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Summary: The Millionaire Next Door
Review: The Millionaire Next Door
By, Thomas J Stanley, Ph.D. & William D. Danko, Ph.D.The distorted picture most Americans have of who has wealth and who doesn't is repainted by the strokes of genius Dr. Stanley and Dr. Danko put into their book, The Millionaire Next Door. Among "the surprising secrets of America's wealthy," are descriptions of how real millionaires acquired their wealth. The book analyzes everything from what and how much you consume to how your children will be affected by your wealth. The book teaches everything from how wealthy people avoid losing large amounts of money to the IRS to what field people should consider working in. The authors spent a great deal of time and energy researching people with more than a net worth greater than one million dollars. The people that they interviewed were not the celebrities and professional athletes that many people would imagine as a part of a research project like this one. The answers came from the people "next door." The answers provide the readers with a good foundation, seven rules, for a way to acquire wealth.
The book will analyze how likely you are to become wealthy based on your actions and your ancestry. Anyone interested in becoming wealthy during his or her lifetime would find this book to be a great read and a great education.
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Summary: It has its good points and its bad
Review: It's an interesting read and a good way to get a kick in the butt to be a better investor and budgeter. But in the end, I can't believe that the statistical information and the theories the authors were expounding could coincide. Nonetheless, it's fun to mull over.
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Summary: There's a simple rule to become wealthy
Review: For many years, since I got my first job, I thought I was never get out of debt(Student Debt) if I couldn't get a higher income job. But I was wrong, as I got better paid jobs I got bigger debt, then I found the answer, in part thanks to this book. The rule is fiscal discipline, never spend more than your paycheck and always have a savings goal.
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Summary: The Millionaire Next Door
Review: I enjoyed the Millionaire Next Door. This was my first read on this subject and at first I believed non of the information or ideas in the book would be helpful to me. I was very wrong! The Millionaire Next Door was especially helpful to me as an 18 year old because it gave practical advice on spending wisely. It emphasized the importance of purchasing smart, or purchasing within your range and only purchasing necessary items. The suggestions the author gave were not far-fetched, but applicable to my life. He stressed that achieving millionaire status does not happen overnight but instead takes many years. Sacrifice and saving are crucial. I liked the profiles of average millionaires. The Millionaire Next Door dispelled a lot of prenominations I had about millionaires. Just because someone doesn't live in a fancy neighborhood or drive a fancy sports car doesn't mean they don't have a million dollars of accumulated wealth. My only question is, with the Save, Save, Save motto, when do you get to enjoy your million dollars?
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Summary: Extensive research by Stanley & Danko
Review: I can understand and appreciate that everyone wants to state their opinion on this book, but I really thought or would think that people would read it first and then review it. When I read reviews like the one by a reviewer that says "Poorly Researched" I have to scratch my head and wonder why these people even bother coming to these boards. Geesh!
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Summary: Big hat no cattle?
Review: This book will make the thrifty feel blessed. When a $100,000 BMW zooms by, they will think: "I wonder if he can really afford it? But we need people like that to keep the economy going. Without them our investments would not do as well and financial independence would more difficult to attain."
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Summary: Mediocre Research
Review: I think that The Millionaire Next Door is a fairly informative book, and it really does show that it is not all that hard to become one yourself. The main key is to start early on in life. The other key point, which was basically overlooked in the discussion about small-business owners, is that small business owners (whose assets INCLUDE the business assets) are often forced to buy tremendous amounts of depreciable equipment, such as tools, landscaping equipment, trucks, etc. These purchases should really be counted as EXPENSES, or perhaps some sort of delayed investment, as the business owner will never receive the financial benefit from these assets until he/she leaves the business and sells them.
By the way, if you live in upstate New York, like I do, you can have your book autographed by William Danko, who teaches part time at albany.edu -- you may want to go to UAlbany's website to get his email address to set up an autographing appointment.
God bless America, and bring our troops home.
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Summary: It's all true!
Review: I read the book out of curiosity and what the authors are saying is all true. I know. I am the millionaire next door!
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Summary: What happned to all the five star reviews????
Review: I was on this board about a month ago and came back today to research some books and see how things were going with this book which I believe is very possibly the single best personal finance book ever written. I couldn't help but notice that five star reviews that were posted here about a month ago that I voted on were deleted. I scrolled back a couple of pages and found more five star reviews were deleted. I also noticed that among the most helpful, again a large majority of five star reviews were deleted. Know what else I noticed? Not one of the 1 star reviews were deleted! I wonder why? Hey Amazon, if you are not going to run this board in a fair and democratic way, why even have a review board and a method of voting? One guy said he posted a five star review here that never saved but then came back and posted a 1 star review on the same book and it was saved!!!! Something smells here Amazon. Are you guys tuned in to this, or do you even care??? Fair question, how about an answer???
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Summary: Being a Millionaire Is Easier Than You Think
Review: It takes work and sacrifice. It takes determination and dedication. And it takes something in rare supply these days, common sense. Pay your bills. Save your income. Pay off your mortgage. Don't spend more than you make. Take the time to build a lasting legacy through your children. Don't loan your kids money in large amounts. Work smart and hard. Invest in what you know.
That's about it. That is what Millionaires do. They do what you know you should do but don't. As soon as you start doing it, you can work toward being a millionaire yourself.
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