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The Millionaire Next Door: The Surprising Secrets of America's Wealthy, by Thomas J. Stanley, William D. Danko
Ebook The Millionaire Next Door: The Surprising Secrets of America's Wealthy, by Thomas J. Stanley, William D. Danko
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The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.
- Sales Rank: #1124 in Books
- Brand: Taylor Trade Publishing
- Model: 9339507
- Published on: 2010-11-16
- Original language: English
- Number of items: 1
- Dimensions: 9.06" h x .79" w x 6.07" l, .93 pounds
- Binding: Paperback
- 272 pages
Features
Amazon.com Review
How can you join the ranks of America's wealthy (defined as people whose net worth is over $1 million)? 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 wallboard 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. --This text refers to the hardcover edition.
From Library Journal
In The Millionaire Next Door, read by Cotter Smith, Stanley (Marketing to the Affluent) and Danko (marketing, SUNY at Albany) summarize findings from their research into the key characteristics that explain how the elite club of millionaires have become "wealthy." Focusing on those with a net worth of at least $1 million, their surprising results reveal fundamental qualities of this group that are diametrically opposed to today's earn-and-consume culture, including living below their means, allocating funds efficiently in ways that build wealth, ignoring conspicuous consumption, being proficient in targeting marketing opportunities, and choosing the "right" occupation. It's evident that anyone can accumulate wealth, if they are disciplined enough, determined to persevere, and have the merest of luck. In The Millionaire Mind, an excellent follow-up to the highly successful first analysis of how ordinary folks can accumulate wealth, Stanley interviews many more participants in a much more comprehensive study of the characteristics of those in this economic situation. The author structures these deeper details into categories that include the key success factors that define this group, the relationship of education to their success, their approach to balancing risk, how they located themselves in their work, their choice of spouse, how they live their daily lives, and the significant differences in the truth about this group vs. the misplaced image of high spenders. Narrator Smith's solid, dead-on reading never fails to heighten the importance of these principles that most twentysomethings should be forced to listen to in toto. Highly recommended for all public libraries. Dale Farris, Groves, TX
Copyright 2001 Reed Business Information, Inc.
Review
The implication of The Millionaire Next Door...is that nearly anybody with a steady job can amass a tidy fortune. (Forbes)
The kind of information that could lift the economic prospects of individuals more than any government policy...The Millionaire Next Door has a theme that I think rings very true..."Hey, I can do it. You can do it too!" (Rush Limbaugh)
[A] Remarkable book. (The Washington Post)
A nerve has been hit....[For] people who want to become wealthy. (USA Today)
A primer for amassing wealth through frugality. (The Boston Globe)
An interesting sociological work. (Business Week)
A fascinating examination of the affluent in American society. (The Dispatch (Lexington, NC), (Nc) Dispatch)
These, for the wise, are tips for all of us....A very readable book. (Cox News Service)
Debunks the image of the rich as high-living spendthrifts. (U.S. News and World Report)
I love the book, The Millionaire Next Door. It talks about how it is a myth that most millionaires in America have inherited their money. The fact is, we have created such a great country over 250 years. We have actually found the way for poor people to go from nothing to huge wealth and to create a life-changing opportunity for their children and grandchildren. We celebrate it, write movies about it, and our libraries are full of books about it. There is nothing wrong with that. (Bernie Sanders)
The authors mine reams of data to show the surprisingly frugal traits millionaires have in common. "The main lesson provided is that high income does not equal wealth," said J.R. Rosskamp, managing director of Veritas Partners, Inc., a business consulting firm. Rosskamp calls "Millionaire Next Door" a "must read, and the earlier the better." (Chicago Tribune)
Most helpful customer reviews
829 of 897 people found the following review helpful.
A Book Whose Time Has Come--wisdom long OVERDUE!
By A Customer
I used to be one of those people who spent all or at least most of my money and thought I was doing okay with the little savings I had in the bank earning 2% (wow).I always bought brand new cars, new clothes, went on vacations 6-8 times per year and partied. I had a great time! One day my company shut down and I was forced to live on 50% OF MY INCOME. My savings dwindled to nothing and I had a hard time making car and credit card payments. I came to the realization that I was "renting" my "lifestyle" all of which was encumbered with debts and false belief in "job security" A friend loaned me a copy of "The Millionaire Next Door" and I had to painfully admit that I had been a fool. I met a really nice old couple in their '70's who never made much over minimum wage in salary, but were debt free and had 100's of thousands to retire on and were living better than the flamboyant fools like me who spent through their incomes. This book turned me around. I would also recommend "9 Steps to Financial Freedom" and 'More Wealth without Risk" to add to your library, or at least borrow from a library. I am now living better, earning 20-25% in mutuals, contribute to my new companies 401 (k), have a IRA and am DEBT FREE with the exception of my mortgage which will be paid off in five years (or less).
76 of 81 people found the following review helpful.
A Good Read
By A Customer
The Millionaire Next Door by Thomas J. Stanley and William Danko is a fun to read book for anyone interested in understanding America's wealthy, defined by Stanley and Danko as those people who have net worth of $1 million dollars or more.
