This book provided an interesting view of the millionaire community. What is surprising is that they don't all live the lifestyles that we would assume.
Given they way the majority of millionaires live there is some lessons of financial value we could all learn.
I think my search of the new and glossy may be greatly reduced and I'll look for more value for money and second hand products which are affordable to me, not affordable to the bank.
I learned quite a bit with the first listen that I've started a repeat.
The findings presented in the book were eye opening to me. Before I also had that misconception of who the wealthy really are. I thought the people who drive luxury cars and wear expensive watches were rich. But according to the authors' definition of wealth the rich don't even spend $500 for a watch and would buy used cars.
The stats might sound a bit dry but provide context to the analysis. The last part of the book can be helpful to those who look for ways to target the wealthy.
Definitely one of the books I read in 2011 that had an impact on me.
Voracious reader with a 70hr working week who rediscovered his passion for reading through Audible. Secretly in love with commutes!
The author has done some fantastic research but the material does not really lend itself to an audio format. The book is filled with hours of statistics and numbers, which makes for a great socio-economic study but not for great listening.
It will be great as a read and study book, just not as an audio book.
The abridged version might be more suitable.
A real eye-opener.
No Fluff... No Hype... Myth busting... A priceless information for the truth seekers.
A lot to learn... the habits one must obtain to become a millionaire.
It's the truth, the whole truth and nothing but the truth.
Overall, some amazing truths in this book, certainly the research indicates long term trends that still hold up despite the fact the data in circa 94/95. The principle of long term investment, and spending less than you earn is sheer gold and impossible to argue with. The one thing that made no sense was a whole detailed focus on car purchases. They should have talked about real estate and real estate investment. That is the one glaring ommission, especially given that real estate has been a huge factor in the fortunes of so many millionaires. Apart from that, a decent and worthwhile read.
If you are smart and hard working and wonder why you aren't rich, this book will give you the answer. It is the most elucidating book on the rich in America and how they got that way. It also makes it clear just how wrong most people are by associating "rich" with what they see on TV. This book should be a primer for anyone looking to succeed financially in their life. I never would have thought that hearing facts, figures and dry interview questions would hold me in rapt attention.
The good: The book has extensive research backing the author's viewpoint. The author does a good job pointing out the obvious problems of the standard American lifestyle of over-consumption, over-spending, and living beyond one's means.
The bad: Besides being very long and an endless barrage of boring statistics, the book had many flaws. When it comes down to it, it is about the lifestyle that you want. This author takes saving and frugality to the extreme. What is the point in working extremely hard and living a lifestyle of extreme and dull frugality, to die with a huge bank account? I work hard to play hard. I try to maximize profits, minimize expenses, plan and budget so I can have a good lifestyle. This book presents an endless flood of boring stats to prove that a boring life of saving and frugality is superior to a life of having experiences, a good lifestyle, and having something to show for your hard work.
I would suggest taking the main points of this book such as budgeting, planning, and not living beyond your own means in order to fit the lifestyle that you want. When it comes down to it, for me, it is more about taking these suggestions in moderation. But hey, if a dull life of frugality, savings and cruising around in the Lincoln Town Car are what float your boat, then this is a book for you.
this book was a real slap in the face. I enjoyed it emensely. Although it got a little redundant at times. the information really set the records straight in my own view of who millionaires are.
This book, plus Dave Ramsey's Money Makeover, should be part of everyone's real-world literature. Parents, take note on how to treat your children with financial support. Teenagers, learn now that society will pressure you to spend your way away from financial security. I'm a budgeter and am already on the right track. I thought this book would just "preach to the choir", but I was still able to take away some important insights about taxes, estates, and business ownership. Stats are a little out-of-date, but the lessons are not.
For years I heard this was great read, but I guess you could say I was slow to the chase. It was so worth the wait. But I wish I would have listened to it sooner. This is a great first book if you are beginning the journey to reframing the way you think about money and what you believe wealthy people think about money. This book gives you both a statistical and practical view of the behavoirs that lead to becoming wealthy. This is not a how to book. It is more of "let's first understand" what wealth is and let's examine your personal behavior so you can begin to get in the same mindset to begin the journey to becoming wealthy.