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Summary: Food for thought
Review: It's the same advice most of parents taught us: Save your money and don't blow it all on status items. The beauty of this book is that it summarizes and elaborates on those same key points in a factual, non-judgemental manner. I especially appreciated the information on how some millionaires raise their children to be functional, independant adults. Our family income is rising and, with young children, this part of the book holds special relevancy for me. All in all, it's good food for thought.
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Summary: This book was much less than I expected
Review: I've heard about this book for years but finally got down to reading it this past weekend. There is some good info in the book (Never have a mortgage that is more than 2X your annual household income, thoughts on intergenerational wealth transfer) but overall I found the book tedious and very repetitive. The authors conducted a survey of high net worth individuals throughout the country and the book is an endless string of statistical data points described multiple ways. In my opinion the study they conducted leads them to some inappropriate conclusions that are way too generalized. For example the book states an equation to determine whether you are a prodigious accumulator of wealth (PAW) or an under accumulator of wealth (UAW). The formula is this: 1/10*your age*your current salary. If your current net worth is greater than the result you are a PAW, if not you are a loser, I mean, UAW. The equation would seem to be reasonably accurate for those nearing retirement, but it is utterly useless for those just starting out in life (A 21 year old fresh out of college with a $30,000 job doesn't have $63,000 in net worth without some intergenerational wealth transfer from the parents/grandparents). In my view the surprising secrets disclosed in this book can be summed up as, "If you want to be wealthy make a lot of money and don't spend any of it." There is a certain degree of wisdom in this, but its similar in my mind to the statement, "If you want to be safe build yourself a nuclear bomb shelter and never leave it." Neither statement is too close to the realities most of us deal with. My advice to help you on your path to millions is pick up the few insights that are available from this book at the library.
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Summary: Hi mr. J
Review: This novel helped me realize that i dont want to live my life with so much regard towards money nor do i want to focus on material gain in such high esteem. i am not naive to the idea that you need it to survive, but i dont want it to be the force that drives me to succeed. It is interesting to see how the true millionaires live and it proved my perception of the wealthy to be false. It taught me that not all is as it seems.
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Summary: Frugality?
Review: I don't like the idea of living below your means, I like the idea of expanding your means. Although, this book gives you some interresting facts.
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Summary: An Interesting Read
Review: This book has cold number facts regarding who the real millionaires are. It is very informative and it shows how disciplined one must be to truly accumulate wealth. Real wealthy people aren't living how the media dipitcts them- for example, they buy american cars, not imported luxury cars. This is their frame of mind.
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Summary: the eye-opener
Review: this book is really the eye-opener to the reality and truth about the rich. This book has analyzed every aspect of what the rich do and what they wear, drive, eat, own, etc. Who would of thought that that your next door neighbor who always wears the same jeans and drives that 3 year old domestic car is a millionaire. millionaires are those who know how to save money and buy only wht is necesary. I really enjoyed reading it and would recommend it to anyone interested in finding out the truth about the rich.
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Summary: How to be a millionaire after reading this book
Review: This is a novel in which one can learn how to be successful and hopefully one day be their own millionaire. It's a quick read and a very informative book. It's full of typical millionaire stereotypes and how to spot a millionaire in your own neighborhood.
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Summary: You never know who lives next to you
Review: This book has taught me so much about millionaires and their lifestyles. I always thought they were the ones living in large homes and driving the expensive cars but I was wrong. Most are self-made millionaires and are very intelligent. They are frugal and know how to invest and use their money. It's also not impossible to become one. You'd just have to be willing to work hard and learn to plan and build wealth.
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Summary: A Good Perspective on Accumulating Wealth
Review: One would expect a multi-millionaire to walk down the street with fancy clothes, wearing top-notch jewelry, and carrying a few shopping bags from high class stores while stepping into a brand new SUV or expensive car. After reading "The Millionaire Next Door" by Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D., my views have changed a bit. This book explained how many millionaires do not hold up the typical stereotype. In fact, a large percent of them live in normal homes and are quite careful with their money when it comes to financial situations like paying for education and the yearly spendings. The millionaires who live up to the stereotype do exist but contain many problems later in life when they try to retire. The most important aspect of this book is the knowledge of how to become a millionaire. Anyone can strive for wealth and make good money if they know the correct ways to go about it. "The Millionaire Next Door" opened my eyes to interesting aspects of how to accomplish wealth in todays society. A key to this books success is the stories of people's lives who are millionaires today and how they either achieved wealth with their high income or killed it by spending more than was necessary.
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Summary: Katie's Review
Review: I thought the book had a lot of though put into it. There was a lot of interesting facts, but it was all information I already knew. I know that if you want to become wealthy you must get assets and save your money instead of spending it all on material possesions. For some people this is very hard to do. For me it is a very cncept for me to accept: frugality. In my opinion, if you make enough money to buy nice things why not buy them. Why work so hard all your life to save money and hand it all over to your heirs. Now some people don't do that and just make a lot of money so that they may retire early and spend the rest of their life relaxing. Maybe traveling the world. But my whole point is, at least spend what your earn doing what you want as long as you have all of your other financial affairs in order.
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