The Millionaire Next Door

by Thomas J. Stanley

Paperback, 1998

Status

Available

Call number

HC110.W4 S73

Series

The Millionaire Next Door (1)

Genres

Publication

Gallery Books (1998), Edition: Reprint, 272 pages

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? How did they get rich? Can I even 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 at what you find out....

User reviews

LibraryThing member shawnd

I liked this a lot. Reminds me now of Jim Collins work. Everything here is based on an extended profile and basic stats from surveys. It is all based on data -- not on theory or ideas from academics or others. There are specific vignettes, both of real millionaires and of folks who have a high

potential to be millionaires based on their income, but are not. I would recommend this read, whether you are aspiring to be a millionaire or not; or a millionaire or not. Somewhat sociological too - tends to lead to clustering ideas that you'd like if you enjoy classifying people by tastes and consumer behavior. I'll never forget what is says about the car buying and maintenance habits of most millionaires.

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LibraryThing member rlinda

This book is Fantastic. The basic premis is that those who are truly wealthy aren't necessarily the ones who "appear" wealthy. Becoming wealthy is about being frugal and smart with money.

LibraryThing member bohemiangirl35

There's a difference between affluence and wealth. Do you floss or are you practical, giving up the appearance of riches for actual wealth? Will you teach the lessons you learn to your children or spoil them in the hopes that they won't have to work as hard as you, in effect dooming them to be less

than financially independent?

The authors have studied the wealthy for decades and they aren't who most people would think. It is possible to become a self-made millionaire.

I need to get a revised version because the writing in this 1997 version is awkward.

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LibraryThing member ElnEm

This book enlightened me regarding just how large number of "rich" people work and live smart. A very personally influential book.

LibraryThing member jpsnow

Solid research and real examples make clear that millionaires don't fit the common stereotypes. This was my second reading, having read most of it in the bookstore in SF the year after it came out. Especially noteworthy are the common denominators of frugality, taking advantage of opportunities,

and choosing the right work.

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LibraryThing member knipfty

Here is a couple of researchers that set out to find out how the "typical" millionaire got that way. By their admittance, there was a lot of trial and error in their research. But over 20 years, they believe that they figured out how they got that way.

And some of their findings were quite

surprising. For example, 88% of all millionaire households are 1st generation rich! These are people that did not inherit their wealth (think Paris Hilton).

More importantly, they compared these high net worth households to high income households. And they followed these groups to see what happens to their children.

This a must read book because once you understand how these households became wealthy, you'll realize that there is no reason why you couldn't join their ranks as well...

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LibraryThing member kristenn

The basic message is that you can look rich or you can be rich, but not both. Rather than being advice on saving and investing, it's many many examples of how materialism and conspicuous consumption interferes with long-term financial security. Which is hardly debatable, but I'm not sure how many

readers will be helped by that. This is very much written for people in their 50s who have already done some investing. A lot of jargon goes undefined and there is all kinds of advice on providing financial assistance to your already-adult children (basically, don't ever do it). The authors themselves are snobs of the genteel poverty sort. Teachers/professors (like them!) are declared the only group that can be trusted to handle money sensibly and the actual millionaires are all portrayed as clever and realistic but also total redneck hicks. I also really disagreed with their assertion that doctors, lawyers, executives etc have literally no choice but to live extravagantly -- that their career success depends on their car, wardrobe, and neighborhood. Do you really know what neighborhood your doctor lives in and what kind of car they drive? Are you a stalker? And since when do the wealthy shop at Eddie Bauer? There are many paranoid references to 'liberal politicians and their friend the tax man' coming after you. And charitable contributions are strongly discouraged. Some advice really is sensible. Especially the idea of living in a lower-income neighborhood than you can afford, so the Joneses don't temp you with their stuff. And there's a whole chapter on car buying, which may be helpful for those of you who drive. But get it from the library.

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LibraryThing member wholewatermelon

This is a very eye opening book about who really has wealth in this country. I don't think I ever really thought hard about how materialistic our country is, and that I don't have to spend everything that I make. The concepts in the book are interesting and insightful, but it's not the easiest book

to read. It reads like an academic book, and doesn't always do a good job at defining it's terms. It's a slow read if you try to understand every point on his graphs, but not to bad if you skip the details and focus on the main message. I give it 5 stars for the message, 3 stars for the writing. 4 stars overall.

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LibraryThing member brianinbuffalo

The message is clear. Don't assume that the guy cruising around in the flashy Mercedes wearing the $1,500 suit is drowning in dollars. Likewise, don't be surprised if you're humble neighborhood barber is a millionaire. Stanley offers some common sense yet interesting observations involving the

accumulation of wealth.

