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The Millionaire Next Door: The Surprising Secrets of America's Wealthy (1996)

by Thomas J. Stanley, William D. Danko

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3,306452,759 (3.73)22
"Why aren't I as wealthy as I should be?" Many people ask this question of themselves all the time. Often they are hard-working, well educated middle- to high-income people. Why, then, are so few affluent. For nearly two decades the answer has been found in the bestselling The Millionaire Next Door: The Surprising Secrets of America's Wealthy, reissued with a new foreword for the twenty-first century. According to the authors, most people have it all wrong about how you become wealthy in America. Wealth in America is more often the result of hard work, diligent savings, and living below your means than it is about inheritance, advance degrees, and even intelligence. The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. You will learn, for example, that millionaires bargain shop for used cars, pay a tiny fraction of their wealth in income tax, raise children who are often unaware of their family's wealth until they are adults, and, above all, reject the big-spending lifestyles most of us associate with rich people. In fact, you will learn that the flashy millionaires glamorized in the media represent only a tiny minority of America's rich. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door.… (more)
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» See also 22 mentions

Showing 1-5 of 45 (next | show all)
I believed I read this book 10 years ago...The content is alright but it did not have a significant impact on me. ( )
  Wendy_Wang | Sep 28, 2019 |
I believed I read this book 10 years ago...The content is alright but it did not have a significant impact on me. ( )
  Jason.Ong.Wicky | May 2, 2019 |
Some interesting statistics and observations.
  brokensandals | Feb 7, 2019 |
Live beneath your means, and aim to get a job that pays really well.

Advice you've heard before from your parents, but never believed it until you were in your mid-twenties and wishing you'd taken up a more profitable degree. ( )
  mrsrobin | Jun 24, 2017 |
Some of the advice in this book is valuable. It can basically be reduced to this:

1. The wealthiest Americans (in terms of net worth compared to income) are generally not who you would expect, because they are frugal, investing their income instead of spending it on status items.

2. Those who look the wealthiest (buy new luxury cars every few years, have a massive house in a wealthy neighborhood, etc.) are often not actually that wealthy because they spend their whole income on maintaining their lifestyle inflation.

There's some more specific details and lots of case studies, which are interesting, but quickly becoming less and less relevant because the book was published in the 90s and the economy has changed a lot since then.

My main complaint is that Stanley and Danko's tone could be a bit patronizing at times, and they were partial to scaremongering about the intentions of "the liberal politician and his friend the taxman." Ha. ( )
  hungrylittlebookworm | Mar 27, 2017 |
Showing 1-5 of 45 (next | show all)
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» Add other authors (2 possible)

Author nameRoleType of authorWork?Status
Stanley, Thomas J.primary authorall editionsconfirmed
Danko, William D.main authorall editionsconfirmed

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Dedication
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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"Spend less than you earn"

should be common sense, but some

still want to spend more.

(legallypuzzled)

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Taylor Trade Publishing

2 editions of this book were published by Taylor Trade Publishing.

Editions: 1563523302, 1589795474

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