The Millionaire Next Door (Millionaire Set Book 2)

The Millionaire Next Door (Millionaire Set Book 2)

Posted by jack_miller | Published 7 months ago

With 29 ratings

By: Thomas J. Stanley and William D. Danko

Purchased At: $19.99

How do the rich get rich? An updated edition of the “remarkable” New York Times bestseller, based on two decades of research (The Washington Post).
 
Most of the truly wealthy in the United States don’t live in Beverly Hills or on Park Avenue. They live next door.
 
America’s wealthy seldom get that way through an inheritance or an advanced degree. They bargain-shop for used cars, raise children who don’t realize how rich their families are, and reject a lifestyle of flashy exhibitionism and competitive spending. In fact, the glamorous people many of us think of as “rich” are actually a tiny minority of America’s truly wealthy citizens—and behave quite differently than the majority.
 
At the time of its first publication, The Millionaire Next Door was a groundbreaking examination of America’s rich—exposing for the first time the seven common qualities that appear over and over among this exclusive demographic. This edition includes a new foreword by Dr. Thomas J. Stanley—updating the original content in the context of the financial crash and the twenty-first century.
 
“Their surprising results reveal fundamental qualities of this group that are diametrically opposed to today’s earn-and-consume culture.” —Library Journal
 
I wish I had considered the publication date before buying the book. The ideas were ok but the backup data out of date. Too many "dumb" examples of cars, inheritance goals,occupations! The worst case the stupid dog story at the end of the book. My recommendation is to SAVE your money. Do not buy the book.

- alexandra_martin

I enjoyed this book as it gave me some insight to an are I am not familiar with. It has changed some of my personal viewpoints on what is important and reinforced what I’m already doing well. I recommend reading this book if you’re interested in growing wealth. This book will give you some direction to go if you don’t already have some. I took 1 star off because it’s a little bit boring.

- regina_taylor

A fairly good book, but could have been summed up in a single sentence.

"Save your money, and don't be too image conscious. "

Of course, that single sentence would not sell millions of books, and make the author a millionaire.

- itzayana_long

This is one of the rare books that I read within two days. It gave me an insight of how people get their riches and pass down their knowledge to the next generation. Overall, a great read. Some of the data points might be dated, but the overall message was spot on.

- teagan_howard

Very interesting study but didn't expect that to be a millionaire you have to not live basically. Good research done.

- gabriel_walker

There is too much bluff and endless details to stories even after the point of the story had been made.

- margot_stewart

Great book. Highly recommend

- canaan_adams

Worth the read for certain. Great deal of good info if you wonder what a millionare does with their money and best practices.

- tiana_edwards

The info in the book can be summarised in one sentence- live frugally. That’s is all. It is probably worth to get the sample first before buying. There is a lot of useless statistic that extend the book and provide no useful info,for example - a few pages written about the background of millionaires (German, English,,Italian etc.) with conclusion that the background does not matter at all. Then there is info about what credit cards millionaires use - not sure what was the point here. And the bottom line is they use Visa and MasterCard. Wow!!! What a surprise and yes, they do use loyalty cards. Why? Because they live frugally!
Moreover, it jumps from various point with no logic it will start describing info in a line of ‘3 out of 192 millionaires wear a watch worth more than 5k; out of these watches one was given as a gift; 7 of 192 millionaires have never spent lots than 1k on a watch;175 out of 192 wear a watch worth less than 500 etc’, this makes it not only a super boring read but leads to a point completely unrelated like their background, which then will lead tot he fact they write a budget and stick to it, to how much they spend on alcohol to someone life story to god knows what else- I did not even finish it but can already Imagine a few pegs written about 80% of 168 out 192 millionaires’ clothing is black or grey so when it is dirty so you cannot see that and 75% do laundry only once a month which allows them to save on the cost of laundry (detergent, water and electricity) ;P

If you are very early on in your wealth creation journey you may find this info eye-opening. If you believe that millionaires drive Ferrari and wear designer clothes you will quickly change your opinion but if you already know that frugality is crucial or in fact you want to drive Ferrari then this book is pointless.

The only info that I found of interest was that they live on 7% of their wealth.

- sofia_anderson

Although a little repetitive at times and aimed at aUS audience. The underlying messages are very important . Well worth a read.

- jack_miller

I bought the book part 1 & 2 to understand different way of thinking about money. Both the book has excellent steps, with statistics to better understand why certain groups of people are successful over others. In a consumerism economy its very easy to want things and this is one of the books to point out the difference. I came to know about this book when one of my managers gave me this book to read.
It's a good book to read if you want to make changes. These things are not taught to us in colleges or schools.

- dalton_peterson

There are many books on personal finance, this one is not different. I just found planning of each millionaire towards inheritance or heirs extra which I haven't read before. It gives a good insight about deciding how our wealth will be handled after we leave this world.

- ariadne_reed

Not worth the money.

- damian_jackson

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