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The Millionaire Next Door: The Surprising Secrets of America's Wealthy Paperback – November 16, 2010
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Copyright 2001 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
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Top Customer Reviews
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?Read more ›
The problem begins when people see this book as a recommendation: "most millionaires are frugal, hard-working, well-educated, and diligent investors - so if I will act like that I will be a millionaire". This is simply not true - and for a very simple reason discussed below.
Indeed, most millionaires ARE like that. Indeed, it is good advice to be frugal, hard-working, and well-educated as opposed to the opposite. It is also gratifying to see that sometimes "doing the right thing", the protestant work ethic, and the "nose to the grindstone" attitude sometimes pay off not only in "being a better person", but in concrete monetary success. Apparently good guys DON'T finish last after all.
But the book suffers from a double survivorship bias. "Survivoship bias" is what happens when one only pays attention to those who survive a certain activity, peril, or risk, and makes ungounded conclusions about cause and effect from that. One famous example is Neitzsche's famous saying, "what doesn't kill me makes me stronger". It is based on the survivorship bias that those who survive terrible calamities tend to be stronger than other people. But it doesn't mean the calamity MADE them stronger - it might mean simply that only those who were strong to begin with survived the calamity.
What survivorship bias do we see here? First, it interviews ONLY millionaires.Read more ›
Most Recent Customer Reviews
A must read!! More millionaires in this world than you think and this life is very much attainable! This book proves and now I'm on my way!Published 1 day ago by Pookey Lou
A must for those who want to take control of their financesPublished 2 days ago by Christine Wilkinson
Excellent book. In summary this book is a case study on the millionaire population in the US. I am not sure if that is what the synopsis says but that is what the book is, it... Read morePublished 2 days ago by J. Rico
The premise of this book is simple: don't spend more than you make. Savings are what make you rich.
This book shines in all its little tidbits and examples. Read more
Interesting perspective, makes you rethink your own spending habits, and what your real life goals arePublished 6 days ago by Joshua Braggiato
"What have we discovered in all of our research? Mainly, that building wealth takes discipline, sacrifice and hard work. Read morePublished 9 days ago by Credit Secrets Series Author
I'm a financial planner and I give these to young people just getting started in life. Many valuable lessons contained in this book.Published 11 days ago by Q. Farnsworth
Was definitely an enlightening book. The only reason I can't give it five stars is because I would have preferred that the author added in more details about the quality of life... Read morePublished 13 days ago by Solomon Yakubov