Customer Reviews


1,551 Reviews
5 star:
 (815)
4 star:
 (359)
3 star:
 (186)
2 star:
 (105)
1 star:
 (86)
 
 
 
 
 
Average Customer Review
Share your thoughts with other customers
Create your own review
 
 

The most helpful favorable review
The most helpful critical review


692 of 747 people found the following review helpful
5.0 out of 5 stars A Book Whose Time Has Come--wisdom long OVERDUE!
I used to be one of those people who spent all or at least most of my money and thought I was doing okay with the little savings I had in the bank earning 2% (wow).I always bought brand new cars, new clothes, went on vacations 6-8 times per year and partied. I had a great time! One day my company shut down and I was forced to live on 50% OF MY INCOME. My savings...
Published on September 4, 1998

versus
1,044 of 1,152 people found the following review helpful
3.0 out of 5 stars Interesting and informative - but be careful!
Let us get one thing out of the way. This is NOT a bad book. In fact, it is a well-done, interesting, and much needed study that gives us all new insights about what millionaires are really like as opposed to people's misconceptions of them. If this was merely a study of what millionaires are like, I would give it five stars.
The problem begins when people see...
Published on November 27, 2001


‹ Previous | 1 2156 | Next ›
Most Helpful First | Newest First

692 of 747 people found the following review helpful
5.0 out of 5 stars A Book Whose Time Has Come--wisdom long OVERDUE!, September 4, 1998
By A Customer
This review is from: The Millionaire Next Door: The Surprising Secrets of America's Wealthy (Hardcover)
I used to be one of those people who spent all or at least most of my money and thought I was doing okay with the little savings I had in the bank earning 2% (wow).I always bought brand new cars, new clothes, went on vacations 6-8 times per year and partied. I had a great time! One day my company shut down and I was forced to live on 50% OF MY INCOME. My savings dwindled to nothing and I had a hard time making car and credit card payments. I came to the realization that I was "renting" my "lifestyle" all of which was encumbered with debts and false belief in "job security" A friend loaned me a copy of "The Millionaire Next Door" and I had to painfully admit that I had been a fool. I met a really nice old couple in their '70's who never made much over minimum wage in salary, but were debt free and had 100's of thousands to retire on and were living better than the flamboyant fools like me who spent through their incomes. This book turned me around. I would also recommend "9 Steps to Financial Freedom" and 'More Wealth without Risk" to add to your library, or at least borrow from a library. I am now living better, earning 20-25% in mutuals, contribute to my new companies 401 (k), have a IRA and am DEBT FREE with the exception of my mortgage which will be paid off in five years (or less).
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


253 of 272 people found the following review helpful
5.0 out of 5 stars This is how the rich become rich, January 29, 2004
By A Customer
Creating wealth is sort of like dieting.Everybody wants the end result but the discipline to achieve that result is usually lacking.Oh, if only there were a magic pill that you could take to lose weight or to create wealth without changing your habits. We would all be rich.FRUGALITY...FRUGALITY...FRUGALITY. It takes discipline.Contrary to certain opinions i.e. revews posted here, you don't need "a wad" to do this.However, by following these concepts, you will soon have a wad.There is no level of income that you can't outspend and yet most of us feel that we have an unlimited supply of cash.You would think that considering the ever increasing number of bankruptcies and mortgage foreclosures not to mention company downsizings that people would have learned by now. Peer pressure...keeping up with the Jone's drives many people to live beyond their means. Remember this: when your outgo exceeds your income, your upkeep will become your downfall.DELAY GRATIFICATION. Pay yourself first. Invest and then buy toys with the profits.Another good book to read is Rich Dad Poor Dad and Cash Flow Quadrant. Robert . Kiyosaki has a different strategy than Stanley and Danko in certain areas but is in agreement in other areas. The authors work compliments each other and I highly recommend these books to all would be financial achievers.Another book that is popular right now and says some of the same things is The Automatic Millionaire by David Bach.Read and grow rich.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


