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Stop Acting Rich: ...And Start Living Like A Real Millionaire
A leading expert on the affluent reveals the real way to build wealth. With well over two million of his books sold, and huge praise from many media outlets, Dr. Thomas J. Stanley is a recognized and highly respected authority on the wealthy, their behavior, and their thinking. Now, in Stop Acting Rich, he details how the less affluent have fallen into the elite luxury brand trap that keeps them from truly acquiring wealth and details how to get out of it by emulating the working rich as opposed to the super elite.
A defensive strategy for tough times, Stop Acting Rich will show you how to live like Warren Buffett-a rich, happy life-through accumulating more wealth and using it to achieve the type of financial freedom that will create true happiness and fulfillment.
Puts wealth in perspective and shows you how to live rich without spending more
Details why we spend lavishly and how to stop this destructive cycle
Discusses how being "rich" means more than just big houses and luxury cars
Other titles by Stanley: The Millionaire Mind and The Millionaire Next Door
It's time to understand why we buy what we buy, so that we can start accumulating, rather than depleting, wealth. Stop Acting Rich shows you exactly what it takes to achieve this elusive goal.
288 pages, Hardcover
First published January 1, 2009
267 people are currently reading
3817 people want to read
About the author
Thomas J. Stanley
31 books572 followersThomas 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.
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.
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October 23, 2010
According to this book, there are a lot of posers out there and that's one of the main reasons we got slammed by the housing crisis and (as a nation) are overcome with debt.
Most millionaire's out there don't have extravagant houses, cars, watches, shoes, suits, wine, liquor, etc. that we tend to associate with that level of wealth. Most of those high end things are really only consumed by the "glittering rich" such as high-end celebrities. The author contends that real millionaires are quite frugal (though not stingy).
The book covers details findings from his survey that was sent to real millionaires and offered some interesting findings:
1. One of the best things you can do for your perceived happiness (and to accumulate wealth) is to live in a house that is well below what you can afford. For example, 1-2x your annual income. The author implied that you should live in a neighborhood where you're in the top 25% income/wealth category compared to your neighbors but still live like them or even more frugally. The reason is that a lot of people buy houses based on if they can pay for the mortgage, insurance, and utilities. However, they don't consider the social pressure involved with living there to do things like have their kids go to a private school, go on expensive vacations, eat out more often, buy a certain type of car, etc. The author mentioned that mining engineers tend to have a disproportional amount of millionaires simply because they're paid a decent wage but tend to live a typical house in mining towns and have no desire to live much differently than those around them.
2. A lot of marketers of luxury/high-end items market to people that are acting rich ("big hat, no cattle") instead of real rich people so that they can impress other friends who are also acting rich. Stanley gave an extensive example of the rise of Grey Goose vodka's popularity among "aspirationals" (those wanting to be rich) in lieu of the actual rich people out there who tend to be more frugal and buy based on value rather than marketing tricks.
3. According to the author, more popular "low-end" car models are subsidized by people acting rich and especially those who are obese (and tend to need larger cars). Thus, car makers make a very low margin on their lower end models even though they're typically just as good in terms of quality. Car makers hope that as you get older (and "larger"), you'll want a more expensive/bigger vehicle and will pay a premium for this... and when you do, you'll get that brand. The take away is that real rich people tend to take advantage of this by not going for the high end models and getting more value from the lower-end ones that tend to have higher quality. Thus, the most popular brands among real rich people are Toyota and Ford rather than European makes like BMW or Mercedes. The sad fact is that the aspirationals tend to go after the later category and never end up actually being rich but rather mired in debt whereas rich people tend to pay cash for their cars. The author also related a similar story about shotguns, saying that Sam Walton (of Walmart fame) preferred the Remington 870 shotgun because it was the best out there even though it's around $400 even though aspirationals pick gilded ones that cost a lot more.
4. The author defines "affluent" if your net worth of liquid assets is greater than 10% of your age multiplied by your annual household income.
5. Most real rich people tend to give around 10% their annual income to charitable causes that are significant to them rather than the less than 2% average among aspirationals.
There wasn't anything earth-shattering in the book. It was pretty much a bunch of common sense "live below your means", "be frugal", "seek value", "value people, not things", etc.
Most millionaire's out there don't have extravagant houses, cars, watches, shoes, suits, wine, liquor, etc. that we tend to associate with that level of wealth. Most of those high end things are really only consumed by the "glittering rich" such as high-end celebrities. The author contends that real millionaires are quite frugal (though not stingy).
The book covers details findings from his survey that was sent to real millionaires and offered some interesting findings:
1. One of the best things you can do for your perceived happiness (and to accumulate wealth) is to live in a house that is well below what you can afford. For example, 1-2x your annual income. The author implied that you should live in a neighborhood where you're in the top 25% income/wealth category compared to your neighbors but still live like them or even more frugally. The reason is that a lot of people buy houses based on if they can pay for the mortgage, insurance, and utilities. However, they don't consider the social pressure involved with living there to do things like have their kids go to a private school, go on expensive vacations, eat out more often, buy a certain type of car, etc. The author mentioned that mining engineers tend to have a disproportional amount of millionaires simply because they're paid a decent wage but tend to live a typical house in mining towns and have no desire to live much differently than those around them.
2. A lot of marketers of luxury/high-end items market to people that are acting rich ("big hat, no cattle") instead of real rich people so that they can impress other friends who are also acting rich. Stanley gave an extensive example of the rise of Grey Goose vodka's popularity among "aspirationals" (those wanting to be rich) in lieu of the actual rich people out there who tend to be more frugal and buy based on value rather than marketing tricks.
3. According to the author, more popular "low-end" car models are subsidized by people acting rich and especially those who are obese (and tend to need larger cars). Thus, car makers make a very low margin on their lower end models even though they're typically just as good in terms of quality. Car makers hope that as you get older (and "larger"), you'll want a more expensive/bigger vehicle and will pay a premium for this... and when you do, you'll get that brand. The take away is that real rich people tend to take advantage of this by not going for the high end models and getting more value from the lower-end ones that tend to have higher quality. Thus, the most popular brands among real rich people are Toyota and Ford rather than European makes like BMW or Mercedes. The sad fact is that the aspirationals tend to go after the later category and never end up actually being rich but rather mired in debt whereas rich people tend to pay cash for their cars. The author also related a similar story about shotguns, saying that Sam Walton (of Walmart fame) preferred the Remington 870 shotgun because it was the best out there even though it's around $400 even though aspirationals pick gilded ones that cost a lot more.
4. The author defines "affluent" if your net worth of liquid assets is greater than 10% of your age multiplied by your annual household income.
5. Most real rich people tend to give around 10% their annual income to charitable causes that are significant to them rather than the less than 2% average among aspirationals.
There wasn't anything earth-shattering in the book. It was pretty much a bunch of common sense "live below your means", "be frugal", "seek value", "value people, not things", etc.
January 28, 2010
This book could have been 15 pages but instead he made each point, beat it do death, and then moved on to the next point. I have a feeling his publisher kept pushing for MORE FILLER! The points made were good, but much more enjoyable to read the first time he made them in, "The Millionair Next Door", which I Do recommend.
July 3, 2012
This book wouldn't have nearly the power it does if it weren't so data-driven. It's one thing to say not many real millionaires drive BMWs. It's another to have the data to prove it. Want to know if you really want to be a millionaire, or you just want other people to think you are one? Read this book and by the end you'll have the knowledge you need to tell. Although what's also interesting about the book are the stories of those who are given that knowledge, but refuse to accept it, even when the proof is in front of their eyes. It just goes to show that people will believe what they want to believe regardless of what proof you give them.
August 19, 2015
Stop Acting Rich... and Start Living Like a Real Millionaire continues Dr. Stanley's research into what millionaires are really like. The first, and best, work, The Millionaire Next Door, was data-filled and descriptive of what the mega-rich are like. Millionaire Mind tried to help the reader understand what it takes to be financially successful by understanding what millionaires value.
The latest installment treads upon familiar territory. There are plenty of interesting and useful lessons. While Stanley sometimes bogs down in seeming trivia- the shoes millionaires wear, their brands of liquor, what they drive, that they shop at Costco, and buy quality suits at JC Penney, not Neeman Marcus- there are obvious patterns to understand. Millionaires are overwhelmingly married and never divorced, and they live in pleasant homes, but not the priciest. They do not believe in being highly leveraged with home mortgages. They prefer to channel that extra money into investments, often their own small businesses.
