©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)
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.
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.
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.
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.
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.
No I enjoy personal finance books and will continue to listen.
No he did a fine job presenting very dry statistical data.
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.
Enjoyed the data and stories from case studies!
This is my second time reading. I would like to see the studies done again more recently though.
Great Wealth Education
The authors that did the extensive research about millionaire communities and results of their findings
It made me want to get even, but also put me at ease in a way that even me was getting caught up in thinking the Jones were rich while it is predominantly a front...but everyone assume their choices.
I liked the fact of the myth that people driving nice cars with big homes were not necessarily wealthy. Its about net worth! One thing I did not like is the idea that millionaires next door had to be overly humble in aspect and life style. I want to be in a neighborhood were it not a surprise that the neighbor is a millionaire..but then that they are truly wealthy...smart millionaires that want to wisely enjoy fine things too and have a good self image.
Live below your means is the moral of the story. I would recommend this book to anyone and everyone.
The narration was great, no problems there.
I listened to this book in Nov 2015, so being 20yo a lot of the information, examples, income statistics and costs are very dated. However, the general ideas and concepts are timeless.
Would love to see an updated version or at least the $$ figures updated to 2015 levels.
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