Rating: 
Summary: Still a good read
Review: Sometimes financial readers get stale and forget the value of older, quality books like The Millionaire Next Door. We get bombarded with so many new books that we think of anything that is more than a year old is out of date.When I see the 1 star reviews here, I have to scratch my head and ask why? If you really want to spend all of your income, why even bother to read a book like this one (my guess is that 1 star reviewers never read this book)and why bash it? Frugality is a discipline and unfortunately, discipline is tough. Keeping up with the Joneses may make you feel good but does you no good. If you live for your lifestyle and spend all that you make, you'll always have to. I know a guy that buys a new car every 6 months. Has the nicest clothes and takes two vacations a year. He owns a nice house and be sides his primary car, has a recreational vehicle and two other cars as well. I asked him how his investments are doing and he looked at me funny and said; "Investments? I can't afford investments." I later found out that he is also hocked up to his neck with credit cards. Living a little high? I think so. The Millionaire Next Door may tell you some things you don't want to hear but does tell you what you need to hear. Stanley and Danko's very carefully researched book shows you how many average people attained great wealth even on modest means. Stanleys followup book, The Millionaire Mind goes even deeper into the mental makeup of these millionaires. Another book worth reading is Ordinary People Extraordinary Wealth by Ric Edelman which also profiles wealthy millionaires but from a different perspective and is worth reading for all aspiring millionaires. For those who want to be financial savvy and learn the best personal finance strategies, I highly recommend More Wealth Without Risk by the late Charles J. Givens. Edelman's newest book, The Truth About Money 3rd edition is also a must read, pushes Givens and as a plus is the most current, complete and updated personal finance book. The Millionaire Next Door may have been around for awhile but it is still a good read, in fact a must read for anyone who wants to make the most of their money. I would also add in another classic book, The Richest Man in Bablyon which can be read in one night but I recommend that you read it every day for a month untill the concepts seep into your conscious and subsconious mind. Good luck to all future millionaires.
Rating: 
Summary: The truth about America's Wealthy revealed
Review: This book gives the honest, straightforward truth about what the average person needs to do to become wealthy. The simple truth is you have to spend less than you make, manage your debt wisely, and plan for the future. For some, this may be a hard pill to swallow. I am only 26 years old and have utilized the concepts mentioned in the book to become financially independant and gain control of my finances. I have a healthy investment portfolio and my mortgage (my only debt at this point) will be paid off in less than 7 years. More people need to read this book and apply the concepts it contains. A testament to this is the rampant credit counseling services and payday advance loan shark establishments cropping up all over the country. Many are convinced they need to spend all they have and go into debt to get the finer things in life. Personally, I believe it is much better to be content and not have to worry or wonder about the future or what you will do if you lose your job when you live paycheck-to-paycheck. This book points out that many of the people we consider affluent (based on their high consumption lifestyles) are actually UAWs who are in debt up to their eyeballs to maintain their rock-n-roll lifestyle. Many physicians and attorneys fall into this category. It also points out that you do not have to have a six figure income to attain millionaire status. Many examples of average income earners are cited. This book is a must-read for anyone wishing to be financially free and achieve their dreams.
Rating: 
Summary: Good if you're already making a huge wad..