Yet, this data builds up to key lessons: the very definition of millionaire is about assets, not income. For most, being a millionaire is about values of thrift, hard work, and being comfortable in oneself: letting accomplishments, not expensive consumer goods, do the talking.
A lot of people act like millionaires, trying to impress everyone else. Stanley calls them "aspirational" rich. Yet, the very act of consuming more than they can afford lessens their chances of ever becoming a real millionaire. A bottle of Grey Goose and a leased Mercedes won't make you a millionaire, and, won't even make you look like one because the average millionaire drinks common, mass market liquor and drives a Toyota. I felt validated that I have so much in common with millionaires: not only my high mileage, fully paid for Toyota, but I wear the top millionaire watch, a functional but not expensive Seiko. I even live in the Midwest, the top spot, per capita, for millionaires. Alas, I'm not quite there on the asset side. :)
The latest installment treads upon familiar territory. There are plenty of interesting and useful lessons. While Stanley sometimes bogs down in seeming trivia- the shoes millionaires wear, their brands of liquor, what they drive, that they shop at Costco, and buy quality suits at JC Penney, not Neeman Marcus- there are obvious patterns to understand. Millionaires are overwhelmingly married and never divorced, and they live in pleasant homes, but not the priciest. They do not believe in being highly leveraged with home mortgages. They prefer to channel that extra money into investments, often their own small businesses.
Yet, this data builds up to key lessons: the very definition of millionaire is about assets, not income. For most, being a millionaire is about values of thrift, hard work, and being comfortable in oneself: letting accomplishments, not expensive consumer goods, do the talking.
A lot of people act like millionaires, trying to impress everyone else. Stanley calls them "aspirational" rich. Yet, the very act of consuming more than they can afford lessens their chances of ever becoming a real millionaire. A bottle of Grey Goose and a leased Mercedes won't make you a millionaire, and, won't even make you look like one because the average millionaire drinks common, mass market liquor and drives a Toyota. I felt validated that I have so much in common with millionaires: not only my high mileage, fully paid for Toyota, but I wear the top millionaire watch, a functional but not expensive Seiko. I even live in the Midwest, the top spot, per capita, for millionaires. Alas, I'm not quite there on the asset side. :)
May 23, 2010
Couldn't get through it except by skimming. Same thing as his earlier The Millionaire Next Door, i.e.:
--A surprisingly high % of the country's millionaires are regular people of high-but-not-outrageously-high incomes who live below their means in modest neighborhoods and save a lot and invest conservatively.
--if you want to be wealthy but are not "glitteringly rich", you're better off emulating these everyday millionaires than the wannabes who try to keep up with the Jones's and waste all their money on conspicuous consumption of brand names that are no better and make you no happier than their cheaper counterparts.
Not a bad point, but one magazine article would do it. He gets multiple lengthy books out of it by reiterating and applying the point in separate chapters to each type of consumer good wannabes waste money on (cars, alcohol [he has a near-pathological obsession with Grey Goose vodka as an example of an expensive pointless status symbol:], vacation homes.....), illustrating general survey findings with specific people at each extreme, making up hypothetical conversations between the glittering rich and the acting rich, copiously citing his earlier books, etc.
--A surprisingly high % of the country's millionaires are regular people of high-but-not-outrageously-high incomes who live below their means in modest neighborhoods and save a lot and invest conservatively.
--if you want to be wealthy but are not "glitteringly rich", you're better off emulating these everyday millionaires than the wannabes who try to keep up with the Jones's and waste all their money on conspicuous consumption of brand names that are no better and make you no happier than their cheaper counterparts.
Not a bad point, but one magazine article would do it. He gets multiple lengthy books out of it by reiterating and applying the point in separate chapters to each type of consumer good wannabes waste money on (cars, alcohol [he has a near-pathological obsession with Grey Goose vodka as an example of an expensive pointless status symbol:], vacation homes.....), illustrating general survey findings with specific people at each extreme, making up hypothetical conversations between the glittering rich and the acting rich, copiously citing his earlier books, etc.
February 7, 2024
الكتاب الثالث ل دكتور توماس ستانلي
بعد كتابيه
The Millionaire Next Door: The Surprising Secrets of America's Wealthy
و الذي كان يتناول توصيف "المليونير" الامريكي احصائيا ....
احصائيا ...عن اين يتوزع المليونيرات...
اعمارهم ...
جنسهم ...
portfolio "بيان" تلك الثروة ....عقارات ..اسهم ...شركة خاصة ....الخ
الكتاب كان احصائي ديموغرافي التوجه اكثر ...
كانت الاحصاءات اكثر من شرح معني ما في الاحصاءات ..مما افقده جاذبيته ...
كتابه الثاني
The Millionaire Mind
كان اظرف كتبه ..عالج فيه القصور فى الكتاب الاول ....اذ قلل من الاحصاءات و اكثر من شرح معناها
كان يتناول المليونير الامريكي من الداخل اكثر منه من الخارج ...بمعني صفاته النفسية _العقلية _الدراسية _الاجتماعية _المهنية
اكثر من توزيعه _مكانه_ تركيبة ثروته _ جنسه _عمره
يمكن تلخصيه في
1 اعمل بجد و اجتهاد
2 لا تدع درجاتك المتوسطة "او الضعيفة" تؤخرك
3 تحل بالشجاعة و خاطر مالياً
4 اختر مهنة او مجال مربح تحبه حتى و ان كان غير نادر
5 اختر الزوجة التي تساندك ف الفقر قبل الغنى
6 أنشىء أسرة مدبرة اقتصاديا
7 اختر منزل مناسب و فاوض فى ثمنه و احتفظ به لفترة قبل بيعه
8 تبني نمط حياة متوازن هناك انشطة ممتعة و غير مكلفة كقضاء وقت مع اسرتك و اصدقائك
و اخيرا و ليس آخرا كتابه الثالث الماتع
Stop Acting Rich... and Start Living Like a Real Millionaire
و الذي يتكلم فيه عن كل ما لم يتكلم عنه في كتابيه السابقين
تعديل 7/2/2024:
الكتاب هو اسقاط و استعمال للكتابين الكلاسكيين
the way to wealth
The Art of Money Getting; Or, Golden Rules for Making Money
نصائح و حكم مالية من كل من بناجمين فرانكلين و بي.تي بارنوم
و الكتاب هنا هو تفصيل بعد اجمال لما فى هذين الكتابين
= الفرق بين الشخص عالى الدخل income affluent و الشخص عالى الثروة balance affluent
= المليونير العصامي BA و المليونير المدّعي IA .. و الموضة (البدلة و الحذاء...الخ)
= المليونير العصامي BA و المليونير المدّعي IA .. و ساعة اليد
= المليونير العصامي BA و المليونير المدّعي IA .. و المشروبات الروحية ... و النبيذ
= المليونير العصامي BA و المليونير المدّعي IA .. و السيارة
= المليونير العصامي BA و المليونير المدّعي IA .. و السكن(الحي الذي يعيش فيه)
= المليونير العصامي BA و المليونير المدّعي IA .. و المتع و الهوايات عامة..
للموضوع خلفية عائلية و نفسية .... فقد ينفق تعويضا عن طفولة بائسة ...قد ينفق مجارة للجار الثري بالفعل ...قد ينفق تعويضا و تفاخرا عن درجات مدرسية ضعيفة ...قد ينفق ظنا منه انه هذا قد يجلب له الثراء الفعلي لاحقا وسط جيران و معارف اثرياء بالفعل ...قد ينفق تحت سهولة الائتمان ووطئة و سحر و الحاح التسويق ...ان امتلاكه لـ الحذاء المفضل للمليونيرات و بدلة المليونيرات و ساعة المليونيرات و سيارة المليونيرات قد يجعله فى نهاية الامر مليونير ....
هناك أناس بالفعل هذا حذائها و هذه ساعة يدها و هذا حيّها ومنزلها ...لكنه عن استحقاق
ثقافة الاستحقاق تكلم عنها Kiyosaki, Robert T.
