The Millionaire Next Door

The Millionaire Next Door

The Surprising Secrets Of America's Wealthy

Book - 1996
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"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 by Dr. Thomas J. Stanley. 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.
Publisher: Atlanta, Ga. : Longstreet Press, c1996.
ISBN: 9781563523304
1563523302
9780671015206
0671015206
Branch Call Number: 305.52340973 Sta
Characteristics: 258 pages ; 24 cm.
Additional Contributors: Danko, William D.

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LibraryAHolic
Sep 27, 2017

This is a good book for average people who want to grow wealth. Wealth is about how much you keep, not spend. Learn from people who have created personal wealth who weren't pop stars or pro sports players.

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lekrasky
Apr 21, 2017

This book was different from a lot of money management books because it talked about living within your means more than investing. If you are looking for a book on investment strategy, skip this. If you are looking for something that will help you make wiser decisions with the money you already have, this is a good one. It is a bit outdated by now, but a lot of the same principles can be applied.

r
readingthewater
Mar 04, 2017

I return to this book every few years for a quick re-read. The information is good and well presented. Its a welcome antidote to the myth that millionaires live like, and should live like, the Kardashians. They don't. One thing though- I believe that its possible to give money and be a millionaire and that is nowhere covered in the book

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TJUlsby
Jan 19, 2017

Great book. The authors provide much needed insight into the lives of those who have attained significant wealth throughout their lifetimes. Would recommend to those looking to change their lifestyle habits or looking for guidance.

1
1aa
Sep 14, 2016

Summaries of study findings from the U.S.A. twenty years ago. Interesting enough, but the main use for anyone today is the advice the authors distill from their work.

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bradenbost
May 24, 2016

I grabbed this one because Dave Ramsey talks about it a lot. Turns out the statistics Ramsey quotes from this book are only from the very beginning--as one would hope, there's a lot more depth to this information than just "who in America has wealth and what do they spend it on."

The most surprising thing to me about this book is how much it felt like a book on PARENTING instead of a book on wealthy people and/or getting wealthy. Stanley's information on what happens to kids raised in different kinds of wealthy families really stood out to me. Everything was interesting in it, though, from start to finish. Easily my favorite part was the discussion on the focus group that ended up having the "UAW" in attendance, with the spoiled daughters and the son taking over the family business.

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sarajeandavis13
Mar 03, 2016

I enjoyed reading this book. It pointed out the differences between affluent-affluent, and the paycheque to paycheque "affluent" and how to prevent yourself and your offspring from becoming part of the latter group. I would like to get my husband to read this book so he can realise that spoiling your kids actually works against them in the long run, and it is a cycle that is very hard to get out of! Since reading this book I have met with a financial coach and reevaluated my savings strategy. I also created a family budgeting spreadsheet so that I can track our dollars and determine ways we can cut costs and increase our net worth.

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lizzoneal82
Jan 11, 2016

Great read for anyone interested in building wealth or just the wealthy in general. Good, practical advice on teaching your children about wealth also.

KenMarriott Jul 10, 2015

Exposes the difference between people who work hard at looking weathy and those that control their spending habits and are wealthy. For husband and wife it is important to be on the same page. It is pointed out that in some instances the wife is more conservative in wealth families.

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astamcdog
May 29, 2014

Couldn't get past the sexism in this one. Apparently the average millionaire is a 57-year-old man. He has a wife, but she is not a millionaire -- she's a millionaire's wife! Ew.

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AL_KATHRYN Aug 18, 2016

Many people who live in expensive homes and drive luxury cars do not actually have much wealth. Then, we discovered something even odder: Many people who have a great deal of wealth do not even live in upscale neighborhoods.”
― Thomas J. Stanley, The Millionaire Next Door: The Surprising Secrets of America's Wealthy

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carlastephenson
Jun 05, 2014

Wealth is not income. Wealth is what you accumulate, not what you spend.

c
carlastephenson
Jun 05, 2014

Building wealth takes discipline, sacrifice and hard work. Do you really want to become financially independent?

Age Suitability

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t
TJUlsby
Jan 19, 2017

TJUlsby thinks this title is suitable for 25 years and over

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carlastephenson
Jun 05, 2014

carlastephenson thinks this title is suitable for 10 years and over

Summary

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t
TJUlsby
Jan 19, 2017

There are two types of wealth accumulators in our society; those that are prodigious accumulators of wealth and those who are under accumulators of wealth. To calculate the threshold to be considered a PAW take your (age*yearly income)/10. PAW's much of the time have a very strong defense (frugality) which allows them to build up a net worth that is many times higher than UAW's in a similar cohort. Having a good offense (realized income) does not readily translate into wealth accumulation. A significant number of UAW's have a superb offensive, but lack the skills needed to play a solid defense. It is within the benefit of the individual to live below their means in order to build a large net worth. The American society has conditioned a large percentage of the population to become consumers and materialistic. What PAW's realize is that material goods (e.g. cars, house, clothes) do not make the individual. Conversely, UAW's are more likely to be involved in careers that engage in show-off purchasing behaviors (physicians, lawyers, upper management etc.) They essentially need to prove their aptitude in their careers via high status purchases. Of the PAW's interviewed, a majority of them were owners of "dull" businesses (i.e. companies that provide a necessary service, but do not appear to be of high status). What do PAW's investment portfolio's look like? Much like the businesses they run.

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