"Most Americans are not free. They are chained to their paychecks. . . . The women profiled herein will not tolerate such an existence. They are a different breed. They are free. They are cultivators of wealth and satisfied with life. They are in control of their own destiny."Eight years ago, Dr. Thomas J. Stanley swept aside the mythical magic curtain of wealth to reveal The Millionaire Next Door . America found out just who and how common the truly wealthy were in this country-and we learned the characteristics and habits that made them so. Now the author of the follow-up The Millionaire Mind focuses on one of the least understood but increasingly rich Millionaire Women Next Door , available in paperback for the first time. "Why write another book that profiles millionaires?" Stanley asks. "The vast majority of the millionaire respondents (92 percent) in The Millionaire Next Door were men. . . . I felt that it was indeed time for successful businesswomen of the self-made variety to be heard." Readers everywhere will be fascinated by Stanley's thoroughly researched findings and conclusions. They'll come away considerably more knowledgeable and greatly inspired by women who have found the key to riches. Millionaire Women Next Door explores the meaning of wealth and the avenues that female entrepreneurs and businesspeople have traveled. The book examines their choices, natures, working styles, and lifestyles.
Thomas J. Stanley was an American writer and business theorist. He was the author and co-author of several award-winning books on America's wealthy, including the New York Times’ best sellers The Millionaire Next Door and The Millionaire Mind. He served as chief advisor to Data Points, a company founded based on his research and data. He received a doctorate in business administration from the University of Georgia. He was on the faculty of the University at Albany, State University of New York. He taught marketing at the University of Tennessee, University of Georgia and Georgia State University (where he was named Omicron Delta Kappa's Outstanding Professor). Thomas Stanley was born in the Bronx in 1944. His father worked as a subway car driver, while his mother was a homemaker and secretary. He attended college in Connecticut, doing graduate work at the University of Tennessee. He earned a doctorate at the University of Georgia, and eventually moved to the Atlanta area to teach at Georgia State University. Stanley spent most of his career studying how the financially successful Americans in a wide range of professions and with a varying level of income acquired their wealth on their own. In 2015 he was killed by a drunk driver at the age of 71. During his last days, he was working on a book with his daughter, an industrial psychologist, who later finished it. The book is called The Next Millionaire Next Door: Enduring Strategies for Building Wealth, and attributes authorship to Thomas J. Stanley and his daughter, Sarah Stanley Fallaw.
After The Millionaire Next Door made me feel so down on myself, I wasn’t as enthusiastic about reading Millioniare Women Next Door as when I first ordered it from my library. But when it finally arrived a few weeks later, I figured I might as well bite the bullet and have another unpleasant look in the financial mirror.
Surprisingly, the book turned out to be much more inspirational than the first. The author does revisit many of the same themes – the importance of thrift, the dangers of economic outpatient care on adults – but he also includes the success stories of numerous millionaire women. And who doesn’t love success stories?
More important is how the book has impacted my own life. I can name four specific ways:
(1) The most practical, real-world change is that I’ve created a spreadsheet of all my credit cards and used the “chart” function to turn it into a graph. Now I’ve got a clear, visual summary of how much I owe, and my goal is to reduce that debt by 25% or more by December. I don’t know whether or not I can become a millionaire , but I do know that my first step to financial solvency is to wipe out that debt.
(2) Though I haven’t done it every day, I’ve taken to writing down specific goals. Some are daily and some are long-term, but setting specific goals is one of the things successful women do routinely.
(3) This one is a change of mindset. Early in the book, it states that most of these successful women don’t spend much time, if any, thinking about how their lives could have been different, and not all of them led charmed existences before becoming rich. Unfortunately, regret, specifically about sabotaging my future by messing up in college, occupies so much of my own mental energy, I’ve determined it to be my mid-life crisis. And it’s deep-seated, too. Because of the book, I began to stop these thoughts whenever I caught myself, but they came back in such a powerful dream, I woke up at 3 am from it. In the negative part of my dream, I again met the college official who interviewed me for the college I didn’t go to and now wish I had. In a positive part, though, my family members agreed that I should have a “second chance,” so I was going to go back to being 18 again. But when I woke up, I realized that if I’m ever going to get a second chance at college, it won’t be by going back in time. It has to be now. That’s as close to a “never look back” attitude as I can get to.
