Rating: Summary: 250 pages of useful TRUTH Review: This book is a priceless research document. Its findings in several areas are enlightening - such as how successful wealth builders think about money (a vehicle for achieving the comfort of financial independence, not a tool for satisfying consumer cravings or amassing "symbols" of wealth and status) and how affluent parents raise productive children (stress achievement, teach frugality and saving by example, and do not provide ridiculous amounts of "economic outpatient care" - doing so cripples the recipients). Those already well-disciplined and well-versed in money matters find this book redundant and light. For the rest of us, which is most of us, this book changes the way we think about money and guides us towards wiser decisions that will positively affect our lives and those of our children. Whether or not you agree with the lifestyle and philosophy championed by this book, the truth it offers about wealth cannot be ignored. One of the five most important books I have ever read.
Rating: Summary: Pretense and Denial: A Guide for the Aspiring Well To Do. Review: As america's tectonic plates adjust to releive economic strain, the surface gaps of inequity widen. The Millionaire Next Door increases this great class divide with a contrived air of monetary principles. One is left to question the author's pomposity and sycophantic grandstanding for the affluent. To join the charmed circle one must; be tightfisted, avoid taxes, and possess a complete disregard for the less fortunate. These are among the many noble qualities recommended by our authors. Perhaps my interpretation was too literal, there may have been an underlying satire that I failed to interpret. Or, maybe I'm too sensitive to command such Machiavellian principles. Nevertheless, I found the book to be tacky and lacking in practicality. One should follow their dreams and stay true to their principles, and above all have compassion for the near-do-wells. Lest we all fall victim to the tsunami that results from greed and contempt.
Rating: Summary: Be frugal, be wealthy. Review: If you want to be a carpenter, study carpentry; if you want to be an engineer, study engineering; but if you want to be a millionaire, study wealth- read this book! This book is exactly that- a study of millionaire's behavior and habits. Anyone engaged in a serious study of wealth should read this book. Not a "How To Get Rich" book, but an eye opener for the student of wealth. At amazon's 20% off retail, this is a great place to start!
Rating: Summary: A pretty good, interesting read Review: I enjoyed the book, but felt it dragged at times. It's true that some of the information imparted was well worth pondering; however,I would have liked to have gotten more in the way of "specifics". For example, what does the weekly, monthly or yearly budget of one of these millionares look like? Mostly, the book spurred me on to purchase a book on personal finance.
Rating: Summary: One of the four great "must read and do as they say" books Review: If your desire is early retirement and/or to assure your every comfort in your senior years, a vast many of the life lessons provided in this book must be considered. This is one of the four great "must read, must do" books of our time.* Don't be so critical that your only concern is with how some of the subjects in this book choose to not spend their wealth later on in life - that's their decision. Once you've attained wealth for yourself, you can then decide what to do with it. The point is, you've got to get it first, and this book is a fine example of how the common people can achieve amazing wealth over time. As a former shoe shine and paper boy, high school dropout and infantry private in Vietnam, I went on to earn an MBA and in the process became a self-made PAW. I'm now enjoying early retirement at age 50. I do what I choose - no boss to answer to. I was still able to pick up pointers from this book that I implemented to achieve even greater wealth. *-The three other greats being "Buffettology" by Mary Buffett, "More Wealth Without Risk" by Charles Givens, and "The Truth About Money" by Ric Edelman. PS - Gallo wines and Budweiser or Michelob is just fine for this PAW. The UAWs can serve the expensive imported stuff.
Rating: Summary: From the land of Big Hat No Cattle Review: I live in the land of Big Hat No Cattle, Houston that is - home to a high number of fast import cars and big houses. As MND states those who have the big $$ don't show it and those who wish they had it usually finance their way. MND contrasted various jobs and habits (loved the doctor and used car stories). It shared key points on saving +20% per yr in quality stocks each year for 20+ yrs, living lean and being your own boss. I would highly recommend MND to all who ever have dreams of being financially independent.
Rating: Summary: Too many unanswered questions Review: This book is good in that it reminds us that making alot of money doesn't mean that one is wealthy. But, there are several other problems with this book. Where does this accumulated wealth go? If it is "realized", then taxes were not avoided, just delayed. (A good thing, but then book doesn't mention that taxes will eventually come.) And, if the wealth is not realized, what's the point of accumulating it? I especially disliked the "advice" of how to find a financial advisor. Sure, it makes sense to ask around. But, to call the state school's accounting department? Yes, the school will respond to researchers, but not to the average Joe. Also, if I already had alot of wealth, my CPA, lawyer, etc. would be glad to make recommendations. But, I don't have alot of wealth yet, I do my own taxes, and I haven't needed a lawyer for anything other than a will. How does the average Joe get a good advisor when they don't have a CPA or lawyer? I would have appreciated much more practical advice.
Rating: Summary: Facts that need to be heard Review: Well, you can't eat your cake and have it. The MND presents facts. What caonclusions you draw from them are up to you. I can now decide whether to be a UAW or a PAW. Some other people should do similar research along these lines. My father tried to raise me in Nigeria along them as a child. They are more universal than you may imagine. Good reading for intelligent readers. Repetition hammers home points and is necessary.
Rating: Summary: Excellent and motivational Review: It's very interesting seeing the comments of other people regarding this book. While saving is difficult, it seemed as if the authors found that millionaires were used to saving approximately 15% of their income. The number of people who equate this saving as "not living life" is pretty amazing. I did not find repetition in the author's advice, they twirled the subject around to be viewed from many different angles. I learned a lot and was often surprised and excited by their findings. This book ranks in the top 5 books I reference over and over again. For me, it is a classic on the subject of accumulating wealth.
Rating: Summary: Missing Instructions...? Review: I really enjoyed the book, however I kept returning to the same conclusion. The PAWs have very high numbers in their wealth algorithm, but have no idea what to do with it once they have gotten it. One only accumulates. Period. At some point this becomes -hoarding. All of us in the middle ground who have become somewhat well-to-do require some of the authors' insight into what a PAW should do with their accumulated wealth. If you can't use it, why hoard it? Your grateful heirs? At some point the book should have some further guidance. Save - save - save means that one will, in fact, accumulate. But, if it's inappropriate to use it, one must ask the question, is this necessary? Am I giving up a lifetime of somewhat better living conditions to have larger numbers on my financial statement? The authors have written an entertaining book with good explanations of their research. But their conclusions of that research leave much to be desired. At what level should the better off try to live, etc., etc., etc. Nagging questions at the end of the book. But, I did buy one for each of my three children!! I enjoyed it.
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