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Summary: There is no level of income you can't outspend.
Review: I just finished rereading MillionaireNext Door for the third time, it's a great book, must reading for everyone and anyone serious about their financial future. I have also read some of the reviews. It seems that some people have confused the term "frugality" with "cheap". But I'll bet all of those detractors of this book are also paycheck to paycheck and deep in hock. Yes they may show all of the trappings of wealth; high profile job, beautiful house, 2-3 cars, beautiful clothes and jewerly etc., etc.But what is their net worth???? A key phrase is that there is no level of income that you can't outspend. You may make a million dollars per yearand live a beautiful lifestyle, but if you're spending 125% of your income, guess what, you're still BROKE! Along with Millionaire next door, I also suggest, particularly to the naysayers, "You earned it, don't lose it" "More Wealth without Risk" and "Financial Self DeFense" Money is somewhat like health. Many people just don't understand it's valueuntill it's too late!
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Summary: If you were to buy just one financial book....
Review: Make it The Millionaire Next Door. Fans of 1,000 page+ fluffy books written by magazine authors with no financial credentials will not like this book. Former Nixonites who take cheap shots at the rich and attack without basis or fact and write stupid books will not enjoy this book either. Nor will spendthrifts. The get rich quickies won't enjoy this book either.If you are like me and are looking for a proven program that really works and has been explicitly researched, then this book is for you. Tony Robbins talks about modeling. If youw ant to be rich, doesn't it make sense to model the rich? This book and The Millionaire Mind shows you how the rich think and how they become rich. And unlike some other books, there is no fluff here. It does take discipline though and discipline is tough. Also recommend Awaken The Giant by Tony Robbins and More Wealth Without Risk by Charles J. Givens.
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Summary: A promising outlook on control of our own economic destiny
Review: I thought this book said more than "Look! You can be rich!". To me, it showed that we as individuals can control our destiny, at least in the economic sense. It said that we don't have the right to blame our parents for not being wealthy and we are not victims of our natural economic status. It showed that anyone who is willing to work hard and mind their money can be wealthy. Though I'm not very interested in economic literature, I found this book interesting because it appealed to me as an optomistic look at what someone can do with just a little work ethic and self control. It was imformative but not impossible to understand; it appealed to someone who enjoys quick reads and doesn't want to spend half an hour trying to understand what one sentence is trying to say. A good book for anyone who thinks it can never happen to them and for anyone who wants to be one of "the elite".
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Summary: A viable road to financial independence
Review: This book contains very valuable information because it is based on facts, not on boasting or hypothesis. Tons of statistics was conducted and the resulted analysis is very convincing. I guess the most important message this book has for me (and for millions of ordinary employed people) is that becoming financial independent (fancy phrase for wealthy) or a millionaire isn't a dream out of reach. You don't have to give up your job and become self-employed or an entrepreneur overnight. All you need is to take your financial life seriously and setup a goal and start planning for your future. I know it is not easy and sometimes even painful but I believe that is probably the only road that many many ordinary people have to take to fulfill their dream. The reason I really like this book is that it doesn't point you to a short road to rich (which I don't believe in statistically). In fact, the book makes it very clear that accumulating wealth is a long, painful, and sometimes sacrificial process. But the end result is worthwhile. Not only wealth, but also great qualities such as discipline, patience, courage and many others will come as a result of the process. Those are probably the greatest wealth the life has to offer! Great book. Worth reading again and again. It is best if you can put what you learn from it into practice. And that's what I am going to try.
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Summary: Why Isn't This All Common Sense?
Review: Stanley and Danko, after interviewing dozens of people who have accumulated millions of dollars of wealth (some never having had an annual salary over $75,0000), show readers the steps to true financial independence and wealth-building. These are primarily living "below one's means," developing thrifty savings habits, and instilling similar habits in one's children. Sadly, most people mistake high income for wealth -- the authors illustrate how frequently those making high incomes amass remarkably little wealth in savings and investments, while many making far less can be worth many times their annual salary (and therefore are less susceptible to financial hardship)! The difference is the way the two groups spend and save their money. Though short on actual steps to correcting poor financial habits, the book does a great job of illustrating the general path to wealth accumulation. Truly, this book should be recommended reading for everyone.
