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The Millionaire Next Door: The Surprising Secrets of America's Rich | [Thomas J. Stanley, William D. Danko]

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

Listen to the incredible national best seller that is changing people's lives - and increasing their net worth. Also available:
The Millionaire Mind.
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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 (2685 )
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4.4 (1508 )
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Performance
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  •  
    Mason Chicago, IL, USA 02-13-08
    Mason Chicago, IL, USA 02-13-08
    HELPFUL VOTES
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    "Light Went on in My Head"

    I loved it, so much in fact that I just finished "The Millionaire Mind" as well, which was also great. "Next Door" made me see the light as far as why most people don't have anything but toys & debt, and that expensive houses, new cars and fine clothes do not a rich man make, nor will they ever. Living below your means and being frugal is the key if you have good income such as a small business. Do not follow the crowds, or the hot trends, do the opposite. Much better said by he than me of course. It is not a dot-to-dot recipe for wealth, just eye opening insight based on years of research and interviews, much of which is the opposite of what you'd think. Get it!!

    27 of 27 people found this review helpful
  •  
    Kestrel Oregon 01-31-06
    Kestrel Oregon 01-31-06 Member Since 2006
    HELPFUL VOTES
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    Overall
    "A bit repetitious, but good information"

    The overall message in the book is this: if you practice old-fashioned thrift, if you make saving as much a part of your life as spending, if you take the time to learn how to invest, and if you think in terms of wealth (that is, net worth) rather than income, then you, too, can join the ranks of the millionaires next door.

    This comes from studies of real millionaires -- not the multi-billionaires of the world, but average Joes and Janes who, at retirement, are worth several million, even though they earned modest incomes during their working years. The book uses data from the study to point to the best saving and spending practices.

    The unabridged book does get a bit repetitive, and the reader's slightly monotone voice doesn't help matters. However, repetition of information turned out to be an advantage while listening in the car, since I couldn't always give the book my full attention.

    If you want to know how to get lots of money quick so that you can go buy lots of status toys, this is not the book for you. This book is about acquiring and keeping wealth, regardless of your income, so that you can live well and retire well. Flashy toys will only keep you from that goal.

    20 of 20 people found this review helpful
  •  
    Amazon Customer Moreno Valley, CA USA 03-30-05
    Amazon Customer Moreno Valley, CA USA 03-30-05 Member Since 2013
    HELPFUL VOTES
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    "Its OK to drive a Taurus!!"

    #1.
    I have always tried to become rich so I could drive a great car. This book makes it simple. The extra $10k I might spend on a luxury import will translate into $100k less I'll have 15 years from now. Yeah, I get it now.

    #2.
    I thought that because I ran out of money at the end of the month that I must be saving as much as I could afford at the beginning of the month. Truth is, I am spending whatever is left. Simply put more away and I will be in the same position at the end of the month, penniless but with a higher net worth.

    #3.
    Finally, I learned that the govt taxes earnings and not necessarily net worth. Once I calculated that I was really paying 40% of my net worth in income taxes, it became painfully obvious that simply increasing my net worth contributions will automatically reduce my income taxes and therefore burn down this 40% ratio from both ends.

    I guess I always knew all this, but apparently I needed this great book to tell me knowing but not doing is just as bad as not knowing at all. So if you say to yourself,'I already know most of this stuff', then look around and ask yourself 'Am I the Millionaire Next Door?'.

    40 of 41 people found this review helpful
  •  
    Greg Shreveport, LA, USA 02-13-03
    Greg Shreveport, LA, USA 02-13-03
    HELPFUL VOTES
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    "What"

    This book details the startling results of a comprehensive study on the wealthy in America. The authors fully explain key concepts about wealth-building that will help the listener identify and change their own bad financial habits. Examples: the difference between "high-income earners" and "the rich"; who the wealthy really are; the characteristics of people who are accomplished accumulators of wealth, usually with very moderate incomes; the self-destructive behaviors of people who earn high-incomes that prevent them from accumulating wealth; what to teach your children about wealth; how the wealthy plan the transfer of their wealth to their children and grandchildren. Although long and full of statistical concepts, this book should be required reading for those who truly want to learn how to increase their wealth. There's no theoretical fluff, multi-level marketing promotion or vague "Rich Dad" slogans here. Just hard data based on actual American millionaires and how they built their fortunes.

