©2000 Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D.; (P)2000 Simon & Schuster, Inc., All Rights Reserved, SOUND IDEAS is an Imprint of Simon & Schuster Audio Division, Simon & Schuster Inc.
"The implication of The Millionaire Next Door is that nearly anybody with a steady job can amass a tidy fortune." (Forbes)
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!
Should be read by all high school graduates! The book changes how you view money, retirement, careers, and people in society.
A few good principles discussed throughout the book. Excessive data that wasn't very helpful for me. Narrator was a little dry for my tastes (but that's just personal preference).
I loved the depth and detail of this book. While the figures can be difficult to stand up to over many hours, the information is still extremely useful. I recommend this book to EVERYONE who cares about their well being.
I really enjoyed this book but there is a lot of chapters that spend a lot of time talking about model of cars.. I get it, wealthy people mostly drive big sizes cheap cars but I dont need to know a whole chapter on cars.
"Makes money sense"
Sobering read in todays instant gratification world. The chapters in this book will shift most peoples paradigms on wealth and its accumulation. The book provides a sages worth of attitude changing insights into why individuals need to be more conscious of money management. It indirectly also provides hope that with the right money and investment attitude, regardless of the level of current income, one can make steady progress towards a significantly improved financial position over the long run.
Fantastic this book has changed my life. This book is also recomended to me by Brian Tracy
"A fascinating analysis of a rather niche topic"
The two authors have done vast amounts of thoughtful research into the spending patterns of affluent Americans, and the book often sounds like a market research report. This does not mean that it is not a fascinating piece of work, though I imagine it will not appeal to everyone. Thomas Stanley and William Danko set out a clear definition and analysis of what wealthy means, in their eyes. Their ‘wealth equation’ - age*gross annual income /10 - allows the authors to calculate an 'expected net worth' for individuals and thus determine whether a person is an accumulator (net worth > than estimate) or a spender (net worth < than estimate). They then compare the extremes, 'Prodigious Accumulators of Wealth' (PAWs) with ‘Under Accumulators of Wealth' (UAWs). This is in itself and insight. The key to being ‘rich’ (under their definition) is to live substantially below your means. In their world, PAWs are rich (even if they only have a net worth of $400k) and UAWs are poor even if they live the high life, subsidised by their parents or credit. This is actually more philosophical than financial – frugal PAWs feel financially secure and have the confidence that comes from being 'self-made', spendthrift UAWs worry about money and their old age. It’s very Mr Micawber: spend 19 pounds, 19 shillings and six pence, result happiness (though Micawber’s formula implies a surplus of 1/40 or 2.5%, S&D suggest you should aim for 10% or more). Stanley and Danko have also observed and then thought deeply about how the financial attitudes and behaviors of parents impact on their children. Many PAWs get it right by instilling the correct values of frugality and independence in their children. They help them with education and perhaps a house purchase or business investment, but they do not push cash gifts on their adult children. Unwise PAW parents use their wealth to cosset and/or control their children, while UAWs instill their spendthrift ways in their own offspring. Americans seem to think and talk more freely about money than we do in the UK, and the book is very US orientated, but I found it really useful to help me position myself in this domain. Obviously, the ideal is some Aristotelian virtuous median, to be neither a tight-wad, nor a spendthrift. This book will have a permanent impact on the way I handle the transfer of wealth to my own kids; I am going to spend more on myself (and my hardworking frugal husband) convinced that their independence is more valuable to our children than free cash.
"Spend 8 hours now to save 8 years work( or more ! )"
A must listen book about personal finance . Much of today's personal finance writing has been inspired by the findings from the studies discussed in this publication . Everyone will learn something about personal finances and importantly themselves in the stories told in The Millionare Next Door .
"You'll simply learn from this"
Why don't they teach you in school this, compound interest. It's simple, save invest live less wildly and don't borrow. If you don't learn from the examples in this book then you don't want to learn.
"Well worth a listen!"
Some good ideas about making the difference between living the high life or choosing to live modestly in order to build wealth.
"eye opener "
showed me different outlook on wealth really good book very educational i would highly recommend
I have listened to many wealth books and found this one quite different and very, very interesting. For example there was a section about how children of the wealthy can be inspired to be independent rather than just spend their parents' money. There was also insightful information about inheritance. Although the book is American and a little old now, I believe these principles still hold.
I did not expected to enjoy this book, but I did. I could not believe when the audiobook came to an end, I was so engaged.
I would very much recommend this book. I would say a must for parents who have adult children they are supporting, or those considering how to pass on their wealth to their offspring in the future.
"Nice read, no regrets."
It is a book that makes sense though some things were overemphasised but was necessary. The points were clear and reasonable.
"It all adds up."
Short but alot packed into it. worth listening to a few times.
very clear message it blows alot of the myth out of the sky.
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