(4) This is another mindset change, and it’s connected with the previous one. Most of the millionaire women profiled in the book run their own businesses, but most of them didn’t become millionaires until they were in their forties or fifties and usually with a few failed businesses behind them. I found that incredibly comforting in light of my own age and mistakes. Who knows what the future might hold for me?
With insights like that, is it any wonder I’ve rated this book a 5?
I have read all of Thomas Stanley’s other books, and put this one off until it had some age on it. Now that it’s about 6 years old, I read it. I was underwhelmed. I remember his other books, especially “The Millionaire Next Door”, as being a novel mix of reported research and the stories of millionaires, focused on the difference between “balance sheet” and “income statement” millionaires. I expected mostly the same here but focused on women. Here’s what I found:
-Stanley quotes the research, but at times it’s a bit loosey goosey as to how he comes up with conclusions. Seems like he surveyed only the rich, but based conclusions on how they differed from the non-rich on only that data in some cases. Maybe it just wasn’t explained correctly but it didn’t seem all that clear. - More like Stanley’s “The Millionaire Mind”, he focuses this book on small business owners and the folks that are more than barely millionaires. He comes around in the final two chapters to discuss people who are not business owners that have saved the magic amount, including a teacher and a widow who made their wealth through real estate. Not being a small business owner myself, I prefer these other stories and would have liked more, but I understand from Stanley that business ownership is the most likely way to wealth. - Strangely, not every “case study” in the book is a woman. In some cases Stanley chose to profile a man to illustrate an example. If you were expecting only women to be profiled, you are out of luck here. - Also strangely, Stanley reproduces a number of letters sent to him, mostly in the middle of the book. Many of these just seemed bizarre and needn’t have been included. And many were from men. Stanley appeared to be stretching for pages here. - Stanley notes that most of the women that fit his criteria for wealth have been married. He touches on the impact of the husband on the wealth of the family, but I was left wondering, especially in the case studies, about the dynamics of married earners and investors. He really didn’t approach this topic head on. Seems like a good idea for a follow-up book, “Millionaire Couple Next Door”.
I enjoyed this book, but quite a bit less than his previous books. I would recommend reading his first two millionaire books first, with this left for the curious.
A follow-up to "The Millionaire Next Door", "Millionaire Women Next Door" highlights the lifestyle trends of millionaires, only this time the focus is solely on wealthy women. A low profile, low consumption, frugal way of living appears to be the trend amongst the majority of these millionaires "next door". These profiled female millionaires are some of the wealthiest yet also some of the most generous givers in our country donating to charitable causes, granting forgiveness loans to friends and family, and funding education costs for family members. On average these women live in homes valued $299,990 or less. Very few drove luxury vehicles or purchased expensive boats, gifts, or jewelry. Careers seen most among this population included small and large business owners, sales jobs, and surprisingly, educators. I found this book to contain some surprising and interesting information but also found it to be lengthy and overstated. My advice would be to read "The Millionaire Next Door" and skip the redundant "Millionaire Women Next Door".
I felt like the beginning of the book had a condescending tone to it. If people want to live a high-consumption lifestyle and are happy being in debt until the day they die that's their prerogative. Just don't complain when it's retirement time and you don't have the freedom to do so. That's all I'm saying. The book, like The Millionaire Next Door, goes into detail about millionaire's habits of frugality, investing, and saving. This book goes more into detail about women but it's all the same information, really. I *did* however, really enjoyed the chapter on running the home office. There is so much value in taking charge of the home office that I think gets overlooked.
In A Nutshell: The Millionaire Next Door and The Millionaire Mind had revolutionized the way that I thought about money--or maybe it is more accurate to say that these books changed the way I aspire to approach money. No longer did it seem impossible to be financially independent even on the salary that I currently make and the salary I can hope to make in my current career (which I do love and I do feel utilizes my talents and aptitudes).
But those books did have a very strong focus on male millionaires, and as a single mother I felt some of the principles out of my reach. So I almost jumped for joy when I saw Millionaire Women Next Door. Financially independence now feels attainable--even for me.
Review: I had read both The Millionaire Next Door and The Millionaire Mind a few years back. But after some recent major changes in my life, I decided to rededicate myself to the goal of financial independence, so I checked them both out from the library to re-read. It was during the search for these two books that I found Millionaire Women Next Door. So after re-reading both of the originals, I dove into this newer installment.
