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Thomas J. Stanley
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The Millionaire Next Door: The Surprising Secrets of America's Wealthy

3.98  ·  Rating Details ·  40,968 Ratings  ·  1,827 Reviews
the Millionaire Next Door has hit a nerve across the United States, smashing into bestseller lists in the New York times, Business Week and the Wall Street Journal and Publishers Weekly. this is the book that is changing people's lives - and increasing their net worth! Can you spot the millionaire next door? Who are rich? What do they do? Where do they shop? How do they in ...more
Paperback, 0 pages
Published October 6th 1998 by HarperCollins - AU (first published October 28th 1995)
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Matthew Parks It depends. If you tend to be a spender and can't seem to make ends meet without living off your parents or other's gifts, probably so.

However, I'd…more
It depends. If you tend to be a spender and can't seem to make ends meet without living off your parents or other's gifts, probably so.

However, I'd recommend reading Robert Kiyosaki's Cashflow Quadrant for a balanced perspective.(less)
Jeanne I'm now sure I understand you. You can review books here, but you read them elsewhere.
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Community Reviews

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Jul 22, 2008 Jay rated it liked it  ·  review of another edition
Recommends it for: Everyone
I learned that there are seven characteristics or common denominators among millionaires in America.

They are:

1.They live well below their means - They are frugal,frugal, frugal. They make more than they can spend. Pretty cool.

2.They allocate their time, energy, and money efficiently, in ways conducive to building wealth - How else did they get there right? Well this goes for those millionaires who didn't inherit their wealth.

3.They believe that financial independence is more important than d
Mar 14, 2008 Renee rated it really liked it  ·  review of another edition
The point of this book comes through loud and clear, the people that we think are millionaires are more than likely swimming in debt. Just because you live in a fancy neighborhood and drive an expensive car does not make you rich. In fact it goes as far as to say that most millionaires live in less costly areas because it costs alot of money to keep up with the JONES! In fact their study showed 37 percent of their millionaires bought used cars opposed to new and paid cash of course. Now their us ...more
Sep 16, 2008 David rated it it was amazing  ·  review of another edition
This was a great audio and text book (yes, I got both versions) - I especially enjoyed the chapter that had "Working for the Tax Man" and "The Martin Method."

95% of the millionaires own stocks - most have 20% or more of their wealth in publicly traded stocks.

Build a good money team: accountant, attorney, financial advisor, and you (and spouse).

Looking to build your money team? Ask your CPA. If you do not have CPA... get one.

Be frugal, know your financial picture, and have goals with your money.
Chad Warner
Jan 03, 2011 Chad Warner rated it liked it  ·  review of another edition
Recommended to Chad by: Robert Kiyosaki
Most Americans believe "wealthy" and "high-income" are synonymous. Surprisingly, most high-income earners are not wealthy; although they earn a lot of money, they don't keep much of it. To be wealthy is not to amass material possessions, but to increase net worth by collecting appreciating assets.

