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The Millionaire Next Door: The Surprising Secrets of America's Wealthy |  | Authors: Thomas J. Stanley, William D. Danko
Publisher: Pocket
List Price: $7.99
Buy Used: $1.28
as of 11/24/2009 19:22 CST details
You Save: $6.71 (84%)
New (12) Used (115) Collectible (2) from $1.28
Seller: snowlionbooks
Rating:  846 reviews
Sales Rank: 211748
Media: Paperback
Pages: 323
Number Of Items: 1
Shipping Weight (lbs): 0.4
Dimensions (in): 6.7 x 4.1 x 1
ISBN: 0743420373
Dewey Decimal Number: 305.5234
EAN: 9780743420372
ASIN: 0743420373
Publication Date: December 1, 2000
Availability: Usually ships in 1-2 business days
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Amazon.com Review
How can you join the ranks of America's wealthy (defined as people whose net worth is over one million dollars)? It's easy, say doctors Stanley and Danko, who have spent the last 20 years interviewing members of this elite club: you just have to follow seven simple rules. The first rule is, always live well below your means. The last rule is, choose your occupation wisely. You'll have to buy the book to find out the other five. It's only fair. The authors' conclusions are commonsensical. But, as they point out, their prescription often flies in the face of what we think wealthy people should do. There are no pop stars or athletes in this book, but plenty of wall-board manufacturers--particularly ones who take cheap, infrequent vacations! Stanley and Danko mercilessly show how wealth takes sacrifice, discipline, and hard work, qualities that are positively discouraged by our high-consumption society. "You aren't what you drive," admonish the authors. Somewhere, Benjamin Franklin is smiling.
Product Description
The incredible national bestseller that is changing people's lives -- and increasing their net worth! CAN YOU SPOT THE MILLIONAIRE NEXT DOOR? Who are the rich in this country?
What do they do?
Where do they shop?
What do they drive?
How do they invest?
Where did their ancestors come from?
How did they get rich?
Can I ever become one of them? Get the answers in this book -- and discover the secrets to building wealth in America today. You'll be surprised at what you find out....
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| Customer Reviews:
Showing reviews 1-5 of 846
 The Millionaire Next Door November 24, 2009
Joel Rivera
Great book and would highly recommend it to all who are pursuing to be rich. GO HOUSTON COUGARS!!!
Millionaire-to-be November 1, 2009
J. Jost
This was purchased for my son. To him it was all about the "image" of what you want to be. After reading through this book, I can tell it will help shape a new way of thinking. Very worthwhile book even for "old" people like me.
Who is the Real Millionaire? October 24, 2009
Trevor J. Flannigan
The book of the week was The Millionaire Next Door by Thomas J. Stanley and William D. Danko. Both authors are Ph.D.s and stumbled across some fascinating research which they based this book around. The two surveyed and interviewed thousands of millionaires to figure out what the living habits of the average millionaire really are.
Some Shocking Statistics about these Millionaires:
-The average taxable income for them is $131,000
-They live on less than 7 percent of their wealth
-Many of their occupations could be classified as dull-normal such as: welding contractor, auctioneer, mobile-home owner, paving contractor, coin and stamp dealer
-They invest on average nearly 20% of their household income
-Most of them are homeowners (97 percent) and their average home value is $320,000
-80% of millionaires today are first generation millionaires
That last statistic was shocking to me. There is a huge misconception in society about the wealthy. The media portrays the wealthy as a legacy of the rich, one generation just passes it on to the next and the idea of getting there is represented as just a pipe-dream. The fact that 80% of the millionaires surveyed were first generation millionaires should really open someone's eyes to the possibility of being a millionaire an accessible dream. The other thing the media skews about the wealthy is the living habits. They show millionaires spending money like it's going out of style. They have great big mansions, fancy cars, and more toys than any adult really needs. Real millionaires don't spend like this. The media loves to cover the abnormal... that is why they cover crime, lottery winners, celebrities and so on and so forth. This book does a great job of laying out what a T.V. show about the average millionaire would look like. Just think of it... a man with a slightly above average career, diligently focuses on his finance and investing habits, living below his means, and double checking his budgets before he spends even a $500 on a new television. Not the most interesting T.V. show, however, that is what that average millionaire does.
No matter how much money you make there is one golden rule to accumulating wealth... ready for it?... Live below you means! If you have $5000 coming in each month after taxes then do your best to live on $4000 and then invest the rest. This is the only sure fire "get rich quick scheme"... and it really works. Throughout this blog I give tips on what may make a good investment and why, but you will surely fail investing and accumulating wealth if you do not have the first step completed... live below you means. The average millionaire spends over twice as much time budgeting and analyzing their own spending habits than the average non-millionaire. So focus on not only what money is coming in, but also pay just as close attention, if not more, on the money going out.
Being frugal pays big... A lot of these millionaires are just your average blue-collar entrepreneurial Americans and the way they made it to financial freedom is through frugality. They spend much less on their cars than non-millionaires... in fact the average millionaire buys 3 year old cars. At that point they have a lot of the first 30k miles bugs worked out and they still ride like a new car, but at 75% off the original price. There is no reason to finance out your life... Getting over your head in debt just amounts to unneeded stress and a bunch of "in-the-moment" toys. You can only keep up with the Jones' so long before you realize you are 50 years old with no retirement and just lots of cars, toys, and a big house with no equity. I don't mean to be too brash, but I want everyone to understand the importance of living below/within your means. The alternative is living well off with equity in several properties, a couple reliable cars, travel the world retire early, have the ability to teach financial discipline to your children and live without a lot of unneeded stress!
The book is very interesting and is well written especially taking in account it was written around research. Sometimes research-based books have the tendency to be boring. The Millionaire Next Door has it all right... great data and great case studies to reinforce the main points. Pick it up... I'm sure you'll discover a few helpful tidbits to increase your net-worth and put you on the track to being a millionaire. If you have any questions on the book don't hesitate to ask. I would be more than happy to help anyone that wants it.
Millionaire's View of Accumulating Wealth. October 18, 2009
Jeff Van Gastel (CA)
1 out of 1 found this review helpful
I read this book on a recent vacation, and found it interesting reading. The writers, Thomas Stanley and William Danko, have spent 20 years doing research on various millionaires throughout the United States. From the early 1970's to the 1990's, the interviewed millionaires on how they became millionaires, and the way the spent or invested their income. One thing they do throughout the book is compare and contrast two types of millionaires: the PAW's (prodigious accumulator's of wealth) and UAW's (under accumulator's of wealth). Basically the PAW's are very frugal with their money, and look to build wealth, while the UAW's seem to spend a large amount of the money that they earn. There is one interesting case study that the two authors do on a PAW doctor and UAW doctor. They both make the same amount of money, but the two doctors have very contrasting amounts of wealth. Some people sure know how to spend money. One thing to note, is that the book does the research with the "common man" millionaire, and does not include actors and professional athletes.
I would love to see a follow up to this book, with the current "wealth" of these millionaires in the current economy. Times have changed in the past 10-15 years. Have some of these millionaire's frugality led them to keep their balance sheets, or did some or many of them lose their houses and personal possessions?
How to live like rich people October 11, 2009
Mark Johnson (United States)
As Dave Ramsey puts it, if you want to become thin, you should look at how thin people eat and exercise, and you should eat and exercise the way they do.
Similarly, if you want to become rich, you should look at how rich people live their lives (ie, living below their means, etc.).
Showing reviews 1-5 of 846
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