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Summary: This is what millionaires do?
Review: The book is great for people who wants to start over with their life and make sure that they have money for them and there children. I feel that the book is basically showing people the step of life and how to manage your money.
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Summary: Frugality Frugality Frugality
Review: Stanley and Danko have several enlightening points in The Millionaire Next Door. There are many statistics gathered over two decades as evidence to support the main theories. However, the presentation does have holes in its logic. Stanley and Danko say that financially secure individuals are happier than those in the same age group who are not financially secure (Stanley and Danko, 46). This is certainly a valid declaration, but it is assumed throughout the book that wealth alone equals happiness. In spite of the tremendous amount of statistics supporting the authors' claims, this is a very subjective supposition. No positive instances of spending are mentioned, and debt is shunned. The authors presume that their ideal, common-sense millionaires are robots which plan solely for retirement years. These millionaires forgo "unnecessary" expenses such as a skiing vacation or a country club membership. But, Stanley and Danko fail to communicate non-monetary expenses that come with age. Could a skiing vacation be fully enjoyed in retirement?
The authors of The Millionaire Next Door tell the story of the frugal Mr. Allan, an ideal millionaire. Mr. Allan is offered the gift of a Rolls-Royce luxury vehicle, but he turns it down because it is a threat to his simple yet highly efficient lifestyle (Stanley and Danko, 110). Another millionaire, dubbed "Carl," derives considerable enjoyment in his four-door, three-year-old sedan (Stanley and Danko, 129). And another model citizen, "Dr. North," feels that inflation will increase the value of his investments portfolio (Stanley and Danko, 93)! The first two characters have satisfaction preferences that probably would not apply to everyone, and Dr. North's apparent inability to distinguish between real and nominal value is laughable. Yet, Stanley and Danko view men and women like these individuals as geniuses who have reached the peak of happiness. Mr. Stanley and Danko state in the book's intro that the middle-aged audience will benefit most. Unfortunately, that probably is not the case. It offers no solutions on how to adjust a high-consumption lifestyle or how to go about eliminating debt. I would, however, recommend this book to college students over any other group. It defies several fundamental microeconomic principles which makes for an interesting read. For example, the simple income effect says that when an individual makes more money, he/she will spend more to reach a higher utility level. Stanley and Danko disagree, stating through stories and statistics that maximum utility is reached by saving, not spending. Which would you agree with? The critical thinking incited by The Millionaire Next Door is what makes for the enjoyable read.
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Summary: The Millionaire Next Door
Review: The Millionaire Next Door
By, Thomas J Stanley, Ph.D. & William D. Danko, Ph.D. The distorted picture most Americans have of who has wealth and who doesn't is repainted by the strokes of genius Dr. Stanley and Dr. Danko put into their book, The Millionaire Next Door. Among "the surprising secrets of America's wealthy," are descriptions of how real millionaires acquired their wealth. The book analyzes everything from what and how much you consume to how your children will be affected by your wealth. The book teaches everything from how wealthy people avoid losing large amounts of money to the IRS to what field people should consider working in. The authors spent a great deal of time and energy researching people with more than a net worth greater than one million dollars. The people that they interviewed were not the celebrities and professional athletes that many people would imagine as a part of a research project like this one. The answers came from the people "next door." The answers provide the readers with a good foundation, seven rules, for a way to acquire wealth.
The book will analyze how likely you are to become wealthy based on your actions and your ancestry. Anyone interested in becoming wealthy during his or her lifetime would find this book to be a great read and a great education.
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Summary: It has its good points and its bad
Review: It's an interesting read and a good way to get a kick in the butt to be a better investor and budgeter. But in the end, I can't believe that the statistical information and the theories the authors were expounding could coincide. Nonetheless, it's fun to mull over.
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Summary: There's a simple rule to become wealthy
Review: For many years, since I got my first job, I thought I was never get out of debt(Student Debt) if I couldn't get a higher income job. But I was wrong, as I got better paid jobs I got bigger debt, then I found the answer, in part thanks to this book. The rule is fiscal discipline, never spend more than your paycheck and always have a savings goal.
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