في كتابيه
Why "A" Students Work for "C" Students and "B" Students Work for the Government: Rich Dad's Guide to Financial Education for Parents
لماذا يزداد الأثرياء ثراء : ما هو التعليم المالي فعلا
فحوى كلام دكتور ستانلي في هذا الكتاب و كلام Kiyosaki, Robert T.
يتطبقا و كلام Felix Dennis رجل الاعمال الانجليزي
و الذي قال فى كتابه
How to Get Rich
ان عامة الناس تعتقد صورة خاطئة عن رجل الاعمال انه عابث لاهي مستهتر ينفق ببذخ على الشرب و الرقص و السيارات
فى حين ان رجل الاعمال الحقيقي هو اشبه بناسك مشغول بعبادته - يقصد البيزنس مشروعه او تجارته او شركته - اكثر من انشغاله ب الملذات
ان تكون تلك الرفاهيات نتيجة طبيعية ..للادخار..و الاستثمار .. و تكوين "تكويم" الثروة ...
لكن ان تصرف دخلك اول ب اول و الذي يفترض بك ان تدخر منه ك نواة للثروة ...تدخره للتنعم بتلك الرفاهيات مقارنة بمن تنعموا بها بعد عقد"او عقود" من الزمن ..فهو الامر الخاطيء..قد تستمر ف التنعم لسنوات و لكنك ستُعاقب بقية سنوات عمرك ..اذ انت تصرف دخلك
بينما المليونير العصامي ....ان تمتع و تنعم بتلك الرفاهيات فهو يصرف من ارباح او عوائد اصول ثروته ...
ف المؤلف يقر انه لا ضرر ف التمتع ب الرفاهيات ...فقط ان كان من عوائد ثروتك اللى كونتها خلال سنين الادخار و الصبر و الكفاح و العيش ضمن الحدود و القدرات المعقولة ....
الادهي فى الكتاب انه يحطم خلال فصول الكتاب اساطير الثروة وا لرفاهية واحدة تلو الاخرى
= فمثلا ..لابد من دخل كبير ..لتكوين ثروة ؟
ليس المبلغ الذي يكسبه الفرد سنويًا هو المهم: إنه كيف يعيش المرء كل عام. ما يهم حقًا هو مقدار ما يدخره المرء ويستثمره سنويًا. بالنسبة لمعظم الناس ، تراكم الثروة
هو ماراثون لمسافات طويلة. يستغرق تراكم الثروة سنوات وسنوات من التوفير والاستثمار الحكيم. إذا لم يكسب المرء دخلًا فعليًا يبلغ ستة أو سبعة أضعاف اليوم ، فلا يزال بإمكانه أن يصبح ثريًا غدًا إذا كان منضبطًا ماليًا وحافزًا قويًا
=70% من مليونيرات امريكا لا يمتلكون يخت او قارب,ماذا عن ال 30% ؟اشتروه..منهم من لا يستعمله,ركنه ,اهمله ,ثقبه ,استبدله ,لم يسعده لانه"شيئ" لم يستخدمه في صنع "تجارب و ذكريات"
= اغلب مالكي القوارب مش مليونيرات اصلاً..اسعد ب التجارب ..اشترو القوارب بفعل قوة التسويق التى اقنعتهم ان شراء قارب هو خطوة باتجاه الثراء و السعادة."
=300 علامة تجارية للفودكا في امريكا...المفاجأة ان الفودكا الخام تنتج من 3-4 مصنعيين رأسيين يبيعونها خام ملء خزانات لتلك العلامات التجارية التى تتولى تعبئتها فى زجاجاتهم ذات اللوجو المميز لهم.. لماذا تختلف اسعارهم؟باختلاف شهرتهم و ذلك بسبب اختلاف القدرات التسويقية و فلوس الاعلانات
...و قس على ذلك المياه المعدنية ...المشروبات الغازية ...
=ما هي العلاقة بين السيارة التي تقودها و درجة رضاك عن حياتك؟
حسب بحثي: لا توجد علاقة ارتباط ذات دلالة إحصائية بين العلامة التجارية للسيارة ومستوى سعادتك بالحياة.
الناس الذين يعيشون تحت إمكانياتهم يفهمون هذا
= معلومة غريبة ..تتشارك السيارات الفارهة والسيارات الاقتصادية ..ان بعض اجزائها - قطع غيارها -تسمي الاجزاء X قطاع غيار تتوافق و كل تلك السيارات وبلا علامة تجارية بعينها..القصد انه عند شرائك سيارة ماركة فأنت تدفع الكثير من المال في سيارة ليست 100% كل اجزائها ماركة
=تم سؤال 2000 شخص "غير ثري" عن تعريف سيارة الثري بالنسبة له ؟ اجاب "اغلبهم" سيارة تتعدي ال 75 الف $ ..الغريب انه لو تم إخضاع ذلك المعيار على الاثرياء حقا 90% منهم لن يعتبرو اثرياء.
=في أمريكا 86 % من جميع الماركات الفاخرة من السيارات يقودها غير أصحاب الملايين.
"= هناك ما يسمي ب الدخل المطلق و الدخل النسبي ...
الدخل المطلق لو دخلك 1000 ج وسط ناس دخلهم 800 ج بالتأكيد ستكون اكثر رضا و سعادة..
الدخل النسبي لو دخلك 1000 ج وسط ناس دخلهم 2000 ج
و اخيك 1000 ج وسط ناس دخلهم 800 ج ...ستكون انت اقل سعادة و رضا ..من وسطك المحيط ..و اقل سعادة من اخيك ...مع انكم انتم الاثنين نفس الدخل و لكن الوسط مختلف
و اخيرا ...الوصفة النهائية للمؤلف و التى كررها فى كتابه
The Millionaire Mind
لتعش سعيدا و راضي و تصبح مليونيرا عصامياً في نهاية الامر...عش و انفق أقل من امكانيتك ...فى مجتمع او حي اقل مما تقدر عليه بالفعل بحيث تعد فيه من الاثرياء..في مسكن تقدر على ثمنه و نفقاته الشهرية..اشتري خبرات و تجارب و ذكريات لا اشياء ..لا تحاول ابهار الاخرين او تقليدهم او التأثر بالتسويق و الاعلان لايهامك ان لبسك للساعة الو البدلة او ركوبك للسيارة الفلانية كالاثرياء هو ما سيجعلك مثلهم....تبرع و انفق على الفقراء
الكتاب القادم: طرائف العرب ونوادرهم
بعد كتابيه
The Millionaire Next Door: The Surprising Secrets of America's Wealthy
و الذي كان يتناول توصيف "المليونير" الامريكي احصائيا ....
احصائيا ...عن اين يتوزع المليونيرات...
اعمارهم ...
جنسهم ...
portfolio "بيان" تلك الثروة ....عقارات ..اسهم ...شركة خاصة ....الخ
الكتاب كان احصائي ديموغرافي التوجه اكثر ...
كانت الاحصاءات اكثر من شرح معني ما في الاحصاءات ..مما افقده جاذبيته ...
كتابه الثاني
The Millionaire Mind
كان اظرف كتبه ..عالج فيه القصور فى الكتاب الاول ....اذ قلل من الاحصاءات و اكثر من شرح معناها
كان يتناول المليونير الامريكي من الداخل اكثر منه من الخارج ...بمعني صفاته النفسية _العقلية _الدراسية _الاجتماعية _المهنية
اكثر من توزيعه _مكانه_ تركيبة ثروته _ جنسه _عمره
يمكن تلخصيه في
1 اعمل بجد و اجتهاد
2 لا تدع درجاتك المتوسطة "او الضعيفة" تؤخرك
3 تحل بالشجاعة و خاطر مالياً
4 اختر مهنة او مجال مربح تحبه حتى و ان كان غير نادر
5 اختر الزوجة التي تساندك ف الفقر قبل الغنى
6 أنشىء أسرة مدبرة اقتصاديا
7 اختر منزل مناسب و فاوض فى ثمنه و احتفظ به لفترة قبل بيعه
8 تبني نمط حياة متوازن هناك انشطة ممتعة و غير مكلفة كقضاء وقت مع اسرتك و اصدقائك
و اخيرا و ليس آخرا كتابه الثالث الماتع
Stop Acting Rich... and Start Living Like a Real Millionaire
و الذي يتكلم فيه عن كل ما لم يتكلم عنه في كتابيه السابقين
تعديل 7/2/2024:
الكتاب هو اسقاط و استعمال للكتابين الكلاسكيين
the way to wealth
The Art of Money Getting; Or, Golden Rules for Making Money
نصائح و حكم مالية من كل من بناجمين فرانكلين و بي.تي بارنوم
و الكتاب هنا هو تفصيل بعد اجمال لما فى هذين الكتابين
= الفرق بين الشخص عالى الدخل income affluent و الشخص عالى الثروة balance affluent
= المليونير العصامي BA و المليونير المدّعي IA .. و الموضة (البدلة و الحذاء...الخ)
= المليونير العصامي BA و المليونير المدّعي IA .. و ساعة اليد
= المليونير العصامي BA و المليونير المدّعي IA .. و المشروبات الروحية ... و النبيذ
= المليونير العصامي BA و المليونير المدّعي IA .. و السيارة
= المليونير العصامي BA و المليونير المدّعي IA .. و السكن(الحي الذي يعيش فيه)
= المليونير العصامي BA و المليونير المدّعي IA .. و المتع و الهوايات عامة..