The book categorizes people as PAWs or UAWs; Prodigious Accumulators of Wealth (PAWs) achieve, create wealth, become financially independent, and build from scratch. Under Accumulators of Wealth (UAWs)
Kressel Housman
According to this book, there are two kinds of people: under-accumulators of wealth (UAWs), who spend everything they earn as soon as they get it (to say nothing of credit cards); and prodigious accumulators of wealth (PAWs), people who live frugally, save, invest, and end up becoming millionaires. So when you see someone who lives in a fancy house and drives a fancy car, chances are, he’s not a millionaire. He may be a high earner, but he’s also a big spender, so he’s a UAW. A real millionaire ...more
Jul 20, 2008 Viraj rated it liked it  ·  review of another edition
Recommends it for: Those who have little to no clue about personal finances / overall economics of finance
Shelves: finance-etc
Main message is: Be Frugal, invest.
One driving a Benz is quite likely less worth than one driving a Ford F150 (since the Benz owner has already spent money). Max price paid by 75% millionaires for: Suit $600, Shoes: $200, watch $235 (50%)! JCPenney has toughest quality control amongst all stores. Millionaires' wives are all frugal too. They save coupons etc...
1. All have annual household budget
2. All have accountant
3. All have investments in stocks, real estate, business etc
4. Shopping method
Angela Randall
There's a lot to say about this book, both positive and negative. It had some great ideas in it, some which are possibly quite revelatory for some people, and some really useful information which I would love to ensure certain people I know read. However, it was also a very dry read, somewhat repetitive and dwelled on some things I didn't think were all that fascinating (like what sorts of cars millionaires drive). It also had a lot of charts, which is fun from a stats perspective and lends cred ...more
Jun 03, 2007 Ken rated it did not like it  ·  review of another edition
Recommends it for: people needing a laugh
It is not written about the majority of us. It is written FOR the majority of us to make us believe that wealth is everpresent and easily accessible in our society.

The numbers are often listed in a manner that does not acknowledge any actual analysis. Nor is inflation considered with any degree of seriousness. As most cheerleading books for market boosterism it gives its sideways genuflection to supply siders by completely ignoring the operating differences between income and wealth.
Jan 12, 2013 Nikolay rated it did not like it  ·  review of another edition
Shelves: unfinished
Some people live as they will never die, and die as they had never lived.

It looks much more absurdly when you read about all those "millionairs" who are spending all of their lifetime for meticulous accumulation of wealth accompanied by greed and avarice.

I don't know if there were "researches" conducted by authors indeed, and if all the written is truth. If so, I feel sorry for these poor guys, "millionaires". Having an opportunity to do what they want at least sometimes, they heroically sweep
Mar 19, 2013 Pat rated it it was ok  ·  review of another edition
It's rare that you can find a book that is as boring as it is sanctimonious. But they pulled it off!

In a nutshell, millionaires aren't made by extraordinarily high incomes (those people's spending tends to increase as well), in fact they're typically people with merely very good incomes who are zealous about frugality and long term investments. Not a huge surprise actually, but its nice to have numbers to back up the story and they do. Many are small business owners, many don't spend much on car
May 16, 2008 Craig rated it really liked it  ·  review of another edition
Getting rich is most often done by being frugal, not by making outrageous, Trump-like gambits. The last 10 years or so have been marked by periods of investment euphoria (tech & housing), followed by terrible hangovers that have destroyed the wealth of millions within a few years or even months. The latest bubble (George Soros actually thinks 2 bubbles popped simultaneously last year -- the housing bubble and the 20 year credit bubble) could potentially be much more devastating than the tech ...more
Dec 22, 2007 Jared rated it liked it  ·  review of another edition
Shelves: finance, non-fiction
The Millionaire Next Door is a summary of the research of two men who have come to some surprising conclusions about the wealthy in America. For instance, they found that almost two-thirds of America's wealthy are first-generation rich. They also talk about a number of the characteristics of those who become wealthy. It turns out that attitude toward money has a much greater impact on wealth than income or occupation.

The book is filled with lots of fascinating facts and statistics. The authors
Mar 23, 2007 stephanie rated it it was amazing  ·  review of another edition
Recommends it for: anyone planning on having a future worth living
I re-read this book, it may be the only one. That is how much I love it. Whenever our status-conscious, materialistic society starts to convince me that I need to buy more, drive a better car, living in a bigger home...I read this book.

