The Millionaire Next Door

CAN YOU SPOT THE MILLIONAIRE NEXT DOOR?

Who are the rich in this country?

What do they do?

Where do they shop?

What do they drive?

How do they invest?

Where did their ancestors come from?

How did they get rich?

Can I ever become one of them?

Get the answers in The Millionaire Next Door, the never-before-told story about wealth in America. You'll be surprised at what you find out....

Amazon.com
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.

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All Customer Reviews
Average Customer Review:
0 of 2 people found the following review helpful:

Overrated, 2008-06-17
While the book has some interesting insights into the wealthy, what is the point of amassing a fortune if you're living well below your means? If you're looking to make some money I recommend you read some books on investing. Phil Town's book "Rule #!" is a great book based on the same investment strategies that Warren Buffet uses.


0 of 0 people found the following review helpful:

Great read!, 2008-06-11
Descriptions from interviews of millionaires were the most interesting aspects of this book. The authors occasionally cited actual paraphrases from some of these folks and those statements were often impactful.

At the end, it's all common sense as in almost all business books. My biggest gripe was the overbearing use of statistics - they can make the numbers say whatever they want and there were times that they did this. For example, their questionaire must have had a question about being self-made or did they recieve an inheritance. Everyone always says they are self-made even if they came from a fairly well off family. They oversimplify how difficult it is to become more wealthy than your parents. Relying on the answers to a questionaire for this insight is unreliable.

But in summary, the book makes some great points about the inner workings of a traditional successful business owner. My favorite of which is that any business owner in any industry can become immensely successful, whether it be hauling garbage, running pawn shops, designing software or selling pharmaceuticals. It's all about hard and smart work.


1 of 1 people found the following review helpful:

Great book, 2008-05-28
I am a financial advisor and I frequently loan this book to clients and they usually love it. Its also a great book to give to young people. It really gets across the message that you don't have to make a lot of money to be wealthy, you just have to live below your means and invest well. Highly recommended.


0 of 1 people found the following review helpful:

Common Sense for the financial disciplined, 2008-05-24
This book just gives stats behind what should be common sense. If you save your money and stay away from the flashy things in life of course you will be better off in the long run....financially. I think we should all remember the fine line though, tomorrow isn't promised so don't kill yourself to save a couple dollars unless you think you are taking your $ with you when you die. I got through half of this book and just felt they could have gotten to the point in maybe 40 pages, why waste valuable time.

On the contrary, I think this book could be beneficial for those lacking in discipline in their finances. If you fall into this category, I would recommend this book.


1 of 1 people found the following review helpful:

Teaching me More than I was Ever Taught about Money, 2008-05-23
I'm a single woman in my early 30s, my parents are middle-class and doing okay. The only thing i was taught as a kid was "save your money" or "dont spend it". that went in one ear and out the other. i never had it in my mind to rely on a man or get married for wealth, but my Mom always seemed to put that idea towards me...even though i never took it on.
Im an educated woman and working on my Business Degree. Ive made my mistakes in Credit card debt but luckily i am almost debt free and my mistakes never got out of control... i stopped and panicked when my debt hit $8k and for me that was it!

This book is teaching me much more in terms of having a mindset of growing wealth and investing than anything or person in my life ever has.
I wish i had this book 10 years ago when i was 20 but i still have plenty of time to get this thing on track.

When we buy groceries we usually have our brands and favorites we buy on certain things... me i pay good money for ice cream.
This week I saved $3 by switching to a cheap brand. i was proud of myself. That $3 goes into my savings.
I have no doubt in my mind that I will never become a PAW, I plan on putting more time into investing and learning about money each week.

Too bad my Dad never taught me this stuff :(

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