للموضوع خلفية عائلية و نفسية .... فقد ينفق تعويضا عن طفولة بائسة ...قد ينفق مجارة للجار الثري بالفعل ...قد ينفق تعويضا و تفاخرا عن درجات مدرسية ضعيفة ...قد ينفق ظنا منه انه هذا قد يجلب له الثراء الفعلي لاحقا وسط جيران و معارف اثرياء بالفعل ...قد ينفق تحت سهولة الائتمان ووطئة و سحر و الحاح التسويق ...ان امتلاكه لـ الحذاء المفضل للمليونيرات و بدلة المليونيرات و ساعة المليونيرات و سيارة المليونيرات قد يجعله فى نهاية الامر مليونير ....
هناك أناس بالفعل هذا حذائها و هذه ساعة يدها و هذا حيّها ومنزلها ...لكنه عن استحقاق
ثقافة الاستحقاق تكلم عنها Kiyosaki, Robert T.
في كتابيه
Why "A" Students Work for "C" Students and "B" Students Work for the Government: Rich Dad's Guide to Financial Education for Parents
لماذا يزداد الأثرياء ثراء : ما هو التعليم المالي فعلا
فحوى كلام دكتور ستانلي في هذا الكتاب و كلام Kiyosaki, Robert T.
يتطبقا و كلام Felix Dennis رجل الاعمال الانجليزي
و الذي قال فى كتابه
How to Get Rich
ان عامة الناس تعتقد صورة خاطئة عن رجل الاعمال انه عابث لاهي مستهتر ينفق ببذخ على الشرب و الرقص و السيارات
فى حين ان رجل الاعمال الحقيقي هو اشبه بناسك مشغول بعبادته - يقصد البيزنس مشروعه او تجارته او شركته - اكثر من انشغاله ب الملذات
ان تكون تلك الرفاهيات نتيجة طبيعية ..للادخار..و الاستثمار .. و تكوين "تكويم" الثروة ...
لكن ان تصرف دخلك اول ب اول و الذي يفترض بك ان تدخر منه ك نواة للثروة ...تدخره للتنعم بتلك الرفاهيات مقارنة بمن تنعموا بها بعد عقد"او عقود" من الزمن ..فهو الامر الخاطيء..قد تستمر ف التنعم لسنوات و لكنك ستُعاقب بقية سنوات عمرك ..اذ انت تصرف دخلك
بينما المليونير العصامي ....ان تمتع و تنعم بتلك الرفاهيات فهو يصرف من ارباح او عوائد اصول ثروته ...
ف المؤلف يقر انه لا ضرر ف التمتع ب الرفاهيات ...فقط ان كان من عوائد ثروتك اللى كونتها خلال سنين الادخار و الصبر و الكفاح و العيش ضمن الحدود و القدرات المعقولة ....
الادهي فى الكتاب انه يحطم خلال فصول الكتاب اساطير الثروة وا لرفاهية واحدة تلو الاخرى
= فمثلا ..لابد من دخل كبير ..لتكوين ثروة ؟
ليس المبلغ الذي يكسبه الفرد سنويًا هو المهم: إنه كيف يعيش المرء كل عام. ما يهم حقًا هو مقدار ما يدخره المرء ويستثمره سنويًا. بالنسبة لمعظم الناس ، تراكم الثروة
هو ماراثون لمسافات طويلة. يستغرق تراكم الثروة سنوات وسنوات من التوفير والاستثمار الحكيم. إذا لم يكسب المرء دخلًا فعليًا يبلغ ستة أو سبعة أضعاف اليوم ، فلا يزال بإمكانه أن يصبح ثريًا غدًا إذا كان منضبطًا ماليًا وحافزًا قويًا
=70% من مليونيرات امريكا لا يمتلكون يخت او قارب,ماذا عن ال 30% ؟اشتروه..منهم من لا يستعمله,ركنه ,اهمله ,ثقبه ,استبدله ,لم يسعده لانه"شيئ" لم يستخدمه في صنع "تجارب و ذكريات"
= اغلب مالكي القوارب مش مليونيرات اصلاً..اسعد ب التجارب ..اشترو القوارب بفعل قوة التسويق التى اقنعتهم ان شراء قارب هو خطوة باتجاه الثراء و السعادة."
=300 علامة تجارية للفودكا في امريكا...المفاجأة ان الفودكا الخام تنتج من 3-4 مصنعيين رأسيين يبيعونها خام ملء خزانات لتلك العلامات التجارية التى تتولى تعبئتها فى زجاجاتهم ذات اللوجو المميز لهم.. لماذا تختلف اسعارهم؟باختلاف شهرتهم و ذلك بسبب اختلاف القدرات التسويقية و فلوس الاعلانات
...و قس على ذلك المياه المعدنية ...المشروبات الغازية ...
=ما هي العلاقة بين السيارة التي تقودها و درجة رضاك عن حياتك؟
حسب بحثي: لا توجد علاقة ارتباط ذات دلالة إحصائية بين العلامة التجارية للسيارة ومستوى سعادتك بالحياة.
الناس الذين يعيشون تحت إمكانياتهم يفهمون هذا
= معلومة غريبة ..تتشارك السيارات الفارهة والسيارات الاقتصادية ..ان بعض اجزائها - قطع غيارها -تسمي الاجزاء X قطاع غيار تتوافق و كل تلك السيارات وبلا علامة تجارية بعينها..القصد انه عند شرائك سيارة ماركة فأنت تدفع الكثير من المال في سيارة ليست 100% كل اجزائها ماركة
=تم سؤال 2000 شخص "غير ثري" عن تعريف سيارة الثري بالنسبة له ؟ اجاب "اغلبهم" سيارة تتعدي ال 75 الف $ ..الغريب انه لو تم إخضاع ذلك المعيار على الاثرياء حقا 90% منهم لن يعتبرو اثرياء.
=في أمريكا 86 % من جميع الماركات الفاخرة من السيارات يقودها غير أصحاب الملايين.
"= هناك ما يسمي ب الدخل المطلق و الدخل النسبي ...
الدخل المطلق لو دخلك 1000 ج وسط ناس دخلهم 800 ج بالتأكيد ستكون اكثر رضا و سعادة..
