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Summary: An intuitive insight into the affluent lifestyle!
Review: "The Millionaire Next Door" by authors Stanley and Danko was inspirational, refreshing, and well written. It eloquently depicted throughout the entire book the true significance of the proverb "Live within your means not within your wants." This book provides a canvas that covers a wide spectrum of readers from teenagers to grandparents. The book was comprised of eight chapters and three appendixes. These chapters were documented and analyzed using insights, examples, interviews, and surveys. It was astonishing to find that American millionaires have so much drama within their lives, just as normal Americans. The authors took time to investigate, interview, and layout the seven denominators that were conducive to accumulating money. These factors benefit anyone who takes the time to read this book. Only the readers can articulate and evaluate the true meaning of these factors for themselves. The heart and pulse of the book was chapter seven, which was entitled Affirmative Action, Family Style. The reader will enjoy reading this chapter; it is filled with drama and meaningful insights as well as life lessons. The context of the book can be best summarized by the quote "Most people have it all wrong about wealth in America. Wealth is not the same as income." I think this book will enhance and inform our society and in particular our young adult population within America regarding the wealthy. The readers should realize that this book was written after two decades of studying, researching, and compiling data regarding affluent Americans. The authors excavated the essential knowledge of affluent Americans. The readers will gain much insight and experience from this book regarding accumulating an affluent lifestyle.
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Summary: The August reviewer completely missed the point!
Review: This is a great book! The reason I have the title "Compeltely Missed the Point" is in response to the reviewer from this August. Investing a small portion of your job income every month will build up enough passive income so that you won't need to work for a living the rest of your life. By the way, I know some millionaires who special entities so that they have less of it taxed, in order to pass more on to their kids.
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Summary: An interesting glimpse of the wealthy in America
Review: The millionaire nextdoor is pretty straightforward in that it makes it clear that people get rich by being prudent and cautious with their expenditures. I think that Stanley and Danko have a number of valid points. Most people become wealthy by focusing on keeping and growing what they earn regardless of their income. This book should be taught in schools because many people believe in spending as much or more than they earn. The reason I do not rate this book a "five star" rating is because the author goes overboard in his description of millionaires as "tightwads". Afterall, most millionaires would rather be called "conservative" rather than "stingy". Also, in the Bay Area, where I live, I have never seen a millionaire that is compulsively stingy. Again, being conservative or frugal does not mean that a person who earns $240,000 a year must drive a 1960 ramblar station wagon to save money. With that aside, however, the authors drive home the fact that not all millionaires drink expensive champagnes, live in Beverly Hills, Drive Rolls Royces, and wear Rolexes. Many of them become rich by living below there means. In conclusion, I reccomend the millionaire nextdoor to those who are serious about their future.
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Summary: Nice Read but Unrealistic for Today's World
Review: Many of us work extrememly hard and have sacrificed a great deal in order to live a better quality of life (vacation, nice home, car, etc.). Although I appreciate the underlying thesis of this book, there is no way that I would live like a pauper so that I can die with a few million in the bank, so the Goverment can take it away in estate taxes. It makes no sense. Yes, we should live sensibly, but unless you give yourself the opportunity to enjoy a few of the finer things in life, why work at all? So, get the book, appreciate what these people have done to earn their wealth and then go out and buy a Rolex! Put the extra in a good mutual fund
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Summary: Frugality's the Key...Could It Be that Simple?
Review: According to Stanley and Danko, American millionaires do not fit Hollywood's stereotype of Mr. and Mrs. Conspicuous Consumption living "the good life" in smoking jackets and slippers whilst noshing on caviar and watercress sandwiches: "Pardon me, do you have any Grey Poupon?" To the contrary, today's wealthy (defined by net worth, not high income) may be your plumber, dry cleaner and even your child's school teacher as easily as your doctor, lawyer or accountant. How do such mundane occupations buy their owners admission to the millionaire's club? The authors list seven good reasons, the first of which is that today's millionaires "live well below their means," saving an average 15% of their gross income, year after year, and investing it with wisdom and care. Frugality is not the only quality required by those who would be rich. But, it is a great start! When you pick up this book, head straight for the other six attributes of rich folks in the Introduction. You may be surprised. At times tedious, I suggest you quickly scan those paragraphs of The Millionaire Next Door that delve into more statistical data than you care to know about your wealthy neighbors in order to find the authors' conclusions on each point. They are gems worth highlighting and referring to again and again.
