Rating: 
Summary: Suprizing Facts Revealed
Review: If you want to be a carpenter, study carpentry; if you want to be an engineer, study engineering; but if you want to be a millionaire, study wealth- read this book! The Millionaire Next Door is exactly that- a study of millionaire's behavior and habits. Not a "How To Get Rich" book, but an eye opener for the student of wealth. Some have felt the books is simply filled with stats. That is true, but the statistics and other information given are somewhat of a parable, telling another story- the story of what makes one wealthy. You could even cazll this book "How To Be Frugal". At amazon's 20% off retail, this is a great place to start! Anyone engaged in a serious study of wealth should read this book, and take its "stats" to heart.
Rating: 
Summary: Wake up "one stars"!
Review: After reading several of the reviews of this book, it seems to be divided into love it or hate it. There seems to be a misconception among the "one stars" that your average millionaire is an unhappy, penny pinching miser who never enjoys their wealth. The word FRUGAL is used an awful lot as it CHEAP. I must tell you from experience that as the stereo typical person that is discussed in the book, that I cannot be happier living a middleclass lifestyle. My friends, neighbors and even family (aside from my wife) don't have an idea how much money is being amassed. I don't want to hang out at the country club showing off to a bunch of four flushers who are up to their eyeballs in mortgages and credit card debt. Getting up in the morning and knowing that there is no mortgage on the house, every bill is paid IN FULL and on time, is the most wonderful feeling in the world. It is a lot better than buying a $5,000 watch that will be used only to impress someone in a $1200 suit. Sorry One Stars, I do take great family vacations, go to dinner a few times a month and mow my own lawn. I do not deprive myself of anything I really want. I just don't want the latest things that are being pedeled on TV. Buying this at full price would only make a sucker out of me. There are things you need, and things you want, and it's OK to treat yourself but you must keep a strong grip on what you are buying and why you are buying it. I have used a rather strange baromiter over the years to aquire wealth. I try to have $10,000 dollars to invest by the time I finish a new tube of tooth paste. It works for me except when my son squeezes half the tube down the drain. Boy do I have to work hard that month! I am 40 years old and have a net worth of $4,000,000. I will remain happy if I can keep my secret from my friends. I don't think that I would be accepted in my middle class world if they knew. This book is common sense to some, and a complete and foolish mystery to others. If the one stars don't smarten up, they will remain one stars for the rest of their lives. Buy this book and read it as many times as it takes for you to get it, otherwise you will have no choice in your later years but to live like a miser.
Rating: 
Summary: Scientific inquiry violated
Review: The Millionaire Next Door comes across as a decent book that does not attempt to fool its readers in get quick rich scheme, yet at the same time provides implications that violate scientific inquiry. If all you are desiring is to describe the "typical" millionaire than this book may be of interest to you. If, instead, you read this book in finding out "how you too can be a millionaire" than you'll be (or should be) disappointed. Cause and effect are debased in this book. By living frugal, having devoted relationships to children, having certain beliefs, etc. the authors would like to imply that being a millionaire is well within your reach. This ascertain can be verified if by studying all people we determine that only frugal people become millionaires and millionaires are the only frugal people on earth. If millionaires are the only people who have devoted relationships to children and the rest of "us" do not, than the authors can start claiming cause and effect. If the rest of "us"; however, are also frugal (or at least a good portion of us) and we have not become millionaires, than cause and effect can be thrown out the window. One part of this book that is distressing is how it conveys the message that those who are wealthy have the "merit" to be wealthy, and those who are not have character flaws. This ignores realities of structural barriers, sociological influences etc. Yep, this book best belongs in pop psychology books or People Magazine. For a serious study of wealth in America I'd go someplace else.