الدخل النسبي لو دخلك 1000 ج وسط ناس دخلهم 2000 ج
و اخيك 1000 ج وسط ناس دخلهم 800 ج ...ستكون انت اقل سعادة و رضا ..من وسطك المحيط ..و اقل سعادة من اخيك ...مع انكم انتم الاثنين نفس الدخل و لكن الوسط مختلف
و اخيرا ...الوصفة النهائية للمؤلف و التى كررها فى كتابه
The Millionaire Mind
لتعش سعيدا و راضي و تصبح مليونيرا عصامياً في نهاية الامر...عش و انفق أقل من امكانيتك ...فى مجتمع او حي اقل مما تقدر عليه بالفعل بحيث تعد فيه من الاثرياء..في مسكن تقدر على ثمنه و نفقاته الشهرية..اشتري خبرات و تجارب و ذكريات لا اشياء ..لا تحاول ابهار الاخرين او تقليدهم او التأثر بالتسويق و الاعلان لايهامك ان لبسك للساعة الو البدلة او ركوبك للسيارة الفلانية كالاثرياء هو ما سيجعلك مثلهم....تبرع و انفق على الفقراء
الكتاب القادم: طرائف العرب ونوادرهم
October 27, 2009
EXCELLENT, EXCELLENT advice if you are wanting to stop acting like you have money and actually ACQUIRE money.....much of it is common sense, but clearly not alot of people depend on something so basic anymore.....I love how the book points out that the majority of millionaires do NOT drive fancy cars or live in elaborate homes, and that is exactly HOW they got to be millionaires...if your whole goal is to "look rich" then you will most likely only end up in debt, but if you want to actually BE financially secure, you have to get past the whole " I need people to think that I am really something" mentality....although I have never personally cared about how I appear to others in terms of money, I HAVE struggled with issues of not sticking to a budget and finding myself wishing I had more money...this book has truly motivated me to live within my means because my ultimate goal is to eventually be financially secure, even if I never qualify for the "millionaires club" Excellent read for anyone who is wanting to improve their financial understanding and reach their goals in that area.
April 11, 2018
The book had good information about living below your means and avoiding lifestyle creep. However, after about 100 pages I ended up skimming the rest of the book, as I found it endlessly repeated the same findings and went into too much detail. All in all, I'm glad I read the first part.
March 8, 2014
Not the best written book, BUT – the data itself is very insightful. It's similar to The Millionaire Next Door, but it's well worth reading even if you have read the first one.
April 27, 2018
I believe that by now everyone has heard of the amazing bestseller The Millionaire Next Door. Stop Acting Rich: ...And Start Living Like A Real Millionaire by Thomas J. Stanley takes what we learned in The Millionaire Next Door and goes a step further.
When I was growing up back in the 1970s in South Carolina, we had what we called ten cent millionaires. These were people who wanted to look like they had money but did not.
Stop Acting Rich tells us about these ten cent millionaires. The author refers to a Texas term many of us know as “All hat, no cattle”. Stanley refers to it as “Big Hat, No Cattle.” No worries, they both mean the same thing.
We learn from Stanley about how that millionaire we know might really be more in debt than anyone else we know. That guy we know who drives a station wagon filled with hay with no doors at all might very well be much more wealthy than we could possibly dream.
This book is very well-written, extremely well-researched and incredibly interesting. We give it all five stars. If you want to someday be very wealthy, you owe it to yourself to read this book. If you want to LOOK very wealthy, you may still want to read Stop Acting Rich.
We checked this book out of the Wharton County, Texas Library. We are under no obligation to write any review, positive or negative.
We are disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255.
When I was growing up back in the 1970s in South Carolina, we had what we called ten cent millionaires. These were people who wanted to look like they had money but did not.
Stop Acting Rich tells us about these ten cent millionaires. The author refers to a Texas term many of us know as “All hat, no cattle”. Stanley refers to it as “Big Hat, No Cattle.” No worries, they both mean the same thing.
We learn from Stanley about how that millionaire we know might really be more in debt than anyone else we know. That guy we know who drives a station wagon filled with hay with no doors at all might very well be much more wealthy than we could possibly dream.
This book is very well-written, extremely well-researched and incredibly interesting. We give it all five stars. If you want to someday be very wealthy, you owe it to yourself to read this book. If you want to LOOK very wealthy, you may still want to read Stop Acting Rich.
We checked this book out of the Wharton County, Texas Library. We are under no obligation to write any review, positive or negative.
We are disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255.
October 20, 2009
I won this through a goodreads giveaway, which makes me reluctant to rip on it, but this book was not good.
I haven't read any other of Thomas J. Stanley's books, but I have a feeling this one doesn't really cover any new territory. Stanley references the 08-09 Financial Crisis currently going on, but not in any meaningful way. The material covered is enough for a good essay, not a book. It took me back to my college days where you have to get to a specific word count, so you keep repeating the same information to fill paragraphs.
His basic message is that there are two ways to get rich - (he uses a football analogy) either with a great offense (high income) or a great defense (save and spend less). As individuals, we often try to appear rich, spending money to impress others, ironically ruining our chances of ever becoming rich.
I didn't have a problem with the material, its just that I kept waiting for the book to tell me something I didn't already know, or wasn't already covered by the preface.
The author did do a little bit of research, but the areas he covered didn't reveal anything deep about the subject. I don't really care what brand of watches people buy or even worse, which brand of vodka. He must have mentioned Grey Goose 50 times. I also could have told him that people who spend too much are going to be unhappier than those who don't live paycheck to paycheck, regardless of how big the paycheck is. The things I wanted to see analyzed were things like single vs married, wife vs husband in spending, Dem vs Rep, Education reached, Ivy League vs state schools, no children vs lots of children etc etc. The only one he mentioned of any interest to me was the way people were raised. Stanley claims that children who were brought up in neighborhoods with neighbors richer than themselves end up to be big spenders. I'm living proof that's not the case. I thought it was a over-emphasized point and wasn't offset by any other data like where in the country people lived, if they were popular or shy, male/female, the era in which they grew up (Hello - this coming generation has ideas about money that have nothing to do with their parents finances.) Also, it seems to me that people who habitually spend more than they make (or as much as they make) tend to be bad with money in general. This was not mentioned at all. What I mean is, over spenders (or the acting rich) buy at the wrong time, sell at a loss, buy stuff that doesn't retain its value, make bad job decisions, use emotion-based decision making and the like. Write a book about that!
I've read other non-fiction books that are set up similarly with charts and analysis - I just found this one dry, boring, and without much effort. I never found the point of why I should care beyond the message: buy only what you need and save the rest of your money. Maybe I'm the wrong target audience. This book is a dud.
I haven't read any other of Thomas J. Stanley's books, but I have a feeling this one doesn't really cover any new territory. Stanley references the 08-09 Financial Crisis currently going on, but not in any meaningful way. The material covered is enough for a good essay, not a book. It took me back to my college days where you have to get to a specific word count, so you keep repeating the same information to fill paragraphs.
His basic message is that there are two ways to get rich - (he uses a football analogy) either with a great offense (high income) or a great defense (save and spend less). As individuals, we often try to appear rich, spending money to impress others, ironically ruining our chances of ever becoming rich.
I didn't have a problem with the material, its just that I kept waiting for the book to tell me something I didn't already know, or wasn't already covered by the preface.
The author did do a little bit of research, but the areas he covered didn't reveal anything deep about the subject. I don't really care what brand of watches people buy or even worse, which brand of vodka. He must have mentioned Grey Goose 50 times. I also could have told him that people who spend too much are going to be unhappier than those who don't live paycheck to paycheck, regardless of how big the paycheck is. The things I wanted to see analyzed were things like single vs married, wife vs husband in spending, Dem vs Rep, Education reached, Ivy League vs state schools, no children vs lots of children etc etc. The only one he mentioned of any interest to me was the way people were raised. Stanley claims that children who were brought up in neighborhoods with neighbors richer than themselves end up to be big spenders. I'm living proof that's not the case. I thought it was a over-emphasized point and wasn't offset by any other data like where in the country people lived, if they were popular or shy, male/female, the era in which they grew up (Hello - this coming generation has ideas about money that have nothing to do with their parents finances.) Also, it seems to me that people who habitually spend more than they make (or as much as they make) tend to be bad with money in general. This was not mentioned at all. What I mean is, over spenders (or the acting rich) buy at the wrong time, sell at a loss, buy stuff that doesn't retain its value, make bad job decisions, use emotion-based decision making and the like. Write a book about that!
I've read other non-fiction books that are set up similarly with charts and analysis - I just found this one dry, boring, and without much effort. I never found the point of why I should care beyond the message: buy only what you need and save the rest of your money. Maybe I'm the wrong target audience. This book is a dud.
July 28, 2011
Whew! I was so relieved to read that this expert on the lives of the truly rich, ie, those whose wealth is not merely reflected in luxurious lifestyles, but rather in their bank statement financial portfolios, more or less approves of my frugal lifestyle as a means of accumulating wealth. Not only is it okay for me to drive a nondescript Chevrolet and not own a second home, go on fancy vacations or send my kids to private school; but according to his research I am in good company even among the millionaires of our country, who for the most part became so only after years of combined discipline, hard work, generosity, and self-denial. Stanley busts the myths of status symbols as means of judging a person’s net worth, with the hopes of saving many a hapless American from emulating those whose status has only dug them deeper into a pit of debt in the process of buying Mercedeses, Rolexes, and fancy vodka. Don’t go there, folks! If you want to look like the truly rich, dress in jeans and flannel like a gas-baron from Texas, give generously to charity, and drive a Ford F150 to Walmart!