The Millionaire Next Door claims that there are seven key factors that lead to wealth accumulation. Included are: 1. Living Well Below your financial means. In other words being frugal. Buying the reliable used car versus the shinny new BMW or Porsche.
2. Spending your time wisely and in ways that lead to building wealth, such as studying investment. 3. Being more concerned about financial independence rather than showing off how much wealth you possess.
This is a book that will make you feel good about yourself if you are a compulsive coupon clipper or if you keep telling your kids to shut the door as they are letting the heat out of the house and it is costing you money. The book claims that it will teach you how to join the ranks of America's millionaires. Who could resist reading such a book?
To get rich, you must first learn not to be a hyperconsumer. In other words don't buy a lot of expensive stuff you don't need. You need good "offense" or generating earnings of at least $60,000 or more a year. Then you need good "defense" or saving a goodly portion of what you earn. Then you need to get old.
In fact, even if you don't have a million dollars, you can still be "rich" by being a PAW. PAWs or "Prodigious Accumulators of Wealth" have more money than you would think they would based upon their age and income. In contrast are the wasteful UAWs or "Under Accumulators of Wealth." There are also AAWs (Average Accumulators of Wealth) but they aren't discussed much. No mention is made of how much EWOKS tend to accumulate. But, I'm betting those furry little fellows save a lot.
So even athletes worth tens of millions of dollars can be UAWs. There is something reassuring in that! There is a lot of interesting knowledge to be gleamed from this book. We learn that 3.5 of every 100 households in America have a net worth of $1 million dollars or more. But that 22 of every 100 households headed by Russians have a net worth over $1 million dollars.
We also learn that self-employed people account for over 2/3 of the wealthy in America. But Stanley and Danko do not tell everyone to start their own business. That's too risky, the authors say. In later chapters they do mention some businesses that they believe are poised for growth in the future. Businesses that cater to millionaires.
Danko and Stanley seem to see a glimpse of successful businesses when they suggest starting professional businesses. Such businesses tend to need to generate less revenue to make an equivalent level of profits. But this is equivalent to starting a business with high net margins. Many non-professional businesses also have relatively high profit margins. Many college drop outs have built computer-programming based companies, for example.
Despite having studied wealth for decades, and holding PhD's, Stanley and Danko seem to have some misunderstanding about the nature of wealth building via entrepreneurship. It is pointed out that many corporate businesses fail to report profits in any given 12 month period. No allowance is made for businesses like amazon.com which are growing rapidly and establishing themselves. The implied message seems to be that running a business is just too risky. And, it is pointed out that many businesses demand considerable resources like land for coal mining. But, before this the authors are toting investing in assets that appreciate. Land is one of those assets.
We are told that one key factor of the rich is that they minimize their tax bite. The rich tend to pay a much smaller percentage of their overall wealth in taxes than most people. But, here it seems Stanley and Danko are mixing up cause and effect. Yes, the rich think about taxes. But, it is precisely because they have already saved a lot, and have retained wealth that is not taxed, that they pay a smaller percentage of their wealth in taxes.
But Stanley and Danko can be excused for any oversight as they hold PhD's and "being well educated has certain drawbacks" with regard to the creation of wealth.
The flaw of pursuing spending to show you are affluent and have financial status is very thoroughly trashed, as it rightfully should be. All successful people tend to be achievement oriented. But, I think the book could do a better job of following up upon the fact that 2/3 of America's wealthy are small business owners. It seems an injustice to just sweepingly say that likelihood of success in business is tenuous, and imply you should get a professional degree so that you have high earnings to save. Maybe this is what some business owners tell their children, but it is not how they acquired their wealth. To really understand wealth creation, you need to understand business, and I feel Stanley and Danko could do a better job expanding upon this.
Finally, there is some very interesting food for thought about how wealth will affect your children. I like this book a lot and recommend it. Peter Hupalo, author of Thinking Like An Entrepreneur.
281 of 313 people found the following review helpful.
This is how the rich become rich
By A Customer
Creating wealth is sort of like dieting.Everybody wants the end result but the discipline to achieve that result is usually lacking.Oh, if only there were a magic pill that you could take to lose weight or to create wealth without changing your habits. We would all be rich.FRUGALITY...FRUGALITY...FRUGALITY. It takes discipline.Contrary to certain opinions i.e. revews posted here, you don't need "a wad" to do this.However, by following these concepts, you will soon have a wad.There is no level of income that you can't outspend and yet most of us feel that we have an unlimited supply of cash.You would think that considering the ever increasing number of bankruptcies and mortgage foreclosures not to mention company downsizings that people would have learned by now. Peer pressure...keeping up with the Jone's drives many people to live beyond their means. Remember this: when your outgo exceeds your income, your upkeep will become your downfall.DELAY GRATIFICATION. Pay yourself first. Invest and then buy toys with the profits.Another good book to read is Rich Dad Poor Dad and Cash Flow Quadrant. Robert . Kiyosaki has a different strategy than Stanley and Danko in certain areas but is in agreement in other areas. The authors work compliments each other and I highly recommend these books to all would be financial achievers.Another book that is popular right now and says some of the same things is The Automatic Millionaire by David Bach.Read and grow rich.
See all 2234 customer reviews...
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