The Millionaire Next Door: The Surprising Secrets of America's Wealthy
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- Type：Epub+TxT+PDF+Mobi
- Create Date：2021-07-12 06:54:55
- Update Date：2025-09-07
- Status：finish
- Author：Thomas J. Stanley
- ISBN：1589795474
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Summary
The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth。 Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door。 This new edition， the first since 1998， includes a new foreword for the twenty-first century by Dr。 Thomas J。 Stanley。
Reviews
Karmen Gearhart
，
The concepts still ring true but the numbers are way outdated and the book is a little repetitive。
Allison
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I think at the core， a lot of the financial advice in this book is probably solid。 Of course， living below your means and saving the majority of your income will allow you to accrue wealth。 However， I mostly found it stupid and judgmental。Ideas are presented in the form of anecdotes of people's lives and it's like look at this dummy buying an expensive car！ What a fool。 Smart rich people buy used。 Does it really have to be presented in this condescending way？ What if you're really into cars and I think at the core， a lot of the financial advice in this book is probably solid。 Of course， living below your means and saving the majority of your income will allow you to accrue wealth。 However， I mostly found it stupid and judgmental。Ideas are presented in the form of anecdotes of people's lives and it's like look at this dummy buying an expensive car！ What a fool。 Smart rich people buy used。 Does it really have to be presented in this condescending way？ What if you're really into cars and buying nice cars makes you happy。 You shouldn't deprive yourself of what really provides joy in your life。 Also there was this stupid formula they kept using to compare if people had accumulated "enough" wealth based on their income and it was wielded in the most rude and judgmental way to put down the fake people in the book。 The formula was so dumb too， it was equivalent to saving 10% of your current income every year you have been alive。 So for 20 year olds， of course it makes no sense。 And by the time you're reaching near retirement， you probably want to be saving more than 10% of your income each year。 This value shouldn't go up linearly。 I just thought the whole thing was dumb， and the way the author used it as this standard to judge people really annoyed me。 。。。more
J。H。 Moncrieff
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Most of the finance books I've read have been interesting and engaging， even if they didn't share any new insights。This one， however， is dry as dust。 And it certainly didn't age well。If you want to read a book about cheap， wealthy white dudes who don't give to charity （because their favourite charity is themselves--ugh） and whose wives are cheerfully nagging them to frugality （sigh--because imagine the shock and horror if the authors had interviewed any wealthy women）， this is the book for you。B Most of the finance books I've read have been interesting and engaging， even if they didn't share any new insights。This one， however， is dry as dust。 And it certainly didn't age well。If you want to read a book about cheap， wealthy white dudes who don't give to charity （because their favourite charity is themselves--ugh） and whose wives are cheerfully nagging them to frugality （sigh--because imagine the shock and horror if the authors had interviewed any wealthy women）， this is the book for you。But their investment advice is WAY out of date， and anyone who's part of the FIRE movement will swear at this book so much it's really not worth the rise in blood pressure。 （Sure， lease a car and hire that fancy accountant。 Why not？ You're not going to be giving to charity。。。or your children。） 。。。more
Andrew
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Although I believed prior to reading this book that I understood how a millionaire became a millionaire due to my knowledge of Dave Ramsey’s podcast as well as the book “Everyday millionaires” written by Chris Hogan （a former Ramsey personality）， I was shocked。 Stanley and his co-author， Danko， provided much more analytical research to this topic than the Ramsey team。 They also were not focused on just one way that millionaires became millionaires， which I enjoyed。 Hogan seemed to address debt d Although I believed prior to reading this book that I understood how a millionaire became a millionaire due to my knowledge of Dave Ramsey’s podcast as well as the book “Everyday millionaires” written by Chris Hogan （a former Ramsey personality）， I was shocked。 Stanley and his co-author， Danko， provided much more analytical research to this topic than the Ramsey team。 They also were not focused on just one way that millionaires became millionaires， which I enjoyed。 Hogan seemed to address debt during the entire book。 I’d recommend not only to read it， but also to re-read it periodically。 Great for establishing financial goals and aspirations。 。。。more
Veronica
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Good but dry read at times
Stephanie
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Jammed packed full of facts。 This is one I could read again and again and probably get something new from it each time。 It was written roughly 20 years ago， so I’d love to have an updated study/version come out today to see how the numbers have changed。 So much of financial success is behavior and simply living on less than you earn。 Crazy to me how many people get sucked into “keeping up with the Jones” mentality and are fake rich。
Katie Walsh
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This review has been hidden because it contains spoilers。 To view it， click here。 becomes repetitive after awhile
