©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)
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 Stats are a little out-of-date, but the lessons are not.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.
Hello,. I find this book very educational for today's world,.. It is spoken in words we use everyday,.. It also will dispelled many dated beliefs about money and the mind set it takes to preserver with your personal goals,..
It will encourage you to have faith in daily self disciplines to benefit your future,..
Thanks for the advise,..
This book is so insightful and entertaining, that I could not stop listening. Well worth the time and money, a must read for every investor and spender!
This is a great book. Full of statics to backup their claims. Not so much a how to, but wake up call to all of us who want to be wealthy, but are not.
The theme of the book is millionaire don't spend as much as people who earn high income. Earning high income does not mean that a person is rich. In real life, we assume people who spend more as rich people but their networth may be less than people who don't spend on expensive goods. The books break common myths about millionaire. If a person has self discipline, live within the means and invest regularly, then he/she can become millionaire. On the other hand if a person is high earner and leads a upper class lifestyle, he may not become millionaire. It's a great book to read but towards the second half of the book, it began to feel like the same theme is repeated again. Spending behavior on automobile covers significant part of the book.
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