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Summary: How to become a millionaire
Review: The Millionaire Next Door is a non nonsense book on how to become a millionaire.It is not "get rich quick" and you may read some things that you don't like or agree with (disagree if you want, but are you a millionaire???)This great book will show you why the people you think are average are in fact rich. And the people you think are rich, are actually renting their lifestyles and paying through the nose.The Millionaire Next Door was a great book when it came out several years ago, and it still a great book today. Must reading.
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Summary: The key is between the lines
Review: The Millionaire Next Door is a fantastic masterpiece on the essential characteristics that millionaires share. What was even more compelling for me than the actual statistics were the insights that these statistics indicate. For instance, if millionaires on average live below their means and at the same time invest their means into their own businesses, then this indicates that by far that all of their experience indicates that if one wants to have the best chance of attaining millionaire status he or she must have a business of their own. I was reading the Millionaire Brain by Donny Lowy, and I noticed that many of the millionaires who were self employed all followed very specific plans based on carefully planned out strategies. Even when they were operating in very diverse businesses there was a correlation between the planning and execution methods that all millionaire business owners shared.
What the Millionaire Brain does show, which the Millionaire Next Door supports, is that the characteristics of a millionaire need to be invested in actions that are backed by a plan of action that has been proven to produce positive results. If you look at Bill Gates or at Donald Trump, you will see that they both had plans of actions that were based on the fundamental precepts that all millionaire business owners share.
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Summary: Very interesting analysis
Review: I found it interesting that according to this great thesis by Stanley and Danko, a full 5% of all the Millionaires created their wealth in sales.The study futher states that those millionaires made their money in sales, became very good at selling, earned an excellent living and saved and invested a substantial part of their income. As a result, became millionaires. The last part is where most people go wrong. They spend all of their income; they spend first and never set up an investment plan. Read and apply the principles in The Millionaire Next Door. Consider making selling your profession. Make a committment to become excellent and save/invest a substantial portion of your income. There is no level of income that you can't outspend.
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Summary: Enlightening.
Review: The Millionaire Next Door is an interesting study on what the average American millionaire is like, and surprisingly they don't live like rock stars; instead they are a lot more like what I picture as middle class. Here are the 7 most common factors found in almost all of the millionaire's they interviewed. 1. Live below their means
2. Allocate time/energy/money to build wealth
3. Financial independence is more important that social standing
4. They didn't get oodles of money from their parents
5. Their adult children can support themselves financially
6. They can spot and target opportunities
7. They chose the right occupation that fits them This book is full of interesting facts and figures and is a very interested book that I think will help keep you motivated as you save/invest in your future. Reed Floren
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Summary: Dickensian Philosphy in Action
Review: "Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery": David Copperfield, ch. 12 (Mr Micawber). This is a somewhat oversimplied summary of the central thesis of The Millionaire Next Door. Yes, the book is rather repetitive. Yes, the chart about the weights of various cars is silly. And yes, there are no amazing insights or foolproof "get rich quick" ideas. BUT: the authors make perfectly valid points, and the book is an easy, interesting read. There are many, many worse financial books out there.
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Summary: Excellent book that you should own!
Review: I fully recommend this book. I was first introduced to Dr. Stanleys work about 10 years ago as I built my own pratice of being a CPA to millionaires. I can attest that his research and his conclusions on the wealthy are highly accurate. Stanley does a great job of laying out statistical infortmation on American millionaires in easy to follow language. The book flows well through its first three quarters but ends a bit abruptly. Nevertheless it is required reading for anyone who wants to understand or join the wealthy. One of the most interesting aspects of Stanleys book is the clarity he provides in illustrating that the reality of how most millionaires live is nowhere near as exotic as most non-millionaires presume. This is great book that belongs in your library!
