionaires when the word was coined, would be called billionaires today. The prosaic small-business owners who accumulate a million of our inflated dollars are far humbler, culturally speaking, than the classic millionaire -- which is why the authors marvel at the difference between how millionaires live and how the public imagines they do.

Still, the advice on controlling expenditures is good, although I'd be less quick to follow their advice on buying cheap domestic cars.
  ex_ottoyuhr | May 8, 2014 |
This book is showing its age now (a section on buying used car rather quaintly suggests looking for blue books at book stores or the library) but it remains a valuable read. The authors have researched the characteristics of millionaires, defined as people with a net worth over a million dollars, and explain that many of them are counterintuitive. Millionaires often don’t look like rich people. People who look rich may have six-figure incomes but less net worth than you might think—because they spend all their money on fancy clothes, new luxury cars, private school tuition, ski vacations, and all the other depreciating trappings of high social status. People who have managed to accumulate a million dollars have often done so by not looking rich. Many are small business owners in blue collar fields where no one expects them to look fancy or live big; others may be professionals (often self-employed ones, like doctors or lawyers), but frugal ones.

Some interesting sections on the book are related to family. Most millionaires are men and many have nonworking spouses, but those housewives are coupon-clippers. (Your typical millionaire has been married only once.) Many millionaires grew up with parents who, regardless of their actual income level or standard of living, were frugal. The worst off? The adult children of the affluent who receive what Stanley calls “economic outpatient care.” Buoyed by gifts from their parents and the safety net of their parents’ affluence, these adult children often fail to become successful because they simply don’t have to. They never learn to live within their means or to adjust their spending to their income. A particularly boneheaded move is to help your child buy a house in a nicer neighborhood than they could otherwise afford; trying to match consumption with their richer neighbors will keep them forever in the hole.

The book is more descriptive than prescriptive, although it does give suggestions about how to raise children to be financially independent adults and has some suggestions for lucrative fields. Still, even non-entrepreneurial types will see more clearly, after reading this book, what it takes to become financially independent. ( )
  jholcomb | Apr 5, 2014 |
The seven factors mentioned in the first few pages of the book speaks a lot about the habits of millionaires. The authors detail about these seven factors throughout the book. Quite an interesting read in fact. ( )
  nmarun | Mar 11, 2014 |
Reading this book helped me understand that, in the end, net worth is what really matters when it comes to personal finance. ( )
1 vote Mortybanks | May 20, 2013 |
Surprising and inspiring to the open-minded. Definitely worth reading. Includes high-level thoughts on raising kids (to be frugal and to be courageous). Recommend reading from the library, although I liked it enough to buy a copy later. ( )
1 vote sprite | May 4, 2013 |
Showing 1-5 of 36 (next | show all)
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» Add other authors (3 possible)

Author nameRoleType of authorWork?Status
Thomas J. Stanleyprimary authorall editionsconfirmed
Danko, William D.main authorall editionsconfirmed
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For Janet, Sarah, and Brad -- a million Christmases, a trillion Fourth of Julys
--T. J. Stanley
For my loving wife, Connie, and my dear children, Christy, Todd, and Daniel
--W. D. Danko
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(Introduction): Twenty years ago we began studying how people became wealthy.
The person who said this was the vice president of a trust department.
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(Click to show. Warning: May contain spoilers.)
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Amazon.com Amazon.com Review (ISBN 0671015206, Paperback)

How can you join the ranks of America's wealthy (defined as people whose net worth is over one million dollars)? It's easy, say doctors Stanley and Danko, who have spent the last 20 years interviewing members of this elite club: you just have to follow seven simple rules. The first rule is, always live well below your means. The last rule is, choose your occupation wisely. You'll have to buy the book to find out the other five. It's only fair. The authors' conclusions are commonsensical. But, as they point out, their prescription often flies in the face of what we think wealthy people should do. There are no pop stars or athletes in this book, but plenty of wall-board manufacturers--particularly ones who take cheap, infrequent vacations! Stanley and Danko mercilessly show how wealth takes sacrifice, discipline, and hard work, qualities that are positively discouraged by our high-consumption society. "You aren't what you drive," admonish the authors. Somewhere, Benjamin Franklin is smiling.

(retrieved from Amazon Mon, 30 Sep 2013 13:54:41 -0400)

(see all 5 descriptions)

Stanley and Danko reveal surprising secrets about America's millionaires and provide an valuable blueprint for improving anyone's financial health. "The implication of (this book) is that nearly anybody with a steady job can amass a tidy fortune".--Forbes".… (more)

» see all 4 descriptions

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