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LibraryThing member chocolatedog

More a study of the everyday rich ('cause let's face it, a million bucks doesn't go far these days) than a how-to book. Engaging, and seared the phrase "Big hat, no cattle" into my brain.

LibraryThing member TomInPhilly

Some decent insights; worth a read on the beach as inspiration, I suppose.

LibraryThing member mrtall

Uninteresting. This popular book that propounds to tell you the 'secrets' of real millionaires, and especially how they got that way, can be summed up in one phrase: spend less than you earn.

There; I've saved you the couple of hours you'd otherwise need to skim through this one.

LibraryThing member Brumby18

Usual stuff and in its day possibly an esoteric wonder - a lot is still useful today. I would like to see the condensed version to pick the jewwels that are still suitable. read but better around - Do you have enough super? age by pretax incomedivided by 10 = what it should be.

LibraryThing member chsbellboy

Good study on the habits and characteristics of wealthy people- meaning those who use and conserve the money they earn wisely. However, I found the book a bit longer than needed and at times burdensomely detailed.

LibraryThing member fruitnoggin

So I have this thing about financial planning guides. I really actually like them. Its weird, I know. This was the first one I ever bought, at a used bookstore. Really interesting and probably totally irrelevant at this late date.

LibraryThing member apapson

This is an excellent book that looks at the lifestyle of the common millionaire. The book was developed from a study that the authors were conducting to learn about how the wealthy lived. What they found out shocked them and is truly amazing information. The authors discovered that the common

millionaire is actually living in a simple house, driving a used vehicle, and maintaining a lifestyle well below their means. That is how they became millionaires and continue to increase their personal wealth. The book turns everything you would expect to learn about the wealthy upside down and really makes you step back and think about your own financial decisions. It is filled with good examples and thoughtful advice.

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LibraryThing member jmcdbooks

Rated: A-
Absolutely a must read especially for young adults just starting their careers. Wish I knew and had the discipline to follow their simple advice toward wealth accumulation rather than income spending. At least I trying to teach our kids the value of tithing, saving and investing. Great

book also for entrepreneurs whose net worth is growing the businesses.

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LibraryThing member BizCoach

This book explores the demographics of high net worth individuals. It was done in the 1990's before the dot com boom made $100 million seem like chump change. Their definition of wealth is in the 5-10 million range. Key findings are these people live frugally - older homes, older cars etc. And that

2/3 of them made their money by owning "boring" businesses: Construction Companies, Bowling alleys, etc.

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LibraryThing member vwinsloe

Most of this book is quite dated with the exception of its central themes. Who are the millionaires in America and how did they accumulate their wealth? Also great stuff on raising children to be independent and self-sufficient. Why don't they teach this stuff in high school? Why do people still

fall into the same conspicuous consumption lifestyle trap? People just don't want to hear it, I guess. But I say: "hold your nose and eat your spinach. You will be better off in the end."

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LibraryThing member isabelx

The authors have been studying the affluent of the USA for many years and have found that most millionaires do not have the lifestyle one might expect. Work hard, live frugally, save and invest rather than spend and you too could become wealthy. The most interesting part of the book was where they

described the effects of providing 'economic outpatient care' to your kids. Fascinating and a real eye-opener.

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LibraryThing member nmarun

The seven factors mentioned in the first few pages of the book speaks a lot about the habits of millionaires. The authors detail about these seven factors throughout the book. Quite an interesting read in fact.

LibraryThing member ex_ottoyuhr

"Millionaire" in this book represents a changing of the goalposts. People who would've been called millionaires when the word was coined, would be called billionaires today. The prosaic small-business owners who accumulate a million of our inflated dollars are far humbler, culturally speaking, than

the classic millionaire -- which is why the authors marvel at the difference between how millionaires live and how the public imagines they do.

Still, the advice on controlling expenditures is good, although I'd be less quick to follow their advice on buying cheap domestic cars.

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LibraryThing member Mark_Oszoli

Did you know there are millionaires living right next to you? In this book the author does not refer to celebrities and business man in the news. But every day people who thought savvy investments and money management has amazed a net worth of a million dollar or more. People you never hear about

or people you do not realized are in fact wealthy. The Author looks at the everyday habits of these unknown millionaires and writes a picture of what it is that actually makes them what they are. Oh also people winning lottery are not included in this book.

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LibraryThing member cloudshipsinger

Alright, but I wasn't a big fan of the writing style. It seemed to repeat the same points too much, and lose the reader's interest in a whirlwind of statistics. I'd consider "Your Money or Your Life" by Vicki Robin and Joe Dominguez as an alternative to this book.

LibraryThing member donhazelwood

Very basic - spend less than you earn. What the book really comes down to is how people view wealth. Needs to be updated.

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