The Millionaire Next Door : The Surprising Secrets of America's Wealthy
The Millionaire Next Door The Surprising Secrets of America's Wealthy Author:William D. Danko, Thomas J. Stanley The Millionaire Next Door: The Surprising Truth about Wealth in America exposes for the first time how ordinary Americans get and stay rich--without inheritance, advanced degrees, or lottery jackpots. Readers learn the seven common denominators that show up again and again among More...people who have built their personal fortunes from scratch. ... more »A New York Times bestseller for eighty-nine weeks. Learn the seven common denominators that show up again and again among people who have built their personal fortunes from scratch -- then put these lessons to work for you!« less
Patricia R. reviewed The Millionaire Next Door : The Surprising Secrets of America's Wealthy on
Helpful Score: 8
This book was a real wake-up call! This is how our parents lived and how my generation lived when we were younger. It also reminds us that "you can't always tell who has money and who doesn't". Lots of research to back up conclusions - tedious in parts but very valuable for anyone struggling to manage their finances in modern society.
Book that was absolutely eye opening to me and my finances. Realized the only, and I will say again, the only way to get ahead in the financial world is to budget and invest. Great book, I have been recommending to my family and friends.
When you search out books containing financial advice, you'll almost always sort them by publication date, because timeliness is important. This book was written in the mid-90's, which was a vastly different financial landscape than now. However, about 70% of the book discusses long-term themes and results of interviews and studies that is not affected by the ups and downs of any particular monetary climate. The other 30% of the advice given you will probably glance over and discard (heavy emphasis on the stock market and other types of investments, and we all know what happened in the late 90's / early 2000's in that world). I can't believe I never read this book before, as many times in the past 10 years or so I've heard it quoted and heard people mention things that were in it. I finally got around to reading it, and I'm glad I did. Even disregarding the out-of-date part, which really does not affect the main themes of the book, it was an interesting read. I have also noticed that financial books mostly center around a particular person or group's "plan", and this one was different, as it was an assemblage of plans by people who had already reached their financial goals, not a road map to how "you can be rich too!" like a lot of the others. It's more of a study and conclusion style book than most other financial advice books. With that in mind, I almost don't classify it as financial advice (although 70% of the book is worth taking to heart!), more of an academic case study using a hundred or so cases to make their point. Parts of it are so academic and dry you won't know what to do with the information - such as the involved charts explaining the ethnic background of millionaires they interviewed, how many millionaires per thousand their country has, home values by state, and some other charts that didn't seem to really help me any (I'm Irish and in South Carolina, and I found out that anecdotally anyway, there's not much hope for me ... but really, does that matter?) but again, that's more of a study than a guide. I do recommend it. By far the most interesting was the parts about family relationships and the success of your children, the things millionaires do that consistently bring about success for their children, and also the many ways children of wealthy people fail. Uncomfortably, I could put names of people I know in many of those spots (failure mostly). You will recognize patterns and learn how to avoid the pitfalls. Even though the book is 15 years old, I recommend it.
Jonathan H. reviewed The Millionaire Next Door : The Surprising Secrets of America's Wealthy on
Helpful Score: 2
The Millionaire Next Door, is surprisingly inspiring. It is a great read for a 20 something who wants to get ahead of the curve in quest to become a millionaire. The research that Stanley and Danko conducted and explained is easy to understand and relatable to real life. The book makes it seem possible to live a financially secure life. One last thing to point out is that it is an easy read and profiles what real millionaires act like...and they don't usually have expensive clothes and exclusive cars.
Really opened my eyes to how true millionaires, not heiresses that the media portrays, live. Changed many preconceived notions I had. Lots of statistics but if you can get past the numbers you'll find great info. Loved it.