This book reaffirms those of us who have chosen a lifestyle of living way below our means and making decision with our personal finances to meet personal life goals. If you have ever had an interest in learning more about how the truly wealth live, read this book
Malin Friess
May 11, 2012 Malin Friess rated it it was amazing  ·  review of another edition
The Millionaire Next Door is a 5 star book with a 1 star title (It sounds too about secrets of those who have saved well)...less sexy, but more humble. My brother in law recommended this book after he began talking about PAW's (prodigious accumulators of wealth) and UAW's (underachieving accumulators of wealth). It turns out this book was for sale at the Goodwill for 1.99..maybe shopping at the Goodwill was the surprising secret of America's Wealthy...I had to find out! So I picked o ...more
Mar 06, 2012 Nancy rated it really liked it  ·  review of another edition
Shelves: non-fiction, finance
As I read The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust, this book comes back to me. I read it while my son was in college as a "pre-business" (really "I don't know what I want to do") major. I feared he was developing an unrealistic get rich quick attitude so was pleased to discover this book and give him a copy for Christmas. I wouldn't say it changed his life or mine, but it gave us a framework to talk about work and planning which I found useful.

Dec 20, 2015 Raúl rated it it was amazing  ·  review of another edition
Shelves: self-improvement
Por el título, parece un libro del montón. Si digo que es un análisis sobre quiénes son y cómo se comportan los millonarios de USA, sigue sin parecer interesante, lo sé. Pero resulta que se puede aprender mucho de él: el perfil del millonario medio no se acerca ni por asomo a lo que piensa la sociedad.

El millonario medio es alguien que tiene un negocio propio, que vive en un barrio por debajo de sus posibilidades, y que cuida mucho sus gastos (coches de segunda mano, ropa en rebajas, nada de luj
Philip Siegel
May 28, 2014 Philip Siegel rated it it was amazing  ·  review of another edition
I can't believe I didn't write a review for this book when I first read it. TMND is one of the best books I've ever read and will go into the elite pantheon of books I won't stop recommending. The authors showcase the real millionaires in this country -- not the celebrities or heiresses or CEOs with golden parachutes that we think of. Using comprehensive data, they reveal that true millionaires and those with true wealth, are average, unassuming people like you and me. They work hard (usually fo ...more
Dec 20, 2008 Terry rated it liked it  ·  review of another edition
MIllionaires can be tremendously dull; this book isn't. It is thought provoking and unexpected, if a touch dry. With so many people fascinated by glitz and bling, it is worth considering the relationship between appearing rich and being wealthy. This book has lots of great nuggets, but the upshot is that rich people often work doggedly at some fairly mundane businesses while living frugal and unpretentious lives (they generally don't divorce, move, or consume conspicuously). Certainly, this isn' ...more
There is a difference between those who grow wealthy and those with high incomes. That's not to say that wealthy people can't have high incomes. But many people with high incomes end up consuming much of their money by trying to keep up with the Joneses. Meanwhile, frugal behavior and entrepreneurship have been found to contribute to wealth accumulation.

The case studies were interesting but I found the charts and tables distracting. If you are interested in those, then avoid the Kindle version o
Jan 04, 2009 Amy rated it it was amazing  ·  review of another edition
Shelves: self-improvement
A seriously great book. Makes you realize that the people who have a lot of things, are usually the people that don't have very much money and are generally living on credit cards, buying too many things. The people who you would never expect to have money, are usually the millionaires. It has a lot of statistics, which both of us "numbers" people loved!
Jul 09, 2012 Julia rated it it was ok  ·  review of another edition
The book points out that many millionaires do not look rich, they are frugal people who live below their means and save money. I feel like I was convinced after the first few chapters, and was annoyed to find the rest of the book just rehashing its main thesis over and over again.
Skylar Burris
Despite the fact that it takes scores of pages to communicate a few basic points and that the author offers excruciating detail on things such as the car-buying habits of millionaires, I believe this is an important book that should be read by anyone who mistakenly believes that the long-term accumulation of wealth is determined almost entirely by income or that the majority of millionaires become wealthy through inheritance or pure luck.