Caston
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Paradigm shifting read
Katie Bromm
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As someone with little personal finance knowledge， this book was so insightful and gave me an entirely new perspective about what wealth is and how wealth should be used。 I’m definitely the type of person who falls into the hyper consumer trap of America and this book made me confront that head on。 I haven’t read any other personal finance books so I can’t say this is the best one out there by any means， but it was exactly what I needed。
Nelson
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Definite read if you want to change your mindset on you finances。 I would also recommend Rich Dad， Poor Dad
Banda kaudzu
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This review has been hidden because it contains spoilers。 To view it， click here。 Great book
Kody Kim
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The book has a lot of good information for about the first 80% of the book， the latter 20% is just outdated materials so I skimmed through it。 But otherwise would recommend to a friend
Joseph
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This book is is descriptive rather than prescriptive。 The author describes rich people， going into great detail about who they are and how they live。 There is little in the way of advice。 Also， the author really rants on and on about living a frugal lifestyle。 There is little mention of quality of life。I read 100 pages and quit。 I couldn't take it anymore。 This book is is descriptive rather than prescriptive。 The author describes rich people， going into great detail about who they are and how they live。 There is little in the way of advice。 Also， the author really rants on and on about living a frugal lifestyle。 There is little mention of quality of life。I read 100 pages and quit。 I couldn't take it anymore。 。。。more
Rayco Cruz
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No era para nada lo que esperaba。 El libro es una sucesión de datos y estadísticas sobre los hábitos de consumo de los millonarios estadounidenses que， en ocasiones， se estiran más de lo necesario。 Es cierto que hay conceptos interesantes， sobre todo en cuanto a la educación financiera， el ahorro o la educación económica de los hijos， pero en general esperaba más。 Pensé que hablaría más de inversión y tendría más conceptos prácticos。Es buena lectura， pero a mi me ha decepcionado porque buscaba o No era para nada lo que esperaba。 El libro es una sucesión de datos y estadísticas sobre los hábitos de consumo de los millonarios estadounidenses que， en ocasiones， se estiran más de lo necesario。 Es cierto que hay conceptos interesantes， sobre todo en cuanto a la educación financiera， el ahorro o la educación económica de los hijos， pero en general esperaba más。 Pensé que hablaría más de inversión y tendría más conceptos prácticos。Es buena lectura， pero a mi me ha decepcionado porque buscaba otro tipo de información。 。。。more
Liana
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If you are reading this book in 2021， it's not going to help you。 The book is extremely repetitive with a basic understanding of being frugal。 Basically， "if you want to accumulate wealth， don't live above your means， don't buy new cars - buy used， don't buy expensive watches and suits。" So many pages are spent repeating this concept。 Additionally， the book does not help in the current economy。 While the average income mentioned in the book has not changed， the cost of everything else has。 House If you are reading this book in 2021， it's not going to help you。 The book is extremely repetitive with a basic understanding of being frugal。 Basically， "if you want to accumulate wealth， don't live above your means， don't buy new cars - buy used， don't buy expensive watches and suits。" So many pages are spent repeating this concept。 Additionally， the book does not help in the current economy。 While the average income mentioned in the book has not changed， the cost of everything else has。 Houses that cost 200-300k when this book was written are now averaging 600k+。 In my opinion， as someone in my 20s， it would have been easy to follow the advice in the book 20 years ago。 The book just didn't age well and I didn't bother finishing it。 。。。more
Andrew
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Good case study with lots of data。
Lindsay
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This book changed my life and the way I think about money。
Chris Burke
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Approachable albeit scientific read。 Repetitive to drive the points home but succeeded in shedding insight into the the mindset of millionaires in a non judgmental or dry way。
Dalton Chamberlain
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A great look into the reality of the wealthy。 Very interesting and supporting of many of more current economical ideas behind becoming wealthy。 Remarkable research and eye opening statistics！A few quotes;“The advertising industry and Hollywood have done a wonderful job conditioning us to below that wealth and hyperconsumption go hand in hand。”“Countless millionaires have told me that the journey to wealth is much more satisfying than the destination。”Only the 4 because the later third of the boo A great look into the reality of the wealthy。 Very interesting and supporting of many of more current economical ideas behind becoming wealthy。 Remarkable research and eye opening statistics！A few quotes;“The advertising industry and Hollywood have done a wonderful job conditioning us to below that wealth and hyperconsumption go hand in hand。”“Countless millionaires have told me that the journey to wealth is much more satisfying than the destination。”Only the 4 because the later third of the book was slightly repetitive and seemed to drag on。 Excellent overall though！ 。。。more