Rating:
Summary: Most people have it all wrong on how you become wealthy
Review: Most people have it all wrong about how you become wealthy, according to the author-researchers of The Millionaire Next Door. Their 20-year study of how people become wealthy involved focus groups and personal interviews and accompanying statistical tables on where they shop, cars they drive, and the daily work they do. I found the statistical tables of mild interest, but insights into their views and beliefs were surprising and revealing. The target group studied have net worths of one to ten-million dollars. The majority acquired their wealth in one generation and followed these factors of wealth accumulation: •Live well below your means. •Spend your time, energy and money efficiently in ways that build wealth. •Believe that financial independence is more important than social status •Their parents didn't help. •Their adult children are economically seW-sufficient. •They know how to pick market opportunities. .They chose the right occupation. As a group, they all have supreme confidence in their own ability. If you thought ancestry had much to do with it consider this: The highest concen-trations of millionaires by ancestry in order of rank are Russians; Scotts; Hungarians; Latvians; Australians; Egyptians. Self-employment is a major correlate of wealth. They are frugal and their spouses even more so. Not only are they planners and budgeters, they don't shop where you might think; their two favorite stores are J. C. Penny and Sears. Most answer these questions the right way: -Does your household operate on an annual budget? -Do you know how much your family spends each year for food, clothing, shelter? -Do you have a clear, defined set of daily, weekly, monthly, annual and lifetime goals? -Do you spe'd a lot of time planning your financial future? -Do you niinnnize your taxable income and maximize your other income? While nearly all own stocks, they don't follow the ups and downs of the market. They firmly believe the more intellect, time and energy you spend hiring a financial adviser, the more likely you will be to find a successful one. They use CPAS to not only do taxes, but also to provide investment advice and they usually choose one with the most millionaire clients. They believe it is easier to earn a lot of money than it is to accumulate wealth. A couple of charters are devoted to their relationships with their children. They believe the more dollars they give to adult children, the fewer dollars these children accumulate (a statistically proved relationship). Here are the rules they more or less live by in dealing with their offspring: -Never tell your kids you are wealthy. -Teach your children discipline and frugality. -Minimize discussion on what your kids will inherit. -Never give cash or significant gifts as part of a negotiation. -Stay out of your adult children's' family matters. -Emphasize their achievements.. .not your success. -Assure them many things are more valuable than money. Millionaires encourage their children to become seW-employed professionals such as doctors, attorneys, engineers, architects, accountants and dentists. They believe only a small number of professional people fail to make a profit any given year and they earn more than the average for small businesses. "You can lose your business, but not your intellect," they say. Most own their own business because they believe self-employment is less risky than working for another. Well worth reading. You can learn a lot about how to accumulate wealth.
Rating:
Summary: A Good Read
Review: The Millionaire Next Door by Thomas J. Stanley and William Danko is a fun to read book for anyone interested in understanding America's wealthy, defined by Stanley and Danko as those people who have net worth of $1 million dollars or more. The Millionaire Next Door claims that there are seven key factors that lead to wealth accumulation. Included are: 1. Living Well Below your financial means. In other words being frugal. Buying the reliable used car versus the shinny new BMW or Porsche. 2. Spending your time wisely and in ways that lead to building wealth, such as studying investment. 3. Being more concerned about financial independence rather than showing off how much wealth you possess. This is a book that will make you feel good about yourself if you are a compulsive coupon clipper or if you keep telling your kids to shut the door as they are letting the heat out of the house and it is costing you money. The book claims that it will teach you how to join the ranks of America's millionaires. Who could resist reading such a book? To get rich, you must first learn not to be a hyperconsumer. In other words don't buy a lot of expensive stuff you don't need. You need good "offense" or generating earnings of at least $60,000 or more a year. Then you need good "defense" or saving a goodly portion of what you earn. Then you need to get old. In fact, even if you don't have a million dollars, you can still be "rich" by being a PAW. PAWs or "Prodigious Accumulators of Wealth" have more money than you would think they would based upon their age and income. In contrast are the wasteful UAWs or "Under Accumulators of Wealth." There are also AAWs (Average Accumulators of Wealth) but they aren't discussed much. No mention is made of how much EWOKS tend to accumulate. But, I'm betting those furry little fellows save a lot. So even athletes worth tens of millions of dollars can be UAWs. There is something reassuring in that! There is a lot of interesting knowledge to be gleamed from this book. We learn that 3.5 of every 100 households in America have a net worth of $1 million dollars or more. But that 22 of every 100 households headed by Russians have a net worth over $1 million dollars. We also learn that self-employed people