A lot of misconceptions about wealth and the wealthy, was clearly defined. You will obtain a greater understanding of what wealth is not and a great way to begin building a great future with the knowledge found here. Fascinating read!
Heard of this book many years ago and finally decided to read it. Just so happens that almost 20 years after this was published, not much at all has changed. It's sad that this type of information has hidden in the open form of a timeless American Classic. Such information should be taught in school as these teachings are obviously not being cultivated home in present and rising generations. This is definitely one of my top books for mentoring now.
The information was quite informative and very interesting. A good read but be prepared for lots of numbers, stats and percentages. It's gets a little dry but worth the time.
Save your money/credits. Summed up, this book talks about how an average 'wealthy' person is that way because they are extremely frugal and do not spend their money on anything beyond basic necessities. It's the fact that this book is 8 hours of reiterating that fact over and over that really just didn't sit well with me.
Another thing that I have trouble digesting is the idea that correlation does NOT imply causation. Meaning: just because they are very frugal, does not mean that being frugal will make you be a millionaire. This book was written and researched during the 90s which was the biggest bull market of our time. If you invested so much as a few thousand dollars in even low-risk mutual funds, you were still doubling almost tripling your money if you held on to it long term. Not only did these people stockpile all of their wealth, they used that wealth very intelligently and got to ride a very big wave because of it.
I agree that high income people never become wealthy because they're too busy keeping up with the Jones'. I do however believe there is a happy medium between using smart investing techniques and still being able to go on a vacation once in a while. You can't bring your money with you, so enjoy it while its around, responsibly.
The reality is everything that glitters isn't gold! The book puts an emphasis on saving and protecting your wealth. We must think like the millionaire next door if you expect to attain that status of wealth and leave a legacy for our children.
All I can say is, why didn't I read this book when I was 25? I have learned many of the lessons taught in this book the hard way. I liked is so much I bought a hard copy for my daughter.
Great book !!!
I would recommend it to anybody including teenagers young married couples and older couples.
It Would be the best gift you ever gave you children .