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The Millionaire Next Door Audiobook

The Millionaire Next Door: The Surprising Secrets of America's Rich

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Publisher's Summary

Who are the rich in this country? What do they do? How do they invest? How did they get rich? Can you ever become one of them? Get the answers in The Millionaire Next Door, the never-before-told story about wealth in America. You'll be surprised by what you find out.

©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.

What the Critics Say

"The implication of The Millionaire Next Door is that nearly anybody with a steady job can amass a tidy fortune." (Forbes)

What Members Say

Average Customer Rating

4.4 (4305 )
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Performance
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  •  
    Chris 02-04-16
    Chris 02-04-16 Member Since 2016
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    "Really made an impact"
    What was one of the most memorable moments of The Millionaire Next Door?

    How our natural perception of people who are wealthy is misguided.


    Was there a moment in the book that particularly moved you?

    When he was comparing the different types of car buyers. I never realized how much time most waste on purchasing a vehicle compared to applying that time to a regular budget and finances.


    Any additional comments?

    Very helpful to understand how to keep your income and allow it to work for you.

    0 of 0 people found this review helpful
  •  
    markie59 02-04-16
    markie59 02-04-16
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    "fascinating. .but data is horribly dated"

    very intriguing. . but i almost returned it due to the data being 20 years old. A refreshed version would be more helpful.

    0 of 0 people found this review helpful
  •  
    Amazon Customer 01-25-16 Member Since 2015

    LJ

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    "A must read for every parent and child!"

    Although the book is dated the principles are timeless. It is a must read for every parent and teenager. I originally bought the book for my teenagers thinking I knew everything it had to say and like so many books touting the secrets of financial success would fail to mention the importance of the person you marry. I was impressed to learn that it more than touched on this in addition to many interesting facts and topics.

    0 of 0 people found this review helpful
  •  
    Marc S Johnson 01-17-16
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    "Worth reading/ listening"

    A good book. Overall. Good message in that to be truly wealthy you have to have a mindset of being frugal. Profligates will not maintain wealth (at least not more than a generation) no matter how well off they start or how good their income.

    Critiques are it's clearly sexist overtones, and the misuse of statistics: e.g. '~20% of millionaires have Penny's cards' is said to demonstrate that millionaires shop at lower-end retailers. While it may be true this means that the vast majority DON'T have JCPenny's cards, so it's a moot point that should have never been made. There are several such examples of this statistical slight of hand.

    0 of 0 people found this review helpful
  •  
    Stevie 01-04-16
    Stevie 01-04-16
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    "Dr. FlyGuy"

    great info and blueprint for living. will be implimenting these concepts immediately. great book. j

    0 of 0 people found this review helpful
  •  
    rastegar 12-31-15
    rastegar 12-31-15 Member Since 2016
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    "Horrible"

    This to me was more like PH.D. Research Thesis rather than a book. Lots of data with no reference and questionable conclusions. This book is just a theory upon questioning small fraction of a group called Millionaires. No practical way was presented. Just pure data and repetition of those datas.

    0 of 0 people found this review helpful
  •  
    Amazon Customer 12-30-15 Member Since 2015
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    "inspirational and Educational "

    Great information for financial &career decisions. Looking forward to enjoying other titles in the series..

    0 of 0 people found this review helpful
  •  
    Dee 12-29-15
    Dee 12-29-15 Member Since 2012
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    "Enlightening"

    This is a great reminder of old school money management and living rules. in our consumer driven fast paced society,it is easy to get so busy and caught up in the way of life that you forget your roots. Thanks for the reminder. I am making the changes to leave a rich legacy for the next generation in my family.

    0 of 0 people found this review helpful
  •  
    Mentor Shelly Coconut Creek, FL, United States 12-22-15
    Mentor Shelly Coconut Creek, FL, United States 12-22-15
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    "Exceptional lessons on millionaires"

    The book teaches us never to make assumptions about what people are vs what you think they are. I learned so much about what how things really work versus how we think they work when it comes to money.

    0 of 0 people found this review helpful
  •  
    Anthony R. Marzzarella 12-20-15
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    "Wash, rinse and repeat, wash rinse and repeat..."
    What disappointed you about The Millionaire Next Door?

    This book explained that if you spend less than you make your wealth will increase. It then explained it about another 20 times. I cannot believe that people who would be interested in this book do not understand this principle.

    The book was a statistical report on two types of people. First people who had a large income and spent most of it on "toys" and themselves. Second was people who had a large income and refused to spend it. Then the book just rehashed and re-presented the data over and over again to show that all the "Millionaires" died with so much money that they had to give it to charity as not to pay huge taxes.

    I do agree that we should save and prepare for retirement, but not by giving up all the joys that come from our spoils. It makes sense that if you spend less than you make you will have plenty of money, but there comes a time when you begin to accumulate too much.

    As I stated earlier this book outlines high income people, most of these people made over $200k in the early to mid 1990s. That would put them in the top 1%. I am not an anti 1%er but I do not understand what average income earners can learn from their spending habits.


    Has The Millionaire Next Door turned you off from other books in this genre?

    No I enjoy personal finance books and will continue to listen.


    Who would you have cast as narrator instead of Cotter Smith?

    No he did a fine job presenting very dry statistical data.


    Any additional comments?

    This book would be a good resource for a report on the wealthy and their spending habits, but I do not see what the average person is supposed to glean from this.

    0 of 0 people found this review helpful
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  • Michael
    Manchester, United Kingdom
    12/23/12
    Overall
    "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.

    7 of 8 people found this review helpful
  • Mohammed
    LEICESTER, United Kingdom
    12/29/11
    Overall
    "Briliant."

    Fantastic this book has changed my life. This book is also recomended to me by Brian Tracy

    6 of 7 people found this review helpful
  • clive
    4/24/16
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    "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 .

    1 of 1 people found this review helpful
  • Judy Corstjens
    9/25/16
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    "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.

    0 of 0 people found this review helpful
  • shane
    8/23/16
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    "eye opener "

    showed me different outlook on wealth really good book very educational i would highly recommend

    0 of 0 people found this review helpful
  • Bernice
    United Kingdom
    6/21/16
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    "Very Different!"

    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.

    Recommended.

    0 of 0 people found this review helpful
  • Adegboyega
    4/19/16
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    "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.

    0 of 0 people found this review helpful
  • platitude
    3/23/16
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    "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.

    0 of 0 people found this review helpful
  • cedric
    3/1/16
    Overall
    Performance
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    "Very insightful!"

    So contrary to the public perceived image of how most millionaires are made or live

    0 of 0 people found this review helpful
  • Amazon Customer
    1/29/16
    Overall
    Performance
    Story
    "Very interesting and revealing."

    Can be quite stat heavy (which was great for me but might overwhelm some).
    Interesting and revealing makes you consider your own consumption habit and what if any, legacy you will leave behind.

    0 of 0 people found this review helpful

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