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Summary: Don't know millionaires that throw fish in their back seat !
Review: While this book shed's light on Americas out of control spending habits and constant desire for more items and better items, I am particularly troubled by the 40 pages of references the author makes towards purchasing cars. There are several chapters on how people with millions of dollars in the bank buys 5,000 dollar cars which are less than 1 percent of their net worth while all these other people with 4 or 5 thousand in the bank are out buying 20,000 dollar cars. The American automobile plays an important role in the lives of many people, we use them to get to work, to get to the store, to drop off our children at school and so forth. While I agree that many people spend too much on cars, I would say that the average person cannot buy a car that is less than one percent of their net worth for the simple fact that one, cars are expensive, and two they cannot buy a 200 dollar car because they would probably spend thousands fixing it. Sure a man with a million dollars in the bank has no worries when his 3,000 dollar car blows a transmission he has the money to fix it, but given the dependence on our vehicles to live, the average person has no choice but to make an expensive investment in a reliable vehicle rather than buying one that will be in the repair shop. There are way too many car references in this book that are just not logical in this day and age. I also know several very wealthy people, and while many of them do not spend lavishly on ridiculous items, they all have recognized how hard they have worked and they all have created a lifestyle that rewards this and I find it hard to believe that the many millionaires in this book live the lifestyle described. The book seems to make saving money a game and he with the most in the bank when they die wins. I myself have several dreams and desires and I will not hesitate to invest my hard-earned money into those dreams. What good is a million dollars in the bank when you are 80 years old and can't walk more anymore?
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Summary: Litterally changed my life!
Review: I thought that I was prodigious accumulator of wealth (at 25yrs old), having a good deal of investments and income, but I realized after reading this great book that I wasn't living that well below my means, or how do you say it. Get this: Today I put an ad out to one magazine that I'm selling my quite recently acquired new BMW. Think I'll buy a cheapo mountain-bike and get a bus when it rains. In Helsinki, Finland you really can come and go without having an own car. The public transportation in general, like trams are convinient and fast. And the real joke is that the distance to my work is like 4kilometers, and thats like nothing! I drive that with a bike in ten minutes, compared to travelling with a car; usually its the traffic-hour and its so frustrating..and talking about where to put the car and the price to park...! The thing is that I want to become financially independent one day. It means that if it would be true today I could quit working and I'd live the rest of my life fine (at the same consumption-level) without working. I'm planning to make a budjet for this year very soon, and these rough calculations show that I'd be able to save so much money that its amazing. People always look at figures on monthly-basis, now take a look at those figures on yearly-basis (1-5yrs) what a difference one little thing can save in the long term.. Hope to receive mail from you all! All the best, Henkka ...
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Summary: Be frugal but enjoy life
Review: This was an interesting read with sound advice. Some of the criticism I've seen here is undeserved. The authors do not say you must live cheaply and have no fun, but to be smart and spend within your means. I have a friend who owns a modest business which is doing well. He doesn't care about cars or fine dining, so he drives an old pickup and has barbecues instead of going to restaurants. He loves fishing however and purchased a nice bass fisher. I have a good income and I like cars, so I bought a six year old BMW. It satisfied my desire for a fine machine and is within my means. Perhaps the authors could have emphasized that that you can still live well, but smartly.
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Summary: A book which could change your financial life completely
Review: This book has made remarkable highlights on the secrets to become a rich (or so called millionaire). Although the points mentioned are easier said than done. But if you persists, how come you could not be the next millionaire in the world.
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Summary: Unexpectedly fascinating!
Review: I bought this book expecting to get the REAL lifestyles of the rich and famous, and I did. I expected to get an understanding of their attitudes towards making, spending and saving money, and I did. What I didn't expect was to be utterly fascinated! This book elucidates every aspect of personal economics and backs it all up with statistical tables compiled from intensive research. Sounds super dry, doesn't it? Well, I was happily surprised to find that I could NOT put this book down! The authors' presentation of the information, coupled with the real-life stories throughout, is entertaining and enjoyable. By far the best book I've read in a long time.
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