Reading them so closely together, I did see that there is some repetition between the three books. It makes sense because some of the principles that people follow as part of their plan for financial independence are going to be the same regardless of gender. But the repetition did get to be a little boring in certain spots. There is also a lot of quotes directly from the previous books, which is probably necessary for the people who started with this book without reading the other two. But for me, it just further accentuated the repetition.
There is a large section where Thomas J. Stanley goes into detail about the difference between "Alpha" women millionaires (women who became millionaires after growing up in a loving, supportive, and in many cases frugal environment) and "Beta" women millionaires (women who became millionaires after growing up in negative and/or hostile environment). This section really hit close to home for me and really gave me insight into who I am and why I approach money in some of the ways that I do. He goes on to talk about being married to "Marginal Bob." It explained so much to me about how I ended up in the situation(s) I did.
Understanding some of these things about myself have helped me as I focus on my goal of financial independence. I can see some of the areas that I have to watch for myself so they do not get out of control again. I have also been able to forgive myself for some of the mistakes of my past--with an understanding that I have to work hard to not end up in that same place a second time.
As a parent, this book has also made me think of how I want my daughter to relate to money. As she gets older, I want to start to implement some of the techniques the millionaire women talked--such as open honest discussions of how money is spent as a family every paycheck.
While this book had some good nuggets, it also had some major flaws.
I enjoyed the vignettes and the basic "can-do" attitude showed in much of the book. The author had lots of examples and lots of tips to help women become millionaires.
There was an amazing lack of diversity in his examples. Many of the women-while coming from "humble" beginnings, still came from a place of middle class privilege. There were so very few who crawled out of generations of poverty. And of course, only one woman of color in the entire treatise. African American woman were such a small amount of woman millionaires that they didn't even get a percentage...and absolutely nothing was said about it.
This still came from a middle class who was used to bootstrapping and having things happen. I vacillated between hope for the future and despair that people in general can still manage this kind of success as the gap widens between haves and have-nots. I'm not sure where to file this info in my head...
This book tried to analyze the small subset of the "Millionaires Next Door". It is forced to make general observations that you can get just as well from the main book "The Millionaire Next Door", while the specific demographic analysis has little relative value. If you want to become a millionaire by the slow and steady method, read Dave Ramsey's books for getting out of debt and building wealth. If you want to build up a small business, read Christy Wright's book "Business Boutique". And if you want to understand the differences between male, female and married couple millionaires, the Chris Hogan book "Everyday Millionaires" has both more females in the sample and a more recent data set.
I go through this book at least twice per year. It's very motivating in that I can identify with the "type A" women in the book. I also love the author's section on "Why not run the family office?" where she talks about stay-at-home moms. I totally agree that becoming a millionaire has much to do with the money you make...as opposed to how much money you make. I totally love this book!
The dollar amounts mentioned are rather dated (the book was published about 10 years ago) but the book is still interesting. There seem to be lots of frugal women in our midst who have high incomes and low expenses!
I read this before The Millionaire Next Door, but it refers to the other book so much that I waited to write my review until I had read both. (What a pink tax! Women need to spend time and money on the other book to get the full value of this one!)
I found this one slightly better than the OG, so it got an extra star. However I really wish this had been approached differently.
There was only one chapter on Men vs Women. The rest of the book is largely millionaire women vs non-millionaire women. However millionaire vs non-millionaire is the focus of the first book, so I really assumed there would be more comparing the genders.
This book had more data I thought than the first one. I like that it covers how they were raised and how much they give to charity. That said, it's not very actionable. You can't change how you were raised.
I wish there wasn't such a strong focus on owning a business. It isn't for everyone, and there are other diverse paths folks can take. There was one section on other professions, and that was more inspiring than all the rest.
There are parts he drones on about. SEVERAL paragraphs emphasizing how millionaire women do not overspend on cars. (Paraphrasing, but "What do you think she drives? A Jaguar perhaps? Maybe a porche?" We get it. A regular car.)
I think there was also a missed opportunity to delve into the different experiences women have vs men becoming millionaires. Given when the book was written and the age of many respondents, he had a deep look at women who grew up in several decades stretching back to when women going to college or starting their own business wasn't the norm.