Review: I suppose this book is good if you're already earning quite a bit. It is not really a guide book for the average, or even moderately above average, wage earner on how to become wealthy. Once you finish reading about how frugal they are, it's more of a description of how already fairly well-to-do people kept and enhanced their wealth, particularly aiming towards their retirement years. Ironically, a chunk of the book describes gift-giving and passing the wealth on to the adult kids. So we have all of these years of frugality (really the majority of their lives) only to end up distributing tons of dough to the offspring so they don't have to pay estate taxes. Then, irony upon irony, the adult kids are either a) independent professionals who don't need, nor necessarily want, the inheritance or b) "under-accumulators of wealth" in which case they end up wasting it in one fell swoop to maintain a high-lifestyle image they can't genuinely afford through efforts of their own. It is, of course, fine for the retired wealthy to spend or give away their money in whatever manner they wish. But what does this matter to the person looking for advice on how to best reach this stage of wealth? It matters very little. People want to know how to get there, not what is done after they've already reached their financial goal and are able to maintain that level of prosperity. I think being a slightly above average accumulator of wealth, rather than a prodigious accumulator or under accumulator of wealth, is just right. Money is earned to be used, not hoarded. Why not invest some, but also have a bit of enjoyment from 25-65. As long as you're responsible, what's the problem? So you'll have $600,000 or $700,000 instead of $1,000,000 at retirement - big whoop! It's all about trade-offs and you're only on this merry-go-round once. No matter how much you accumulate at retirement, you can't buy back a single day, let alone 30 or 40 years of your past life. Regarding the prose itself, the book had somewhat of a snobby, condescending tone, often giving the impression that, by and large, there are only three professions with which the wealthy and their offspring are to be involved - that of entrepreneur, lawyer, or physician. There is mention in one chapter of other occupations that are thought to benefit FROM the affluent, such as accountants, real estate agents and so forth, but the book is peppered throughout with a kind of snobbery that seems to focus one's attention in a very superficial way on a very narrow field of scholastic and occupational achievements/choices if one wants to operate in this rarified environment of wealth. Frankly, I think the authors are spending too much time with their charts and tables and statistics. A reader would be better served simply buying a genuine personal finance book, such as The Truth About Money or Personal Finance for Dummies. This way, you can focus on your own specific situation and figure out how to best make it work for you going forward, rather than dealing with all of the authors' hypotheticals and seeing if you pass this book's intimated minimum income litmus test. They emphasize having a good Defense (living below your means), but they presume you have a stellar Offense (income). Incidentally, their expertise is in the field of marketing, not finance or economics. The book is a very good reflection of both these points. (Just FYI, in addition to learning about one author's love for his Z28 Camaro [in itself, horrible enough], the reader gets a clear sense of the authors' political bent when reading statements such as, the affluent are a "segment of our economy that will be under seige by the liberal politician and his friend, the tax man." [page 216] How does this get past the editor? Is this really the appropriate book to be making such political statements?)
Rating:
Summary: good ideas and examples
Review: This book was less of a how to be rich and more of a 'here is what rich people say they do in order to be and stay rich'. There is plenty of advice here. Example: "To build wealth, minimize your realized (taxable) imcome and maximize your unrealized income (wealth/capital appreciation without a cash flow)." I would recommend this book to someone who wants a new perspective on money and wealth. It does help you to see the big picture on the economy.
Rating: 
Summary: Very one-dimensional viewpoint on wealth accumulators
Review: Unlike one reviewer who gave this book a lower rating, because he didn't agree with the apparent single-mindedness of the millionaire subjects themselves toward accumulation of wealth, my problem with it was the very narrow financial orientation that the authors took in their studies. Most of the principles followed by the millionaires to accumulate their wealth are pretty much common sense (at least for me, an AAW, though I could see they wouldn't be for an UAW - you have to read the book to figure out those acronyms). Though there are a few profile or sociological nuggets of surprise here and there in their tables and evaluations, for the most part the book just continues to repeat a few stale themes over and over. What's really missing, in my opinion, are insights into these people on a more personal level. What do they do with their spare time besides count their money and plan their next investment? What are their political views, their peak experiences, their great interests in life besides wealth accumulation? Of course, we could speculate on all those and probably not be far wrong, but the point of the book was that our biases and pre-judgements about who are millionaires are mostly wrong in the first place! The way these people come across in the book are as uncultured, uncharitable ("My favorite charity is me."), unimaginative, coupon-clipping, miserly dullards. Not anyone you would want to meet! Does not a single one of them ever splurge on the least bit of indulgence (maybe a bottle of cheap champagne at New Year's) or have a passionate hobby (toy trains)? There is no human side to these folks' personalities presented, which leaves the book dry and lifeless. Besides that, it really doesn't contain much practical advice for those who are not accumulating wealth already as to how to turn things around ("Hire an accountant"). And many of their statistics are wrenched into awkward positions to support their conclusions. Simple-minded formulas such as, "your net worth should be equal to your age times your annual income divided by ten" are great for bumper stickers, but if you really think about that it is a next to useless measure at any point in time. So, don't spend much for this book, it ain't worth it except as an entertaining quick read (fortunately the repetition makes that easy). Good luck!