November 14, 2019
2.7/5 stars. This book is fine. It suffers from what many self-improvement books struggle with and that is the fact that it's maybe 15% interesting information and 85% repetitive nonsense. That's a big pet peeve for me. Hence the low rating. I know this book has its roots in the 1980s, so that is part of the problem. It just seemed like everything this book has to say could have been said in a 30 minute or less interview on a podcast episode.
Here's the takeaway from this book: #1 live among people who make less money than you so that your spending habits will mirror them and you can save the extra money. #2 real, financially solvent people don't buy expensive, name-brand stuff, they buy stuff that works. So, don't try to wear fancy clothes and drive fancy cars, the truly wealthy will think you look dumb.
Here's the takeaway from this book: #1 live among people who make less money than you so that your spending habits will mirror them and you can save the extra money. #2 real, financially solvent people don't buy expensive, name-brand stuff, they buy stuff that works. So, don't try to wear fancy clothes and drive fancy cars, the truly wealthy will think you look dumb.
February 10, 2013
Really didn't need to read this book as mom and dad taught me the principles
January 11, 2020
One of my favorite books. Fascinating book based on data that, frankly, surprised me. This book will change your outlook, debunks the myths of the wealthiest of us all and puts into perspective that hard work and following our passions (along with using common sense in our finances) are what creates wealth and happiness. Too often we believe in what the media tells us about the rich and forget that the media is only looking to sell stories, not inform us of the truth.
Excellent book. A must read for anyone and everyone.
Excellent book. A must read for anyone and everyone.
March 26, 2020
Fake it or make it...most likely not both.
October 18, 2025
Good stuff, but didn’t really apply. Was looking for clues to indicate how glittering rich get to that level, but nothing there.
August 12, 2017
Words to live by
I have lived by these rules my whole life and can say I am a multimillionaire by age 40. He puts into words a philosophy that makes sense and makes you a happier person. Don't play the keeping up with the Joneses game. Don't buy into a wealthy neighborhood or a 5000+ sq foot home. If you have more than 10 million, you can afford those things, but if you are trying to get to your first million, those things won't make you happier.
I have lived by these rules my whole life and can say I am a multimillionaire by age 40. He puts into words a philosophy that makes sense and makes you a happier person. Don't play the keeping up with the Joneses game. Don't buy into a wealthy neighborhood or a 5000+ sq foot home. If you have more than 10 million, you can afford those things, but if you are trying to get to your first million, those things won't make you happier.
August 20, 2019
Thời mới đi làm, tôi thường muốn mua những đôi adidas hay nike đắt tiền, chỉ vì nó khá đắt tiền. Nhưng rồi tôi nhận ra chúng ko thực sự khiến tôi thấy thoải mái và phù hợp. Dần dần, tôi tự mình thay đổi, tôi chỉ dùng những thứ khiến tôi dễ chịu và hợp với mình. Tôi cũng chẳng quan trọng cái tên của thương hiệu là gì. Sống dưới mức thu nhập thực sự là một chiến lược thông minh, khi mà ta có thể tiết kiệm được bộn tiền cho những tiêu sản hàng ngày. Việc khiến người khác trầm trồ về những vật bên ngoài thật là một việc làm vô bổ và tốn thời gian.
July 20, 2017
Good, readable data.
June 29, 2010
This is a decent update of the earlier books. It was published after the housing and stock markets started crashing and periodically touches on that as a warning. (Although it's pretty strange that a 2009 author would consider a cellphone a luxury item like he still does.) This edition probably wouldn't be very helpful by itself as it doesn't go back and repeat the basics in the original volume.
Like the first book, it does get redundant. But that's not such a bad thing in this context. The basic goal is to get people to reconsider their need for particular luxury items and everyone has a different trigger. So by having a chapter each for cars, watches, vodka, wine, etc., then everyone is covered. And you can just skim -- or even skip -- the chapters discussing items you don't overspend on. He does customize each product. You don't see the same argument against each luxury good. I did quibble with how he only looks at the relative performance of luxury cars and completely ignores the value of aesthetics.
His examples are still almost exclusively 50-65 year old men, but part of that is to explain how they got where they are so that younger people today can end up there too. Plenty of people who are wealthy in their 30s and 40s turn around and lose it all, so there are arguments against including them in the case studies. He has also written a book specifically about women and money, which I haven't read. But I wasn't impressed that one of his examples of how women are naturally more frugal than men (?!) was that they spend less on average per pair of shoes. Completely ignoring the angle of how *many* pairs they're buying relative to men.
It also bothered me a little that he regularly referred back to his original book and its success without ever mentioning his co-author on it, who was not involved in this one.
Like the first book, it does get redundant. But that's not such a bad thing in this context. The basic goal is to get people to reconsider their need for particular luxury items and everyone has a different trigger. So by having a chapter each for cars, watches, vodka, wine, etc., then everyone is covered. And you can just skim -- or even skip -- the chapters discussing items you don't overspend on. He does customize each product. You don't see the same argument against each luxury good. I did quibble with how he only looks at the relative performance of luxury cars and completely ignores the value of aesthetics.
His examples are still almost exclusively 50-65 year old men, but part of that is to explain how they got where they are so that younger people today can end up there too. Plenty of people who are wealthy in their 30s and 40s turn around and lose it all, so there are arguments against including them in the case studies. He has also written a book specifically about women and money, which I haven't read. But I wasn't impressed that one of his examples of how women are naturally more frugal than men (?!) was that they spend less on average per pair of shoes. Completely ignoring the angle of how *many* pairs they're buying relative to men.
It also bothered me a little that he regularly referred back to his original book and its success without ever mentioning his co-author on it, who was not involved in this one.
January 16, 2020
Stanley has a decent premise--unless you are part of the elite 1% rich (those making a million+ per year), you have one of two choices. You can *act* rich, by living in large house in a wealthy neighborhood, driving a luxury car, joining a golf club, wearing designer clothes, etc. etc. or you can actually *be* rich. It's a great point, and one we should all take to heart. The problem is that Stanley turns what could be a very good college essay into a book that drags on and on. It's bogged down by dry statistics, and makes the same point over and over. And to be honest, I couldn't care less what brand of spirits the "aspirationals" drink as compared with the actual millionaires who live below their means. I need to spend less than I make. I get it!
He does have one interesting and worthwhile point though. Live in a neighborhood where your income is in the top 20%. Be the one that others are trying to keep up with, not the other way around. His theory is that those who buy houses that are worth no more than 2x their annual salary end up much more wealthy than those who buy more expensive houses because they aren't trying to build their entire lifestyle around a house they can barely afford. He might just be onto something.
Given 1.5 stars or a rating of "below average". The rating reflects that the book is somewhat dated, and has the flaws I mentioned above. It might be worth a library check out, but I don't recommend buying it.
He does have one interesting and worthwhile point though. Live in a neighborhood where your income is in the top 20%. Be the one that others are trying to keep up with, not the other way around. His theory is that those who buy houses that are worth no more than 2x their annual salary end up much more wealthy than those who buy more expensive houses because they aren't trying to build their entire lifestyle around a house they can barely afford. He might just be onto something.
Given 1.5 stars or a rating of "below average". The rating reflects that the book is somewhat dated, and has the flaws I mentioned above. It might be worth a library check out, but I don't recommend buying it.
May 11, 2010
Part of the Millionaire Next Door series, Stanley shares the results of his research into the habits/practices of the blue collar everyday rich. These are people who live so far below their means they manage to save 7 figures on a mid-5-figure salary by age 45. The earlier books in the series offered more compelling results of Stanley's research.
This book focuses solely on the actual buying habits of the glittering rich (super weathly), average millionaires and wanna-be-millionaires who are actually just high earners. Stanley examined what types of homes, watches, cars, etc these different groups purchased and, after a while, I really couldn't have cared less. I dragged my way through the first half and skimmed the rest. The fake examples of people in each extreme category did not keep me engaged nor the constant push of the virtuous Seiko watch wearing millionaire versus the grasshopper-like surgeon with the Rolex and no retirement savings.
