If you wish to retire as a paper millionaire, the basic advice presented in this book is sound, particularly if you happen to have disposable income. Careful planning, living below one's means, adequate income and proper investing can lead to economic self sufficiency. The book provides many examples of folks who did, indeed find financial success.
But there are issues with some of the advice the authors provide. Single minded dedication to amassing wealth is often penny wise and pound foolish. Living in better neighborhoods might be more expensive, but they are often safer, provide better schools, and may generally provide a better investment in real estate. Saving money by not going on vacation deprives both you and your children potentially life changing experiences. Hoarding money by not giving to charity, or even your own children, does it's own kind of spiritual damage.
The sections involving children are especially worrisome. If one follows the advice in this book religiously, a first generation millionaire family will likely end up a third generation pauper. It is important to teach children self sufficiency, but it is equally, if not more important, to teach one's children to manage million dollar investment portfolios, and to make informed decisions on budgeting and allocations of large amounts of money. After all, a wise person would not leave a large financial legacy without the tools to use it properly.
The generation of wealth is not a goal in itself. In one example presented in the book, a woman expressed the goal to retire with five million dollars. Yet in the process of doing so, they live like paupers. This woman might never see retirement, might never enjoy all that money she carefully hoarded, might forever miss out on the joys and experiences that wealth can provide. Save for retirement of course, but never forget that we only get one life.
And in the end, that's where this book fails. Truly wealthy people certainly plan for the future, invest properly, and save much of their income. Yet they also try to enjoy the fruits of their labor, and they share their wealth as much as possible.
If you are not a millionaire but want to be, read this book. It's much of what your upper middle class parents should have taught you, but it's not everything, If money is all you care about, you will do well to follow the advice in this book. Yet if you wish to lead a rich life, the kind of life full of experiences and learning and yes, even of civil responsibility, you will do well to moderate your zeal of living the frugal life outlined in this book.
should be a mandatory high school class. well done and very motivational. I like the style, teaching through examples.
Be yourself to the maximum.
I'm glad I read this book. So much information that would've been helpful to me many years ago. I'm glad to be able to use its lessons now.
great information but some stuff really boring especially in the beginning. the stuff about gifts and spoiling family is amazing info. if u plan to make more than average money through job or business u must read/listen to this book. I listen on long road trips. kept me awake.
Even though this is an older title with a lot of out-of-date information, there is still a ton of really useful detail in this book. I really enjoyed it!
Author presents loads of interesting statistics comparing those who "act wealthy" and those whom are wealthy. The book provides some interesting takeaways on how to empower your children to be succesful with wealth by identifying specific actions that can lead to dependences and avoiding them outright! Would totally recommend this read/listen!