account for over 2/3 of the wealthy in America. But Stanley and Danko do not tell everyone to start their own business. That's too risky, the authors say. In later chapters they do mention some businesses that they believe are poised for growth in the future. Businesses that cater to millionaires. Danko and Stanley seem to see a glimpse of successful businesses when they suggest starting professional businesses. Such businesses tend to need to generate less revenue to make an equivalent level of profits. But this is equivalent to starting a business with high net margins. Many non-professional businesses also have relatively high profit margins. Many college drop outs have built computer-programming based companies, for example. Despite having studied wealth for decades, and holding PhD's, Stanley and Danko seem to have some misunderstanding about the nature of wealth building via entrepreneurship. It is pointed out that many corporate businesses fail to report profits in any given 12 month period. No allowance is made for businesses like amazon.com which are growing rapidly and establishing themselves. The implied message seems to be that running a business is just too risky. And, it is pointed out that many businesses demand considerable resources like land for coal mining. But, before this the authors are toting investing in assets that appreciate. Land is one of those assets. We are told that one key factor of the rich is that they minimize their tax bite. The rich tend to pay a much smaller percentage of their overall wealth in taxes than most people. But, here it seems Stanley and Danko are mixing up cause and effect. Yes, the rich think about taxes. But, it is precisely because they have already saved a lot, and have retained wealth that is not taxed, that they pay a smaller percentage of their wealth in taxes. But Stanley and Danko can be excused for any oversight as they hold PhD's and "being well educated has certain drawbacks" with regard to the creation of wealth. The flaw of pursuing spending to show you are affluent and have financial status is very thoroughly trashed, as it rightfully should be. All successful people tend to be achievement oriented. But, I think the book could do a better job of following up upon the fact that 2/3 of America's wealthy are small business owners. It seems an injustice to just sweepingly say that likelihood of success in business is tenuous, and imply you should get a professional degree so that you have high earnings to save. Maybe this is what some business owners tell their children, but it is not how they acquired their wealth. To really understand wealth creation, you need to understand business, and I feel Stanley and Danko could do a better job expanding upon this. Finally, there is some very interesting food for thought about how wealth will affect your children. I like this book a lot and recommend it. Peter Hupalo, author of Thinking Like An Entrepreneur.
Rating:
Summary: I really like this book
Review: This book is a great book to read to find out about financial independence. I don't know why some people don't like this book
Rating:
Summary: Uncovering Myths with Important Financial Tips
Review: This book provided several interesting insights behind the many folks in America today who are those "millionaires" today. Many studies revealed things we'd expect. However most gave us a new train of thought to work with. In America there are a lot of "poseurs" who drive the luxury cars, wear the expensive clothing, and live in prestigious neighborhoods. In actuality these wealth-projectors are quite broke. They finance most of their material possesions to the hilt, and if they lost their job, or there was a sudden downturn in the economy, they would likely lose all the things they're "renting." I have seen this happen to some people. I learned a lot from this book. It gives a great sense of perspective, that we at times can forget in today's society, as well as prudent financial advice from those who've reached the million mark.
Rating:
Summary: Interesting
Review: I'd recommend the book for entertainment and interesting fact reading. For those who don't understand that living below your means is important to wealth building, this is a good primer and motivator. By studying the "common" millionaire, you can copy their habits even if your last name is not Rockefeller (sp?) or Trump. I do believe, as the book shows, that the average joe can do well by saving and investing. There is some fluff in the book, in particular the chapter on what kind of used cars the rich buy and why. But still entertaining.
Rating:
Summary: The Millionaire Next Door
Review: This is an exceptional book that is a must for anyone wanting to understand key elements of becoming wealthy in America!
Rating:
Summary: Excellent book.
Review: Let's face it - very few people are able to create mass amounts of wealth through vehicles other than lifetime saving. While people like Bill Gates and Michael Dell won't find much value in this book; the rest of us certainly will. This book beautifully illustrates what separates those of us who become wealthy from those of us who don't. It usually has little to do with your level of income (although this certainly helps); but instead has more to do with the lifestyle you maintain. Central theme: frugal living leads to wealth. While none of the information provided is ground breaking(in fact, it's nothing more than common sense), it's offered in a manner that is fun to read and somehow adds value to the information provided. In a society in which we are encouraged to spend money on material objects so that we can keep up with our neighbors next door, this book certainly serves as a positive confirmation for living a more financially reasonable lifestyle.
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