    66 of 71 people found this review helpful
  •  
    Joanna Wellesley, MA, USA 05-14-05
    Joanna Wellesley, MA, USA 05-14-05 Member Since 2003
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    "Good advice, but needs to be updated"

    The authors need to update this book. I keep trying to adjust numbers used, like most amount ever spent on a car, as of 1995 and adjust for inflation to 2005. A $30,000 car in 1995 is not a $30,000 car in 2005. But, what is it? Is it $40,000, $35,000, or $50,000?

    Other than that, a lot of good, common sence advice that is good to be reminded of. Also, it was fun to try to figure out which of my upper middle class neighbors are on EOC based on their lifestyles.

    10 of 10 people found this review helpful
  •  
    Stephanie tucson, AZ, USA 01-23-04
    Stephanie tucson, AZ, USA 01-23-04
    HELPFUL VOTES
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    "Lifestyle Affirmation"

    To a young adult raised in a family of under-acheivers-of-wealth (UAW's)this book affirms the goals, techiniques, and saving strategies my husband and I have begun implementing in our life together. It is such a relief to hear statistical support for the benefits of saving, investing, and living below one's means. In a nation of UAW's, it is not often one comes across positive feedback for living frugally. I have watched friends, family members, and co-workers squander the income they earn, rack up high debt, and plan for the spenditure of income increases in the future. I will listen to this book again and again.

    10 of 10 people found this review helpful
  •  
    Heath Georgetown, TX, USA 06-19-05
    Heath Georgetown, TX, USA 06-19-05
    HELPFUL VOTES
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    "If you aren't inheriting it..."

    What's so interesting about this book is that unlike the "Rich Dad, Poor Dad" and overnight millionaire books that deluge the market, it's based on good research and interviews. This will not tell you how to flip properties or find probated estates. It will tell you how to model the behaviors of people who have been in the same situation you find yourself in and have had the same success you want. Really well done in both content and narration.

    16 of 17 people found this review helpful
  •  
    Ms. T. Mesa AZ 09-01-08
    Ms. T. Mesa AZ 09-01-08 Member Since 2015
    HELPFUL VOTES
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    "EXCELLENT, EXCELLENT, EXCELLENT!!!"

    What an incredible book full of insights that are based on sound research. Thomas Stanley, and William Danko, have really hit a home run with this book. Best of all, there is no prieching, just what they learned from their research about how real millionaires live. This book serves as a reality check for many I am sure.

    6 of 6 people found this review helpful
  •  
    Michael WESTMINSTER, CO, USA 03-29-05
    Michael WESTMINSTER, CO, USA 03-29-05
    HELPFUL VOTES
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    "An interesting piece of sociology"

    As someone with a degree in economics, I found "The Millionaire Next Door" very interesting with its various methods of evaluating how the 'wealthy' behave. The book provides some great examples of varying perceptions of utility. In fact I have used the buying cars by the pound example more than a few times. Not suprisingly, the vast majority of the millionaires studies subscribe (perhaps unwittingly) to the bathtub theory of economics... make sure that more money is coming in than going out. Unfortunately not enough people follow this sound piece of advice.

    As an entepreneur the study of the small business owners were fascinating. I'm still reeling from the fact that scrap metal is the number one producer of millionaires in this country. I passionately recommend this book to anyone that is looking to start their own business. I know that I wish I had read it much sooner than I did.

    17 of 19 people found this review helpful
  •  
    Adryan Metro ManilaPhilippines 04-30-07
    Adryan Metro ManilaPhilippines 04-30-07 Member Since 2013
    HELPFUL VOTES
    66
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    "A classic"

    A very insightful book and body of research that bust the myth that popular media tells us that wealthy people are high living people who spend vast amounts of money in expensive homes, exotic cars and branded goods.

    Just because a person looks the part by driving a fancy sports car and wears an expensive Rolex, does not mean that he actually have money in the bank. A very sobering fact.

    In fact, the true millionaires of America, according to the book are frugal, live simply, and spend most of their income on investments. A very good and insightful research on the true nature of America's stewards of wealth.

    3 of 3 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.

    6 of 7 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

    5 of 6 people found this review helpful
  • simon
    Southwell, United Kingdom
    4/15/15
    Overall
    Performance
    Story
    "Interesting in parts"

    Liked the formulae to track your wealth.
    Always been a pay your self first investor never knew there was a term for it

    0 of 0 people found this review helpful

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