The Millionaire Next Door | Thomas J. Stanley, William D. Danko

The Millionaire Next Door | Thomas J. Stanley, William D. Danko | The Millionaire Next Door

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The Millionaire Ne...

	The Millionaire Next Door Thomas J. Stanley, William D. Danko Pocket, 1998 - 272 pages average customer review:based on 786 reviews view larger image
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highly recommended

A must read if your money needs serious management!

I mostly read non-fiction these days. Usually I stick to travelogues and historical accounts that generally are about the North Atlantic and, well, History. This year I made a point of starting to read business books.

"The Millionaire Next Door" isn't a book on business. It provides outstanding insight into how one should manage his or her personal finances through frugal spending. The authors aren't talking about investing in stocks. That is not the intention of the book. The key here is the word frugal. We live in a "high consumption" society and the temptation to spend on unnecessary items is way too high.

Using ample evidence (real life cases and consulting with millionaires), the authors drive home the point that a high income earner will not necessarily become a millionaire...and that guy driving the gleaming new Ferrari may not have enough to retire comfortably. Some of what the authors say may seem repetitive but their message works. They talk about everything from spoiled rich kids who have never managed to escape the influence of their parents to the tactics employed by those wealthy people when shopping for used cars.

My own spending habits (since I've finished reading the book) 3 months ago have changed considerably...for the better, I am sure. Because of its easy to understand format (the authors use plain English and no math), this book would make an interesting enough read for teenagers about to finish high school.

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The Millionaire Next Door

I was very impressed with the book on CD. Hearing the book kept the words running through my mind. The principles outlined in the book underscore the importance of budgeting, living within your means, and investing for the future. It also distinguished between affluent living (foreign luxury cars, country club memberships, expensive homes, etc.) and a wealth building lifestyle. Must reading for those serious about attaining financial independence and responsible financial management.

good stuff, a classic

The best way to understand other peoples outcomes is to grasp their behaviours. As an MBA and anthropologist, this is a facsinating book into the behaviours of "monetary" success. Very different from contemporary commercial messages about money and success. A real eye opener for a lot of people.

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Have Your Cake And Eat It, Responsibly

A constant criticism of this book is that there is so much attention to being frugal, that one doesn't get to enjoy the benefits of one's labors. To that I say, "Balderdash!". You don't have to follow all of Stanley's tips to benefit tremendously from his thinking. I love living below my means and coming up with ways to get more out of my money.
There were many ways I changed how I look at my life because of Stanley's insights. Do I follow all his advice? No. But I am the proverbial millionaire next door, and no one who meets me would ever guess.

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Defies Assumptions About the Rich

The statistical majority of millionaires operate in ways contrary to typical expectations. In fact, millionaires build and maintain wealth precisely because they defy those assumptions. People presume that millionaires must live and spend lavishly -- the surprise twist is that the ones acting that role are typically pretenders. They're actually under-accumulators who consume their way to impoverishment. Under-accumulators live a lifestyle they can't afford and end up unable to fund comfortable retirement.

If your goal is to live in a custom home, play in exclusive clubs and resorts, and drive exotic cars, The Millionaire Next Door is probably not for you. But if your goal is to provide for your financial future and retire worry-free, this book shows how the top 1% are building their wealth. It doesn't detail the mechanics of how to invest and manage your money. It shows that the rich are wealthy because of their frugal habits.

The concepts admittedly sound familiar after the first score of pages, and after many more iterations sound repetitive. Still the ideas are worth knowing and passing on.

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