In hindsight, I liked this better than The Millionaire Next Door, and if I did it again I would only read this one. That said, Your Money or Your Life had a much bigger impact on my overall mindset in personal finance.
Grāmata, kuru novērtēju ar augstāko novērtējumu. Saturs, kas liek aizdomāties par to, ka finansiālā brīvība un neatkarība ir daudz vērtīgāka, par bezjēdzīgu un spontānu iegribu īstenošanu. 50/30/20 likums palīdz aptvert kurā fin.kategorijā atrodies, precīzi novelkot robežas, cik vari atlauties novirzīt obligātiem maksājumiem, kā neatnemamu dzīves sastāvdalu budzetā ieklaujot brīvo laiku, izklaides, hobijus, lai dzīvē saglabātu balansu un katru mēnesi 20% novirzot krājkontā, investējot. Tas prasa dzelžainu disciplīnu, bet sniedz neatsveramu brīvības sajūtu. Noteikti plānoju izlasīt arī “Miljonāra plāts” un “Miljonārs tepat kaiminos”. Iesaku izlasīt tiem, kuriem ikmēneša izdevumu plānošana sagādā lielas grūtības un ir nemitīga trauksmes sajūta pat bailes katra mēneša izskanā.
This book has the same issues as The Millionaire Next Door: although it contains interesting findings, all chapters are based on the same research data (surveys, statistical data from IRS, interviews). After a few chapters, you have seen it all before. I like the focus on self-made women, mindset, entrepreneurship, and various alternative life paths that the author discusses; ranging from starting your own business, saving your normal income and investing wisely, running the family office instead of working a job to investing in real-estate to let.
Thomas J. Stanley's book has much to offer in detailing the values and the financial discipline of not only successful businesswomen, but also the amazing discipline and tenacity of several self made multimillionaire men, and even a few women who did not work outside the home. Truly fascinating information, both in the form of statistics and of many fiscal life narratives. Full of practical, applicable habits and disciplines for every reader.
The first half or so, I found rather dull and full of statistics that seemed questionable as mentioned by previous reviewers. The latter part picked up though. I found it encouraging that income is not the only factor that leads to wealth. The book had a heavy emphasis on frugality, making wise choices, investing, and avoiding debt. There was even a chapter on educators, which I appreciated, since my husband and I both work in the education field.
A great compendium to Millionaire Next Door. It focuses mostly on women who own their own businesses, but also mentions saleswomen and women who monitor "the books" in their household. Overall, the theme is the same: live within/below your means, give charitably, and don't care what other people think.
Good balance of analytical data and personal stories. Very motivating to see how so many women have created and managed success in various types of businesses. A bit dated now, with the data from 2004 or prior; would love to see an updated edition. Plenty of data for a deep dive for those who enjoy that type of information.
I was a little disappointed in this book after reading the first two. It didn't have a good flow and there was a lot still written about men rather than women.
In terms of takeaways, women are more generous and the studies show that women have to work harder for what they earn whereas men are successful based on their potential. Same ol', same ol'. Sigh
The book teaches us the mindset of rich people specially women . The book doesn’t teach you any technique per se of how getting rich , however , how act and think like a rich person
Not as interesting as The Millionaire Next Door. I did not end up finishing the book as I felt many of the information did not seem very novel to me nor applicable to me. I recommend The Millionaire Next Door over this one.
Amazing, inspirational and very detailed book that every woman should read. With lots of systemized research and very convincing conclusions. A definite must-read for everyone, trying to handle their finances and build lasting wealth.
The most important lesson I learned from this book is that to become a millionaire, it is more important to be intentional about how you spend your money than to make all the money in the world. Being frugal pays off!
I could barely put this book down from the time I first started reading it. I love it. This is the first time I've ever been tempted to contact an author and thank them for their book.
This book is the opposite of "I will teach you to be rich". The book does not talk about how to become a millionaire, but showcases life and lifestyle of the various millionaire women.
If you have read Millionaire Next Door, there is little to distinguish this one. However, the authors do mention gender specific aspects taking into account first generation female business owners.
Not a lot of instruction or relatable stories. The only benefit I gleaned from this book is the section on Beta Women who rose above their challenges to make it.