Sarah Scattergood
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I had been listening to other financial advisors recommend this book for years。 I finally read it。 Though I completely agree and have found these truths to be true in my own practice， it wasn't ground breaking。 I'm not exactly sure why advisors would recommended it to other advisors。 Recommend it to friends and neighbors， no doubt。 I would hope advisors already knew what was in this book。 I had been listening to other financial advisors recommend this book for years。 I finally read it。 Though I completely agree and have found these truths to be true in my own practice， it wasn't ground breaking。 I'm not exactly sure why advisors would recommended it to other advisors。 Recommend it to friends and neighbors， no doubt。 I would hope advisors already knew what was in this book。 。。。more
Bartosz Chowański
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This is an amazing book that reports on the results of a social and statistical study of real American millionaires with a net worth of $1 million and above。It shows who these people are， what they do， how and where they live。This is an old book based on a study done in the 1990s for that reason， some statistics are different now， and there is a missing point of view taking into account today's reality of international online businesses， but most of the principles and information are still appli This is an amazing book that reports on the results of a social and statistical study of real American millionaires with a net worth of $1 million and above。It shows who these people are， what they do， how and where they live。This is an old book based on a study done in the 1990s for that reason， some statistics are different now， and there is a missing point of view taking into account today's reality of international online businesses， but most of the principles and information are still applicable today。 。。。more
Flgoul
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These book are definitely fantastic。
Hesama
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I was very interested this book。
Amy
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I believe I read some version of this book years ago， but it was short enough I decided to listen to the audiobook again。 I didn't really learn anything new， but for people who don't understand the differences between wealth， income， savings， consumption， etc may find some benefit in the book。 Short story is that those that look wealthy are not often the more wealthy。 Wealthy people choose to consume less， which makes them look less rich on the outside。 I believe I read some version of this book years ago， but it was short enough I decided to listen to the audiobook again。 I didn't really learn anything new， but for people who don't understand the differences between wealth， income， savings， consumption， etc may find some benefit in the book。 Short story is that those that look wealthy are not often the more wealthy。 Wealthy people choose to consume less， which makes them look less rich on the outside。 。。。more
Marcus Wright
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Didn't find it very inspiring and I actually think a lot of the findings are now less relevant or completely out of date。 Our economy/world works very different now from when this was written。 Didn't find it very inspiring and I actually think a lot of the findings are now less relevant or completely out of date。 Our economy/world works very different now from when this was written。 。。。more
Steph
，
This book was published in 1996， but it reads like it was written in the 1950s。 Some principles in this book hold true today （in 2021） and for all people （e。g。 living well within your means）; however， it is evident that this book was written solely to white men in a previous time period--it barely mentions debt， thoroughly discusses the different types of housewives， unnecessarily emphasizes on owning one's own business， and its discussion on the effect of race on wealth in the first chapter is This book was published in 1996， but it reads like it was written in the 1950s。 Some principles in this book hold true today （in 2021） and for all people （e。g。 living well within your means）; however， it is evident that this book was written solely to white men in a previous time period--it barely mentions debt， thoroughly discusses the different types of housewives， unnecessarily emphasizes on owning one's own business， and its discussion on the effect of race on wealth in the first chapter is laughable at best， downright racist at worst， ignoring African， Asian， and Hispanic/Latino Americans （who all were definitely present in America in 1995）。 Thus， the clear bias and one-sidedness of the tone distract from the message of the book。 While I would recommend a summary of the book--highlighting a few key principles--I would not recommend this book to anyone who is not a WASP man born in the 1950s to '60s。 。。。more
Mayeen Malik
，
Interesting but very repetitive。 The entire book could be summarized in one sentence: The millionaire next door lives a far more middle-class life than those who spend money mainly to signify social status。 Also， you can definitely tell that this book was written in the 90s。 Has an outdated feel to it。
Ted Zhang
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Highlights the habits of everyday millionaires， but focuses only on frugality instead of true wealth building。 Saving $3 dollars a day at Starbucks can only take you so far。
Tadas Grundulas
，
Nice
Pavel Antonov
，