The first book, the Millionaire Next Door, inspired me to reconsider my spending habits and reevaluate my purchasing values. This book bored me to tears and made me wonder if maybe blowing my wad on a Rolex wasn't worth it after all...
This book focuses solely on the actual buying habits of the glittering rich (super weathly), average millionaires and wanna-be-millionaires who are actually just high earners. Stanley examined what types of homes, watches, cars, etc these different groups purchased and, after a while, I really couldn't have cared less. I dragged my way through the first half and skimmed the rest. The fake examples of people in each extreme category did not keep me engaged nor the constant push of the virtuous Seiko watch wearing millionaire versus the grasshopper-like surgeon with the Rolex and no retirement savings.
The first book, the Millionaire Next Door, inspired me to reconsider my spending habits and reevaluate my purchasing values. This book bored me to tears and made me wonder if maybe blowing my wad on a Rolex wasn't worth it after all...
March 3, 2017
This book explains why people who are not rich "hyper-spend on luxuries". Millionaires don't overspend on watches, alcohol, cars, haircuts, etc. This book is, essentially, a reiteration, and update, of the Millionaire Mind (that's not a compliment...).
Notes/Highlights:
When you trade up to a more expensive home, there is pressure for you to spend more on every conceivable product and service. "Nothing has a greater impact on your wealth and your consumption than your choice of house and neighborhood." (xiii).
Most people who live in million-dollar homes are not millionaires. They may be high income producers,but they are living a "Treadmill existence". In the United States, there are 3x more millionaires living in homes that have a market value of under $300,000 than there are living in homes valued at $1 million or more.
The typical millionaire does not have more 30% of his wealth invested in publicly traded stocks. More often it's low to mid 20% range (xiv).
Glittering Rich-Truly rich who can spend money on luxuries without any issue.
"Aspirationals"- those who act rich, want to be rich, but actually aren't. (p.5)
Two thirds of those who are country club members are not millionaires.
People are high on savings and frugality after the 2008-2009 financial crisis, but that is likely a fad considering the history of consumer spending in this country (p.6-7).
In this book, Stanley defines "Millionaire" as someone with investments of $1 million or more (not including the home) (p.8-9).
He spent a lot of time going through the brand purchases of the glittering rich, which I didn't care for, and give advice on how people who want to, can emulate their lifestyle...I didn't care for this either; The book is about stop acting rich, yet he's giving tips on how to act rich... (p.12-16)
IA (income Affluent)- Make money but low net worth
Balance Sheet Affluent (BA)-
"It is the American upward socioeconomic mobility that fuels much of the hyper-consuming engine of the market for luxury goods, prestige, products, upscale brands, expensive homes, and so on." (p.21). For some, hyper-spending is an attempt to somehow change their humble beginnings, in essence change the past; this is futile, though (p.22). How much you earn annually is not as important as how much you save and invest annually (p.24).
Teachers tend to be frugal (p.24-25).
Live and consume as though your household's income was only 80% of what it actually generates. Save and invest the rest (p.26). If you want to become wealth, live in a neighborhood where you household is among the top income generators. "The market value of the home yo purchase should be less than three times your household's total annual realized income" (p.27). "If you're not wealthy but want to be someday, never purchase a home that requires a mortgage that is more than twice your household's annual realized income."
People who are encountering upward socioeconomic mobility are often most vulnerable to advertising themes that imply all rich people buy our brand (p.29).
-According to a study in 2009, people are made happier by experiences than by things (p.31). The cost of that experience is not important, just have a life experience.
-Today's children get an average of 70 new toys a year
Only about 7% of new passenger vehicles sold in the United States in 2006 were purchased by millionaires (p.39).
64% of the millionaires surveyed never owned a vacation home, beach bungalow, or mountain cabin, "not even a lean-to or tree hut in the woods."
*"At the end of the day, success cannot be purchased." (p.42)
There are just over 4 million millionaire households in the United States (p.43)
Statistically, it is much easier to become a millionaire if you live and consume like those who live in modest homes than in expensive ones (p.45). There are nearly three times more millionaire households living in homes valued at $300,000 or less than there are millionaires living in homes valued at $1 million or more (p.46).
Within the high-income population, occupational status is negatively correlated with net worth (p.49).
"Whatever your income is, live below your means." (p.54)
High status groups like attorneys, doctors, etc are bad at accumulating wealth because "most live in or near high-cost-of-living metropolitan areas. They tend to live in expensive homes situated in or near exclusive neighborhoods. And so they spend accordingly, with little left over for saving and investing (p.56).
There are 715,506 professional entertainers in America. The average annual net income for the entire population of entertainers is only $5,686; only 61% have a positive net income. Only 6 in 10 even generate enough one to pay their expenses. "How much does the professional athlete net?It is nowhere near what the press tells us that superstars earn. The average is $6,098. There are many, many more semiprofessionals and minor leaguers than there are major league superstars (p.63).
"If you spend in anticipation of becoming rich, you are unlikely ever to become truly wealthy." (p.64)
Those who become millionaires in their 20's and 30's are prone to hyper-spending (p.66).
Most millionaires are much more quality sensitive and thus tend to focus on the variation in life cycle cost among competing brands (p.69). "You are cheating yourself if you buy cheap shoes." (p.70)
Most of the best data on millionaire being behavior is available for male millionaires because there are more of them (p.77).
The people who do spend extravagantly on prestige items are celebrities, a small proportion of the overall population and tiny percentage of even the millionaire population (p.80).
There is a very high correlation between one's level of net worth (wealth) and one's self-designated compulsion to succeed (p.101).
"It is impossible for us to alter our level of satisfaction with life by selection one brand of liquor over another (p.117).
"My survey results indicate that only a minority o millionaires are wine oriented. Yes, most millionaires (more than 90 percent) consume wine. Yet only a minority of them regularly purchases costly wines, read about wine, and/or collect wine (p.149). Yet the popular press, the gourmet press especially, and the wine industry have done a wonderful job of condition us to believe that wealth and wine go hand in hand"; it's all marketing (p.150).
Only 4.5% of millionaires report having 25 percent or more of their in-home meals prepared by domestic help (p.161).
"There is no significant difference correlation between the make [brand] of motor vehicle you drive and your level of happiness with life." (p.172)
In America, 86% of all prestige/luxury makes of motor vehicles are driven by non-millionaires (p.181)
"Many took credit and overextended themselves as part of a longer-term trend of buying up and buying to replace real wealth and success (p.182).
Those who only act rich have a goal: to look rich without having to pay dues of hard work and sacrifice required to become millionaires (p.196).
"As my survey and studies have found, those who live above their means tend to be dissatisfied with their lives. Conversely, those who live below their means are significantly more likely to report that they are happy" (p.219).
If you have a higher income than most of those in your circle of friends, coworkers,then you are likely to be higher up on the "happiness scale" than those who earn less than you (p.222).
"Happy people tend to live in homes that they can easily afford." (p.225). Anticipation will not make house payments (p.228.
A poll in 2000 found that 19% of Americans thought they belonged to the richest 1% of U.S. households; they're delusional (p.230).
-Researchers has consistently found that happy people tend to contribute a higher percentage of their income to noble causes than do people who are less satisfied with their lives.
The Midwest and southern regions contain the majority of areas that have the lowest levels of consumption in America (p.233).
Most wealthy people have a wide variety of interests and activities. In fact, there is a substantial correlation between the number of interests and activities that people are involved in and their level of financial wealth (p.235).
Notes/Highlights:
When you trade up to a more expensive home, there is pressure for you to spend more on every conceivable product and service. "Nothing has a greater impact on your wealth and your consumption than your choice of house and neighborhood." (xiii).
Most people who live in million-dollar homes are not millionaires. They may be high income producers,but they are living a "Treadmill existence". In the United States, there are 3x more millionaires living in homes that have a market value of under $300,000 than there are living in homes valued at $1 million or more.
The typical millionaire does not have more 30% of his wealth invested in publicly traded stocks. More often it's low to mid 20% range (xiv).
Glittering Rich-Truly rich who can spend money on luxuries without any issue.