We tend to think of the “rich” as people with flashy cars
Aug 26, 2016 Chris rated it liked it  ·  review of another edition
Reading this so soon after Capital, I couldn't help but internally compare the two. It's a fruitful exercise. Both are written by academics, for a broad audience, on the subject of wealth. Both take a liberal frame for their subject—in spite of Stanley & Danko hating on the IRS from time to time, they're less interested in exalting the entrepreneur than castigating the spendthrift.*

Although Piketty's canvas is very broad, the comparison really shows just how narrow Stanley & Danko's con
Zachary Slayback
This is an excellent, data-backed look at what the wealthy look like in the United States. Contrary to popular belief, most wealthy people do not drive Teslas and eat caviar. They are not tech CEOs or Wall Street financiers. They are small business owners and self-employed professionals who probably drive a 3-year old BMW or a Ford pickup truck or SUV. They probably wear a Seiko watch, not a Rolex. They probably wear a suit bought from Men's Wearhouse, not Brooks Brothers. They probably have a r ...more
Feb 03, 2008 Jared rated it liked it  ·  review of another edition
Thomas Stanley and William Danko teach the average American about the elusive habits of the wealthy upper-class in The Millionaire Next Door. Although they didn’t tell me anything I felt like I didn’t already know, I appreciated that they conducted research and presented hard data that backup up the intuition about the wealthy.

You should guess that small business owners compose the largest group of millionaires in America. Also, it has always been obvious to me that the people who save and inve
Ivan Voras
Basically, the only sure way to get rich is by working hard and spending next to nothing. Everything else is luck.

The book is excellent in dispensing with some myths which surround the notion of someone being wealthy, and what wealthy people actually do with their lives. Most people will not like the (statistically backed) conclusions.
Jul 04, 2010 Brent rated it really liked it  ·  review of another edition
An interesting analysis of the life style behaviors that are statistically correlated with high levels of wealth. The authors do a great job of exposing the differences between appearing wealthy and actually being wealthy. Many Americans associate conspicuous consumption of luxury goods and services with wealth. But the authors demonstrate that the truly wealthy are far more likely to live in modest homes with middle class automobiles and clothing. While those with luxury homes, jewelry, clothes ...more
Jan 12, 2013 Doreen rated it really liked it  ·  review of another edition
Recommends it for: everyone
Recommended to Doreen by: saw it at the library
Mindful purchasing, delayed gratification, living below one's means, saving and investing concepts?! Of course not! Actually, I love the information provided in this book and I am impressed with how well that information is presented here. The facts and advice are sound and necessary to every income-generating, merchandise-acquiring, bill-paying person alive!

And the title is so true...the person driving a new, luxury car every two years, taking the most extravagant and frequent vac
Mar 09, 2015 Gramarye rated it liked it  ·  review of another edition
Shelves: economics
The main trouble I have with The Millionaire Next Door is the same trouble I have with other personal finance books, aimed at a US market, that emphasise the values of entrepreneurship: the remarkable stumbling block that lack of universal health insurance -- or indeed, any health insurance not tied to employment -- has presented for any number of would-be millionaires. The authors hint at this when they mention that of their average (male) millionaire case study, the number-one employment for s ...more
Jun 01, 2011 Ginny rated it it was amazing  ·  review of another edition
The American Millionaire: Huge houses, luxury cars, lavish wardrobes, $10,000 watches, expensive haircuts, unrestrained shopping sprees...right?


It turns out that a large percentage of millionaires are pretty boring. They tend to be the “F” word: Frugal. They tend to live in average neighborhoods, bargain shop for used cars, shop at stores like JCPenney and Sears, get $17 haircuts, and the snore list goes on and on.

“The Millionaire Next Door” chronicles the findings of the longest runnin
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Dr. Thomas J. Stanley began studying the affluent in 1973. Stanley was a marketing professor at Georgia State University, a public speaker and consultant on selling to the rich.

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“Whatever your income, always live below your means.” 32 likes
“Good health, longevity, happiness, a loving family, self-reliance, fine friends … if you [have] five, you’re a rich man….” 25 likes
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