The Next Millionaire Next Door

Enduring Strategies for Building Wealth

By: Sarah Stanley Fallaw, Thomas J. Stanley

Narrated by: Stephen Wojtas

Length: 7 hrs and 11 mins

Publisher's Summary

Over the past 40 years, Tom Stanley and his daughter Sarah Stanley Fallaw have been involved in research examining how self-made, economically successful Americans became that way. 

Despite the publication of The Millionaire Next Door, The Millionaire Mind, and others, myths about wealth in America still abound. Government officials, journalists, and many Americans still tend to confuse income with wealth. A new generation of household financial managers are hearing from so-called experts in personal financial management due to the proliferation of the cottage industry of financial blogs, podcasts, and the like. In many cases, these outlets are simply experiences shared without science and case studies without data based on broader populations. Therefore, the authors decided to take another look at millionaires in the United States to examine what changes could be seen 20 years after the original publication of The Millionaire Next Door.

In this audiobook, the authors highlight how specific decisions, behaviors, and characteristics align with the discipline of wealth building, covering areas such as consumption, budgeting, careers, investing, and financial management in general. They include results from quantitative studies of wealth as well as case studies of individuals who have been successful in building wealth. They discuss general paths to building wealth on your own, focusing specifically on careers and lifestyles associated with each path, and what it takes to be successful in each.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio. 

©2018 Affluent Market Institute, Ltd. and Sarah Stanley Fallaw, PhD (P)2019 Affluent Market Institute, Ltd. and Sarah Stanley Fallaw, PhD

Not Much New

I really enjoyed the Original Millionaire next door so I thought that this would be a good next book. Fortunately for readers of the original, many of the core principles in the original book haven't changed. However, that makes for a pretty uneventful read of this follow up title.

Beyond the lack of much new content I also felt like this book had a lot more generalizations and less actual numbers. Certainly there were statistics but they didn't seem to be in the same concentration as the original.

If you are interested in this book and have read the original then my advice would be to find something different.

Just read the original

This book could be summed up in one sentence: "all of our original findings from 1996 still hold true today". Yet somehow, they made an entire book of it.

Impactful, practical, obtainable!

The narrator, in the end, ended up being very encouraging to my journey to wealth.

Worthwhile follow up to a must read original

A nice follow up, but could probably be summarized as: the majority of data outlined in the original generally still holds true in the 2010’s. Many example characters used to outline the same general personal finance concepts. Nevertheless, after reading the original version I had been wondering what a modern view of the data would show, so as I said, worthwhile.

Did not live up to it's predecessor

The Millionaire Next Door was a compelling and objective look into data regarding millionaires, and then specific sub-groups and what made them unique. If Dr. Stanley had preconceived assumptions or political leanings in the first book, they were not readily apparent and made the book accessible to all. It is a favorite book of mine. I picked up this book in hopes that it would address the rise of online influencers and the way internet has made entrepreneurship more accessible. While it mildly glosses over the technological advances we've had since the 90's, this "follow-up" is less objective facts and more personal bias, political opinions, and world views making it very exclusive of differing ideas. I guess if you don't share that world view you don't get to be rich. It's one thing to empower people to pick up the tools and try to build a better future for themselves and their families, it's another thing entirely to imply that governments are incapable of responsibly caring for their populous or that of you're poor it's entirely your fault.

Save your money and read the first one

Most of it is political pontificating, which I can definitely don’t need any more of in general, or rehash of the original.

worthwhile

Not as good as the original but definitely worth listening to. It revisits some things and also covers some new areas as well. It feels more relevant with the newer data but does not feel as insightful.

Good continuation of the Millionaire Next Door

I appreciate the work and continued support for our efforts to save, invest, and become the next round of the financially independent. Thomas

An overall solid book about investing

I was not disappointed with this book although if you read The Millionaire Next Door, This book didn't really add a great deal from the original imo I kind of view this book as a recap of the original, with some up-to-date stories, statistics, and facts.

So important to be financially literate.

I wish everyone could be more savvy with their finances and building wealth, wouldn’t have to rely so much on handouts and be enslaved to perpetual debt.

A good sequel

to "The Millionaire Next Door"

Updates some data from the previous book. Corrects misunderstanding of the previous book.

And most importantly:
- brings the new technologies into play - e-commerce, internet business
- shows its effect on the millionaire community
- presents what has perished and what persisted in terms of rules of becoming a millionaire over the last 4 decades.

(Hint: most rules still apply)