1,044 of 1,152 people found the following review helpful
3.0 out of 5 stars Interesting and informative - but be careful!, November 27, 2001
By A Customer
Let us get one thing out of the way. This is NOT a bad book. In fact, it is a well-done, interesting, and much needed study that gives us all new insights about what millionaires are really like as opposed to people's misconceptions of them. If this was merely a study of what millionaires are like, I would give it five stars.
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. It doesn't interview ALL of those who are frugal, hard-working, and concerned about education - it only interviews those of them WHO BECAME MILLIONAIRES. It could very will be (it probably is) that 99% of those who are hard-working, frugal, and concerned about education still fail to become millionaires.
This, of course, doesn't mean that being hard-working and educated is "bad"; it just doesn't mean that it is the CAUSE of becoming a millionaire. If anything, only the opposite that is true: that if you are lazy, a big spender, and a cropout, you probably will NOT become a millionaire. But that is NOT that same thing!
A second survivorship bias is the time of the survey. The people interviewed were, almost to a man, "dilligent investors" - especially in the stock market - who started investing at least 20 years before. They were interviewed in the late 1990. This means that, by sheer coincidence, they started investing in what turned out to be the largest bull market in US history. On the average, $1 invested in the stock market in 1980 would be worth about $20 when the Dow hit its high in 1999. Naturally, this significantly increased the net worth of many of these people. But was this due to any foresight on their part, or sheer luck? If the stock market had gone the other way, how many of them would still be millionaires?
Furthermore, what about all the hard-working, diligent investors who started investing at the same time (early 1980s)... but unluckily invested in the wrong companies or industries, such as the "safe" oil or car industry which tanked, ruining many people? How could you tell - BEFORE it happened - that one investing method was better than the other, that one will make you a millionaire and the other leave you broke? You coudln't.
Once again, this doesn't mean that investing is "bad". It is NECESSARY to invest well and succeed in your investments in order to become a millionaire - if you don't invest, you won't become a millionaire. But again, this isn't the same thing: you might very well invest with all due dilligence, safety, and careful planning - and still lose everything.
In summary, good book? Yes. Interesting book? Yes. Teaches you things you didn't know? Yes. Shows that the old protestant work ethics is good after all? Yes. But does it show you how to become a millioniare? NO! Buy it, by all means... follow its advice... but do so because it is generally good advice on how to live, NOT because it will make you rich. That is just an illusion based on survivorship bias.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


84 of 88 people found the following review helpful
4.0 out of 5 stars Most people have it all wrong on how you become wealthy, January 3, 2000
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.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


258 of 281 people found the following review helpful
5.0 out of 5 stars Excellent-this book is must reading for everyone!, June 3, 1998
By A Customer
This review is from: The Millionaire Next Door: The Surprising Secrets of America's Wealthy (Hardcover)
Every now and thena very, very special book comes along with a "aha" and this is such a book. Many people are spending their way through high incomes---keeping up with the "JONE'S" high profile lifestyle's encumbered with high debt and zero savings. I worked for a millonaire one time who said"Money buys clothes, clothes don't buy anything!" He advised us to buy our "toys" clothes, cars, vacations etc. off profits of profits and never spend principal! This mans nt worth was well in excess of $350,000,000. I would also recommend three other books; "RICHEST MAN IN BABLYON" by George Clawson, "WEALTH WITHOUT RISK" and "FINANCIAL SELF-DEFENSE" by Charles Givens. Remember, it's not what you make, it's what's left over that counts. If you spend all of your money on your lifestyle, guess what? You'll always have to! Good reading, excellent book.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


194 of 211 people found the following review helpful
5.0 out of 5 stars A startling revelation on what it takes to create wealth., November 4, 2003
By A Customer
This review is from: The Millionaire Next Door: The Surprising Secrets of America's Wealthy (Hardcover)
I can certaintly understand the controversy regarding this book. When I first heard of this book, I thought it was some ripoff book and approached this book with ambivalence. So I checked it out from my local library first and was so impressed that not only did I go out and buy my own copy, but also give it as an accessory gift for special occasions and recommend it to everyone I know.
I also recommend "The Millionaire Mind" which is different from this book. That volume allows you to peek inside the minds of millionaires; shows you how the millionaires think.
One caveat of these books is that they are dependent on income. You won't find anything in here on creating cash flow. For that I recommend "Rich Dad Poor Dad" whose ideas on staying debt free are somewhat similiar to what is recommended in Millionaire Next Door, but also provides ideas for creating wealth through additional cash flow. It is a book that should be written in addition, not in place of The Millionaire Next Door.
Also recommend More Wealth Without Risk and Financial Self-Defense which offer actual strategies on creating wealth, reducing expenses and investing.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


