Rating: Summary: Great info - Must have for financial independence... Review: This information in this book is absolutely required reading for anyone who wants financial independence. I found the format slow and choppy at times. Nonetheless it is a very good use of time.
Rating: Summary: Very subjective and possibly inaccurate Review: the authors' definition of "wealth" is very narrow and subjective. they advocate a certain lifestyle which may be suitable for some people and oppressive to others. curiously, the authors keep mentioning that millionaires drive american cars rather than "foreign luxury cars". of course, buying a $25K crown victoria may make better sense than a $60K mercedes benz or lexus, considering the precipitous depreciation of cars in general, but how does a $18K mercury sable compare to a $18K toyota camry? can a 10 year old sable make you rich faster than a more reliable 10-yr old camry? i don't think so. the book would be a decent guide on frugal living (hence wealth accumulation) if it didn't push xenophobic views such as this. another glaring omission from the book is discussion of immigrant minority groups who have realized the american dream. asian americans, for example, earn above average median income and many live frugal lifestyles conducive to wealth accumulation. it's hard to believe that the chinese, japanese, and east indians didn't even make the top 14 most wealthy ethnic groups. this casts doubt on the scientific validity of the authors' claims. of course, many minority immigrants drive imported cars; their inclusion would seriously skew the authors' insistence that american millionaires generally drive american cars.
Rating: Summary: Basically Sound Advice, But Badly Flawed In Some Areas Review: The book here contains a lot of statistics, with endless quotes & tables about the buying habits of millionaires & non millionaires. It gets a bit much after a while & I started skipping this info.Much more useful was the basic common sense approach. Spend less than you earn, don't buy something now with what you'll earn tomorrow, avoid conspicuous consumption & don't buy Mercedes/BMW etc etc. I agree with all that, how many times have I seen adverts on TV for "Ameridebt" offering to help people out of financial trouble followed by some guy in a Vehix.com ad on the phone trying to find an SUV & laboring the point he wants a "luxury model"! The Siren Song of US consumerism is relentlessly rammed down our throats. I do take issue with the authors on their outlook. Far too often they press home how the self employed are the millionaires, while hardly exploring the risks. I know some who've loved what they've done, so according to this book the money should have followed, but they ended up losing everything, including their home, health & marriage. The section on cars claims that millionaires buy them by the $/pound ratio! A table later goes to collate this info, but really it's silly. From this table the way SAAB could improve its rating & attractiveness to millionaires is simply to put a 500lb block of lead in the trunk! Yeah the $/weigh ratio would improve (more weight for the same money), but gas mileage would suffer etc etc. Stupid if you ask me. Also the quote about taxes "the Liberal politicians & their friend the tax man" does a lot of damage to their credibility. Bush Jr has "given us back" lots of taxes but we'll pay for it in spades because it's all funded by a huge deficit which will rack up interest for decades to come which we will have to pay for long after Bush has left the Whitehouse. If private individuals did that they'd be derided for doing so by the authors of this book. Basically sound advice, but badly flawed in places.
Rating: Summary: A must-read classic Review: Whether you are trying to learn about American Millionaries or become one of them, this classic book by Dr. Stanley will show you who the real millionares are and why. Packed with lot of information, stories and advices, The Millonaire Next Door contains valuable information that will help you understand many things concerning not only money but also your own life.
Rating: Summary: the millioinaire next door Review: This Book was amazing. Anyone aspiring to get to the top of the food chain needs to read this book. This book shows the importance of hard work and saving. After reading this book i have a totally different outlook on the world, the people i thought were filthy rich i look at now with doubt. This book should be read by every high school senior, it sends them on the way to a prosperous life.
Rating: Summary: Good stuff Review: I found this a very interesting book..lots of neat information in it, and those of us who aspire to be millionaires could learn alot from it. Those of us just interested in knowing more about social life in the US could also learn from it.
Rating: Summary: A must read Review: I buy this book for my friends to read and enjoy. This work is based on statistical analysis of data about the habits of people who have accumulated wealth through hard work and entreprenureship. The data have been filtered and very well presented. This NOT a cheesy "how to get rich" book. Highly recommend his other book "The millionaire's Mind"
Rating: Summary: Food for thought Review: It's the same advice most of parents taught us: Save your money and don't blow it all on status items. The beauty of this book is that it summarizes and elaborates on those same key points in a factual, non-judgemental manner. I especially appreciated the information on how some millionaires raise their children to be functional, independant adults. Our family income is rising and, with young children, this part of the book holds special relevancy for me. All in all, it's good food for thought.
Rating: Summary: This book was much less than I expected Review: I've heard about this book for years but finally got down to reading it this past weekend. There is some good info in the book (Never have a mortgage that is more than 2X your annual household income, thoughts on intergenerational wealth transfer) but overall I found the book tedious and very repetitive. The authors conducted a survey of high net worth individuals throughout the country and the book is an endless string of statistical data points described multiple ways. In my opinion the study they conducted leads them to some inappropriate conclusions that are way too generalized. For example the book states an equation to determine whether you are a prodigious accumulator of wealth (PAW) or an under accumulator of wealth (UAW). The formula is this: 1/10*your age*your current salary. If your current net worth is greater than the result you are a PAW, if not you are a loser, I mean, UAW. The equation would seem to be reasonably accurate for those nearing retirement, but it is utterly useless for those just starting out in life (A 21 year old fresh out of college with a $30,000 job doesn't have $63,000 in net worth without some intergenerational wealth transfer from the parents/grandparents). In my view the surprising secrets disclosed in this book can be summed up as, "If you want to be wealthy make a lot of money and don't spend any of it." There is a certain degree of wisdom in this, but its similar in my mind to the statement, "If you want to be safe build yourself a nuclear bomb shelter and never leave it." Neither statement is too close to the realities most of us deal with. My advice to help you on your path to millions is pick up the few insights that are available from this book at the library.
Rating: Summary: Hi mr. J Review: This novel helped me realize that i dont want to live my life with so much regard towards money nor do i want to focus on material gain in such high esteem. i am not naive to the idea that you need it to survive, but i dont want it to be the force that drives me to succeed. It is interesting to see how the true millionaires live and it proved my perception of the wealthy to be false. It taught me that not all is as it seems.
|