"Aspirationals"- those who act rich, want to be rich, but actually aren't. (p.5)
Two thirds of those who are country club members are not millionaires.
People are high on savings and frugality after the 2008-2009 financial crisis, but that is likely a fad considering the history of consumer spending in this country (p.6-7).
In this book, Stanley defines "Millionaire" as someone with investments of $1 million or more (not including the home) (p.8-9).
He spent a lot of time going through the brand purchases of the glittering rich, which I didn't care for, and give advice on how people who want to, can emulate their lifestyle...I didn't care for this either; The book is about stop acting rich, yet he's giving tips on how to act rich... (p.12-16)
IA (income Affluent)- Make money but low net worth
Balance Sheet Affluent (BA)-
"It is the American upward socioeconomic mobility that fuels much of the hyper-consuming engine of the market for luxury goods, prestige, products, upscale brands, expensive homes, and so on." (p.21). For some, hyper-spending is an attempt to somehow change their humble beginnings, in essence change the past; this is futile, though (p.22). How much you earn annually is not as important as how much you save and invest annually (p.24).
Teachers tend to be frugal (p.24-25).
Live and consume as though your household's income was only 80% of what it actually generates. Save and invest the rest (p.26). If you want to become wealth, live in a neighborhood where you household is among the top income generators. "The market value of the home yo purchase should be less than three times your household's total annual realized income" (p.27). "If you're not wealthy but want to be someday, never purchase a home that requires a mortgage that is more than twice your household's annual realized income."
People who are encountering upward socioeconomic mobility are often most vulnerable to advertising themes that imply all rich people buy our brand (p.29).
-According to a study in 2009, people are made happier by experiences than by things (p.31). The cost of that experience is not important, just have a life experience.
-Today's children get an average of 70 new toys a year
Only about 7% of new passenger vehicles sold in the United States in 2006 were purchased by millionaires (p.39).
64% of the millionaires surveyed never owned a vacation home, beach bungalow, or mountain cabin, "not even a lean-to or tree hut in the woods."
*"At the end of the day, success cannot be purchased." (p.42)
There are just over 4 million millionaire households in the United States (p.43)
Statistically, it is much easier to become a millionaire if you live and consume like those who live in modest homes than in expensive ones (p.45). There are nearly three times more millionaire households living in homes valued at $300,000 or less than there are millionaires living in homes valued at $1 million or more (p.46).
Within the high-income population, occupational status is negatively correlated with net worth (p.49).
"Whatever your income is, live below your means." (p.54)
High status groups like attorneys, doctors, etc are bad at accumulating wealth because "most live in or near high-cost-of-living metropolitan areas. They tend to live in expensive homes situated in or near exclusive neighborhoods. And so they spend accordingly, with little left over for saving and investing (p.56).
There are 715,506 professional entertainers in America. The average annual net income for the entire population of entertainers is only $5,686; only 61% have a positive net income. Only 6 in 10 even generate enough one to pay their expenses. "How much does the professional athlete net?It is nowhere near what the press tells us that superstars earn. The average is $6,098. There are many, many more semiprofessionals and minor leaguers than there are major league superstars (p.63).
"If you spend in anticipation of becoming rich, you are unlikely ever to become truly wealthy." (p.64)
Those who become millionaires in their 20's and 30's are prone to hyper-spending (p.66).
Most millionaires are much more quality sensitive and thus tend to focus on the variation in life cycle cost among competing brands (p.69). "You are cheating yourself if you buy cheap shoes." (p.70)
Most of the best data on millionaire being behavior is available for male millionaires because there are more of them (p.77).
The people who do spend extravagantly on prestige items are celebrities, a small proportion of the overall population and tiny percentage of even the millionaire population (p.80).
There is a very high correlation between one's level of net worth (wealth) and one's self-designated compulsion to succeed (p.101).
"It is impossible for us to alter our level of satisfaction with life by selection one brand of liquor over another (p.117).
"My survey results indicate that only a minority o millionaires are wine oriented. Yes, most millionaires (more than 90 percent) consume wine. Yet only a minority of them regularly purchases costly wines, read about wine, and/or collect wine (p.149). Yet the popular press, the gourmet press especially, and the wine industry have done a wonderful job of condition us to believe that wealth and wine go hand in hand"; it's all marketing (p.150).
Only 4.5% of millionaires report having 25 percent or more of their in-home meals prepared by domestic help (p.161).
"There is no significant difference correlation between the make [brand] of motor vehicle you drive and your level of happiness with life." (p.172)
In America, 86% of all prestige/luxury makes of motor vehicles are driven by non-millionaires (p.181)
"Many took credit and overextended themselves as part of a longer-term trend of buying up and buying to replace real wealth and success (p.182).
Those who only act rich have a goal: to look rich without having to pay dues of hard work and sacrifice required to become millionaires (p.196).
"As my survey and studies have found, those who live above their means tend to be dissatisfied with their lives. Conversely, those who live below their means are significantly more likely to report that they are happy" (p.219).
If you have a higher income than most of those in your circle of friends, coworkers,then you are likely to be higher up on the "happiness scale" than those who earn less than you (p.222).
"Happy people tend to live in homes that they can easily afford." (p.225). Anticipation will not make house payments (p.228.
A poll in 2000 found that 19% of Americans thought they belonged to the richest 1% of U.S. households; they're delusional (p.230).
-Researchers has consistently found that happy people tend to contribute a higher percentage of their income to noble causes than do people who are less satisfied with their lives.
The Midwest and southern regions contain the majority of areas that have the lowest levels of consumption in America (p.233).
Most wealthy people have a wide variety of interests and activities. In fact, there is a substantial correlation between the number of interests and activities that people are involved in and their level of financial wealth (p.235).
March 12, 2017
Those who look rich...probably aren't.
Fascinating book based on data that, frankly, surprised me. This book will change your outlook. When I see a person in a gilded luxury car ( which is common in Scottsdale,Arizona) I no longer subconsciously assume that he/ she is wealthy. Actually, Professor Stanley has lifted the veil for me, and I now see these folks as statistically more probably un-wealthy. This perceptual change extends to many of the trappings, or artifacts ( As Dr. Stanley describes them) consumed by people trying to keep up with the Joneses.
Great reading and an important reminder that , to be happy, one should live within his means.
Fascinating book based on data that, frankly, surprised me. This book will change your outlook. When I see a person in a gilded luxury car ( which is common in Scottsdale,Arizona) I no longer subconsciously assume that he/ she is wealthy. Actually, Professor Stanley has lifted the veil for me, and I now see these folks as statistically more probably un-wealthy. This perceptual change extends to many of the trappings, or artifacts ( As Dr. Stanley describes them) consumed by people trying to keep up with the Joneses.
Great reading and an important reminder that , to be happy, one should live within his means.
February 7, 2013
This book helped present, in an even more accessible way, the difference between the Balance-sheet Affluent and the Income-sheet Affluent. For me, it really helped answer the question I had time and again while studying the "Millionaire Next Door" - why, when you have such a high net worth, would you continue to live like the rest of us?
The begining and final chapters on finding satisfaction in life and true happiness really helped me see with new eyes.
The begining and final chapters on finding satisfaction in life and true happiness really helped me see with new eyes.
March 23, 2017
I think I would have given this a 3 because it's kind of a slow read, and keeps hitting on the same idea over and over and almost beats it dead. That's why I would rate it a 3. I gave it a 4 however because although the content seems to hit the same thing over and over I think the concise ideas and information are valuable.
September 9, 2020
So, full disclosure: I skimmed this. Having read the Millionaire Next Door, I found this book very dry. Also, after the 10th time I decided I hated the term "glittering rich" and then had to endure it a zillion more times, getting grumpier all the time.
It's really just data about what brands rich people buy. Turns out I don't care.
It's really just data about what brands rich people buy. Turns out I don't care.
September 7, 2022
Eminently skippable. Worst of the Stanley-verse excesses. Narrative driving interpretation not obvious from the data. Obsession with watches and cars. Drives a particular puritan notion of the good life.
Only new addition is the glittering rich foil to the millionaire next door. But that’s in the next millionaire next door too.
No need to read unless your a Stanley completionist.
Only new addition is the glittering rich foil to the millionaire next door. But that’s in the next millionaire next door too.
No need to read unless your a Stanley completionist.
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