Rating:
Summary: This works, but is this the best approach to life?
Review: I think the book does a great job at telling you how to become a millionaire. Problem is, the book focuses too much on advocating extreme money hoarding. What do i mean? Well, the way i see it, there are 3 approaches to dealing with savings/retirement: 1. complete neglect (saving little or nothing). 2. Saving and accumulating in moderation (recommended 10%). 3. Saving as much as possible, and living to max frugality (what this book advocates). I'm not sure the author(s) realize you cant take your money with you when you die. The book acknowledges most of their identified millionairres are 50 or older (probably 60+). How sad is it to think that you have to live like a poor-man until you're a dried up ole prune? Also, what about those people that love their jobs and would work anyway, thus dont really need millions in the bank by the time they are 50. I'm not so pessimistic as to think I migh lose my job tomorrow. Even if i did, I'm pro-active, and would find another job within weeks. Bottom line is this: I think most everyone's "real" goal in life is to maximize their enjoyment of life as much as possible. If you ask me, the best way to do that is live off of 90% of what you make, which is close to your real worth, enjoying the finer things of life during your prime years (provided 90% is a nice chunk of change :-) ) while having a more than adequate retirement by the time you reach 59-65ish. Dont fall for these advocates of deprivation that wont end until your either old or dead. Whether you're religious or not, trust me, you cant take it with you. Azanon
Rating:
Summary: One of the most insightful books on money ever written
Review: In truth this book is not as much about money as it is about philosophy and approach to life... It teaches that the right relationship and perspective with regards to money is far more important than any other factor in ultimately attaining wealth. From a narrative standpoint the book does really beat you over the head (as my wife said... "I pretty much got the point after chapter one"), but the authors use a number of interesting stories and a tremendous fact base to make their case and make it worth finishing. In addition, there are few books that are worth relooking at again and again. This is one of them. I have often pulled it out and opened to a random page. The short anecdotes are fast reminders for getting myself back on track.
Rating:
Summary: It's not how much money you make, it's how much you spend
Review: This book dispels the myth that most millionaires live an ostentatious lifestyle. Quite to the contrary. They became millionaires by living within their means. The book also drives home the point that it's not what you make, it's what you keep. It's too bad that there isn't a 6 star rating, because that's what this book deserves. It's that good. John White, Author of:
"I'm in Debt, Over 40, with No Retirement Savings. HELP!"
ISBN: 0974068748
Rating:
Summary: Must read for anyone wishing to accumulate wealth
Review: Great book for anyone from high school to middle age. High schoolers may use it to help determine their future careers.
Rating:
Summary: somewhere in the world
Review: AH! The cat is out of the bag. This book is holy. The authors saved me from a life of defeat. You see I never had any body give me a picture of what it took to be rich. I yearned wealth so badly I could taste it but still it eluded me. I would be the one buying expensive...(You name it). I still occasionally backslide but I no longer have the wool pulled over my eyes. I bought this book in 2000 and that is when I realized I can have what I really want and enjoy having things without struggle. The only reason I give this book 4 stars is because, I still have a little part of me that wants to live in a palace, have my own helicopter pad, a jet landing strip, and live a hedonist lifestyle before I get too old. I don't want to be married and I want outer trappings of wealth not neccessarily as many clothes but, automobiles that can at least give the athletes a slight run for there money.I definitely reccommend this book I occasionally pull it out as a reminder even three years later. It is my friendly reminder.The millionaire mind I reccommend as well it gave me a clothing strategy. Take care and I hope this book do for you what it did for me.
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