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Summary: The statistics make the difference
Review: The statistical data presented in "The Millionaire Next Door" goes a long way to explaining how wealth in America is actually spread. Having well defined definitions of being 'wealthy,' along with the examples of actual spending and lifestyle habits of people with a net worth over a million dollars brings out in perfect detail how to decipher what are the myths of being rich and what is the reality of having sufficient wealth.I do not know if the study of wealth by Dr. Stanley and Dr. Danko was originally meant to showcase different ethnic backgrounds and there attitude toward money and wealth, but I was very pleased they presented these breakdowns. I personally would have liked to see some comparison of African American millionaires and how this (my) culture ranked in this study, but I can not condemn this great book based on this issue alone.
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Summary: This book is rubbish
Review: Follow the author's advice & save your money. Also they seem to say that if youre not a tightwad then you are a lesser human being. Whats the point of being "worth" $ 7 000 000 & driving a ford? Be "worth" $ 6 m & drive a ferrari.Or save a couple of world vision kids from starvation or something. Its full of stupid pseudo scientific charts like the average weight of a millionaires car. the reviews that bag this book are more interesting to read than this.
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Summary: if you make $100k per year of $10 per hour READ this BOOK
Review: This is one of the greatest books i have ever read. I never thought of saving or buying on credit until reading this book. I am not a millionaire but have a much better finacial situation and outlook after reading this book. I believe anyone with a little common sense who reads this will benefit from it. It really helps if you follow it up with the millionaire mind. For more information see my other reviews
Rating:
Summary: 3.5 stars
Review: A well-balanced, helpful and informative book. After reading about half the book, I began to develop a new feeling towards money and saving. Another great (and more lighthearted) book on this issue is Debt Free by 30 by Anthony and Cluck. Millionaire Next Door is still a helpful book though. For me, it served to change my view of money and saving, which is an important first step to changing habits.
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Summary: A Change of Perception
Review: This book is from research done in the 90s concerning millionaires in the United States. Using surveys, interviews, and tax information, this book draws a picture of the millionaire. The picture will likely not match your idea. Does having the statistical picture of a millionaire help? After reading this book, I am inclined to say "yes." Seeing fancy clothes, expansive homes, and expensive cars reminded me of wealth. As pointed out, the average millionaire is not concerned with the appearance of wealth. For some reason, knowing that I don't have to look wealthy calms me and encourages me. One concept that will stay with me is the necessity of offense and defense to attain wealth. The authors point out that merely earning lots of money (offense) will not always help. Just as in sports, you need to play good defense to win. Here, the author's point out that you need to control your spending and debt if you want to reach wealth. This book was recommended in "The Cashflow Quadrant" book (of the Rich Dad, Poor Dad series). I would also recommend this. Although the tables will sometimes be distracting, there is some good information here.
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Summary: A TRUER insight to your actual wealth!
Review: I found this book to be very enlightening. I like how it shows you the true millionaire (as opposed to affluent people who spend too much money and will never become millionaires) because you can begin to figure out vicariously what you yourself can do to work toward becoming a millionaire. I glanced over some of the reviews of those people who only gave it two or three stars and said, "...it talks about saving your money and not being extravagant. That's common sense." They either didn't bother to mention a major point or else they missed it completely: all the millionaires mentioned were business owners (or self-employed). That's what it takes to reach their level. Even in comparing this book to Robert Kiyosaki's "Cash Flow Quadrant" you can see that striking similarity. I remember when this book came out, the media put a lot of attention on the "wealthy defined" section: there's an equation on page 15 (which you can see right now since Amazon.com allows you to look through the pages on the net!) that is a major update to the old, out-dated wealth philosophy that you should be earning an equivalent to what your age is. This book really makes you look at your own car lust in a different way too! Do you really want that brand new high-priced current model year car that you have to pay for at least for the next 5 years (or even worse, lease it) or do you want to work toward making yourself wealthy right now? And the section on "Weakening the weak and Strengthening the strong": I never had any idea that there were so many grown children (I'm talkin' in their 30's 40's & 50's) of affluent families consistently receiving large sums of money from their parents (for many years). What an eye opener! I'm giving it 4 stars, though, because the preponderance of charts stunted the flow of my reading it. At times the text became very pedantic in its explanation of a chart (which many times didn't seem to be of much importance anyway). I'm sure the authors did that because they spent 20 years interviewing millionaires and gathering information to write this book. As for putting the information in this book to work for you, though... it would still take a lot of homework on your own part. For example, the authors don't explain how to get a business started, they don't explain how to study the stock market, etc., and I'm not faulting them for not including such information, but just realize that this book is not a "how-to" type of book, although it is sort of close.
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Summary: Money for Everyone
Review: In "The Millionaire Next Door," Thomas Stanley reveals the surprising secrets of America's wealthy. After tabulating the results of many surveys of America's millionaires, Stanley delivers them to us in a nice package that is easy to read. As a college student, this book changed my life. Stanley makes a very good case for making it to millionaire status through hard work and fiscal discipline, not harebrained schemes and cushy jobs. Stanley tells us that everything we have been made to believe about millionaires is untrue. Most of them don't drive flashy cars or have six-figure salaries. The do not wear expensive suits and Rolex watches. They are regular people who have worked hard and saved their money. They have avoided the traps of credit card debt and bought late model used cars paid for with cash. I think everyone should read this book, especially young people. It will start you on the right path to millionaire status by teaching you that the way to get there is by saving, not spending.
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Summary: No need to write a book, a pamphlet will do!
Review: The Millionaire Next Door exposes the myth of American millionaires as being flamboyant consumers with exciting lifestyles. Using self-proclaimed extensive research and seemingly endless case studies, the authors reveal that the vast majority of millionaires are, in fact, frugal bargain hunters with boring exisitences. This, in a nut shell, is the sum and substance of the entire book. With 7 factors to explain how one can attain and maintain wealth, the authors beat the theory to death using both sexist and biased examples to support their thesis. This is not to say that their observation isn't valid, but the authors could have easily written a equally informative pamphlet. As a high school student I found it amusing that the authors completely downplay the importance of higher education in favor of strategic savings. It is hardly a revelation that: "Financially independent people are happier than those in their same income/ age cohort who are not financially secure." Few people would need a 258 page book to drive that point home.
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Summary: Think Twice
Review: this book makes me think twice about the way that i spend money. It also makes me want to try harder to save money and not want to spend money on "luxurious" things, at all. This book shows us all a completely different view of millionaires, especially those who go against the "norm". The people in this book live very plain lives and do what they can to gain wealth. They live below their means and save what money they can as they can do it. These people also don't live luxurious lives because to them it seems to be a waste. This makes me think twice about how I spend my own money and also about how I think about the people I see.
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Summary: Eye-opener
Review: I really enjoyed reading this book. It felt like I was behind the scenes of a very well kept secret - who the "real" millionaires are. The tables in the book help visualize the facts, and the personal letter excerpts give insight into the mentality of others about finances. The well researched facts definitely cleared up the false image of the "American millionaire" I had painted in my head. Now I will definitely exercise budgeting and set aside 15% of my paycheck for personal spending. The how-to techniques in this book have motivated me to take control of my finances. It has layed the foundation for smart thinking and exposed the discipline required in moderate spending.
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