The Millionaire Next Door: The Surprising Secrets of America's Wealthy
CAN YOU SPOT THE MILLIONAIRE NEXT DOOR?
Who are the rich in this country?
What do they do?
Where do they shop?
What do they drive?
How do they invest?
Where did their ancestors come from?
How did they get rich?
Can I ever become one of them?
Get the answers in The Milli...more
1.They live well below their means - They are frugal,frugal, frugal. They make more than they can spend. Pretty cool.
2.They allocate their time, energy, and money efficiently, in ways conducive to building wealth - How else did they get there right? Well this goes for those millionaires who didn't inherit their wealth.
3.They believe that financial independence is more important than d ...more
95% of the millionaires own stocks - most have 20% or more of their wealth in publicly traded stocks.
Build a good money team: accountant, attorney, financial advisor, and you (and spouse).
Looking to build your money team? Ask your CPA. If you do not have CPA... get one.
Be frugal, know your financial picture, and have goals with your money. ...more
In a nutshell, millionaires aren't made by extraordinarily high incomes (those people's spending tends to increase as well), in fact they're typically people with merely very good incomes who are zealous about frugality and long term investments. Not a huge surprise actually, but its nice to have numbers to back up the story and they do. Many are small business owners, many don't spend much on car ...more
The book categorizes people as PAWs or UAWs; Prodigious Accumulators of Wealth (PAWs) achieve, create wealth, become financially independent, and build from scratch. Under Accumulators of Wealth (UAWs) ...more
I have been trying to read one financial book a week. I love Suze Orman, Dave Ramsey. I enjoyed the Millionaire Mind; I found it inspiring. I did not enjoy the Millionaire Next Door.
This book is heavily recommended on so many of the financial online forums and blogs I read, so I borrowed it from my library this week.
I found the first chapter very interesting, and then they lost me. I think the premise of this book could be summarized into one chapter. Bu ...more
One driving a Benz is quite likely less worth than one driving a Ford F150 (since the Benz owner has already spent money). Max price paid by 75% millionaires for: Suit $600, Shoes: $200, watch $235 (50%)! JCPenney has toughest quality control amongst all stores. Millionaires' wives are all frugal too. They save coupons etc...
1. All have annual household budget
2. All have accountant
3. All have investments in stocks, real estate, business etc
4. Shopping method ...more
It looks much more absurdly when you read about all those "millionairs" who are spending all of their lifetime for meticulous accumulation of wealth accompanied by greed and avarice.
I don't know if there were "researches" conducted by authors indeed, and if all the written is truth. If so, I feel sorry for these poor guys, "millionaires". Having an opportunity to do what they want at least sometimes, they heroically sweep ...more
It is not written about the majority of us. It is written FOR the majority of us to make us believe that wealth is everpresent and easily accessible in our society.
The numbers are often listed in a manner that does not acknowledge any actual analysis. Nor is inflation considered with any degree of seriousness. As most cheerleading books for market boosterism it gives its sideways genuflection to supply siders by completely ignoring the operating differences between income and wealth.
The bottom line is Millionaires and those wanting to become Millionaires live well below their means. People wanting to look rich will never accumulate any wealth since they are busy paying off debts. This book talks mainly about self employed people but everyone with a decent household income living frugal and investing money can become a financially independent.
A highly recommend ...more
The book is filled with lots of fascinating facts and statistics. The authors ...more
At the time it was written it opened many peoples eyes.
Save and Invest
Most of the ideas in this book are explained rather well with a lot of good Case Studies.
However, I did not like the idea that we should not give to charity, we all need help, other than that its a real good book
I, personally, found it an educational and inspiring read.
One of my major goals this year is to set a stronger financial foundation for myself and my family, so I've been poring over a number of books on the subject. This is a great book in the sense that it helps you understand, from a well-researched perspective, the habit ...more
Very eye-opening and insightful. Reading this book really gets you thinking; among other things, it's motivated me to modify my savings & investment approach.
RANDOM STREAM OF CONSCIOUSNESS NOTES AND OBSERVATIONS (and noteworthy passages):
--FROM THE PREFACE (written by Dr. Thomas J. Stanley in 2010): "Since 1980 I have consistently found that most millionaires do not have most of their wealth tied up in their stock portfolios or in their homes....Not at any time ...more
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