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Summary: An excellent work that will add to your wealth
Review: Fans of 1,000 page frivilous financial books written by magazine authors or social science books written by "Nixonites" will probably not appreciate this great work by Stanley and Danko. On the other hand, people who want to learn how to become wealthy, financially free and possibly even a millionaire on the other hand, will enjoy this book. Saying that just cutting back is all this book is about is like saying just exercise and diet and don't read any exercise or nutrition books. The Millionaire Next Door is an excellent book. Obviously it bothers some people and that is great. I always go with the guys that run with the ball, people like Stanley and Danko.
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Summary: Same message repeated ad nauseum
Review: "The Millionaire Next Door" is basically an outline of the consumption habits of millionaires. The main message of the book is that millionaires are frugal. They don't drive flashy cars, they don't take expensive holidays and they aren't brainwashed by the message to consume, consume, consume. It's a little ironic that millionaires get that way by not enjoying the trappings of their wealth. There are number of other simple yet powerful messages that the book covers. However, after awhile the book becomes repetitive and boring. The writing style is pedestrian and some of the tables are difficult to decipher. In a sentence the book says that to become a millionaire, live well below your means. Nothing profound, hardly exciting but absolutely true. I wouldn't recommend this book there are better ones available.
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Summary: Living a little too high?
Review: I used to be one of those people who lived on 125% of my income. I went on vactions 2-3 times per year. Always had a new car, newest fashions and went out six to seven times per week. I bragged that I worked for my lifstyle...and I was right. Hey, I was working. Had been to college. Earned good income. What did I have to worry about right? Wrong! Then one day my company shut down and now I had to live on 50% of my income. Nor problem I thought. This would be just temporary and I would get hired by another company. Wait untill they saw my resume. I waited and waited and waited. I continued to live on 125% of my now reduced income. My savings (what little I had) dwindled to nothing and I had to take money out of my IRA and 401 (k) to live on. I still waited. Soon all my money was gone so I tough out a second mortgage on my house. By the way, to replace my lost income I supplemented unemployment with credit cards untill I couldn't afford to pay them anymore. And my investments went down the drain with the stock market crash that started in 2000. Hey Pres. Clinton was in office. Everything would be great. Or so I thought. A friend who I had met many years earlier came over and asked how things were going (he already knew) When I met this guy about 19 years ago, he impressed on me to build a library of quality self help books. I told them they were great and said my sales success was due in large part to those books. He mentioned The Millionaire Next Door and then asked me if I still had The Richest Man in Bablyon. Embarassed, I told him that I gave many of those books away. Hey, I had already read those books. He asked me again how are things going? Then quickly added that education is like bathing. If you don't practice it, it doesn't last. He then handed me a copy of The Millionaire Next Door and then suggested that I begin again to rebuild my library with the classics like The Richest Man in Bablyon and others. My life started to turn around. I found a new opportunity. 19 years ago I had been exited about sales and left that field for a job which I really didn't like but supported my lifestyle..untill it was taken away. The Millionaire Next Door taught me some lessons that I had forgotten. Lessons that I had learned in The Richest Man in Bablyon. I had become reckless. The other books, got me dreaming again. I have since gotten back on my feet. I have found a great opportunity. I am now again frugal, while enjoying a great lifestyle. I am replacing IRA and other savings and building my investments up again. I highly recommend The Millionaire Next Door as a must read. I also recommend The Automatic Millionaire and Million Dollar Habits by Brian Tracy. This will sound corny, but something magical seems to happen when you read and apply these books. I was flat broke backin 1975 and my whole life turned around. The same thing happened to me after the events of 1999 and 2000 and again, my whole life has turned around. This is powerful stuff. Use it and profit. An remember, it is always better to give than recieve. A friend helped me. Perhaps you can pass this along to a friend who is in need.
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Summary: Sensational book - stop whinning and start winning
Review: All of the people giving this book 1 stars and whinning, I bet you are also all living paycheck to paycheck and have no investments. Am I right? The Millionaire Next Door change that for you. If only you actually take the time to read the book and aplly it's contents. Get off that treadmill and get on the road to wealth with Stanley and Danko.
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