87 of 92 people found the following review helpful
5.0 out of 5 stars One of the four great "must read and do as they say" books, February 21, 1998
By A Customer
This review is from: The Millionaire Next Door: The Surprising Secrets of America's Wealthy (Hardcover)
If your desire is early retirement and/or to assure your every comfort in your senior years, a vast many of the life lessons provided in this book must be considered. This is one of the four great "must read, must do" books of our time.* Don't be so critical that your only concern is with how some of the subjects in this book choose to not spend their wealth later on in life - that's their decision. Once you've attained wealth for yourself, you can then decide what to do with it. The point is, you've got to get it first, and this book is a fine example of how the common people can achieve amazing wealth over time. As a former shoe shine and paper boy, high school dropout and infantry private in Vietnam, I went on to earn an MBA and in the process became a self-made PAW. I'm now enjoying early retirement at age 50. I do what I choose - no boss to answer to. I was still able to pick up pointers from this book that I implemented to achieve even greater wealth. *-The three other greats being "Buffettology" by Mary Buffett, "More Wealth Without Risk" by Charles Givens, and "The Truth About Money" by Ric Edelman. PS - Gallo wines and Budweiser or Michelob is just fine for this PAW. The UAWs can serve the expensive imported stuff.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


256 of 281 people found the following review helpful
4.0 out of 5 stars There is no level of income you can't outspend., August 5, 1999
I just finished rereading MillionaireNext Door for the third time, it's a great book, must reading for everyone and anyone serious about their financial future. I have also read some of the reviews. It seems that some people have confused the term "frugality" with "cheap". But I'll bet all of those detractors of this book are also paycheck to paycheck and deep in hock. Yes they may show all of the trappings of wealth; high profile job, beautiful house, 2-3 cars, beautiful clothes and jewerly etc., etc.But what is their net worth???? A key phrase is that there is no level of income that you can't outspend. You may make a million dollars per yearand live a beautiful lifestyle, but if you're spending 125% of your income, guess what, you're still BROKE! Along with Millionaire next door, I also suggest, particularly to the naysayers, "You earned it, don't lose it" "More Wealth without Risk" and "Financial Self DeFense" Money is somewhat like health. Many people just don't understand it's valueuntill it's too late!
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


70 of 73 people found the following review helpful
5.0 out of 5 stars I'd read this book first, ahead of the others, March 27, 2004
By A Customer
What it all comes down to is frugality and money management. Stanley and Danko beat that point to death in this great treatise on how to create wealth.
Also, keep in t his mind that The Millionaire Next Door was based on actual research done on actual millionaires. It is not a book written by some magazine writer/book author who arites books that nobody wants to buy or read...with good reason--her advice doesn;t work.
The Millionaire Next Door is based on advice that really does work. Has worked and will work for you as well...if you apply it.
Don't read the negative reviews based on jealousy on these two great authors, read the book and profit.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


85 of 90 people found the following review helpful
5.0 out of 5 stars A wonderful guidebook for those seeking financial FREEDOM, July 8, 1999
By A Customer
Verified Purchase(What's this?)
I'm frugal, yet this book excited me so much that I bought a pile of them and gave them to many close friends with strong urgings to read. The second time this has ever happened to me. This book presents a realistic method for becoming financially independent. The key element is saving 15% of your pre-tax income, and investing that for the long term. What a small price to pay for true financial freedom! A core idea implied here is changing the typical American "order of operation". By sacrificing some spending now, one can then have plenty of toys and goodies later, if that is important. Or do whatever you want - free of a ball-and-chain job. An unexpected bonus was a look into the (counter-intuitive) effects of parents giving substantial sums of money to adult children. Hint - it usually makes them worse off financially in the long run. They also had some excellent data on thinking about your investments in AFTER-tax terms. This was before index funds became the rage, and I hadn't thought enough about this. Simple, practical advice that helped me seek out better alternatives, and therefore a more lucrative long term strategy. What I really liked about this book was that it presented the "live an honest, frugal, and hardworking life" in a practical context - that of reaping the substantial reward of financial freedom. For so many of these people, the independence they had gained, and the personal pride and contentment in that freedom made them so happy, it's hard to imagine any amount of consumer goods providing that. Life, liberty, and the pursuit of happiness...hmmm - sound familiar? For me it was a great motivator. While I'm much younger than the typical late 50ish to early 60ish millioniare interviwed, it showed me that I'm well on track if I just keep at it. That has REALLY helped for the past several years. If you're looking for a quick fix or magic bullet, or you can't stand the idea of giving up some of your pretax income for now - to have a much better financial life down the road, then this book isn't for you. However, if you are willing to consider some spending moderation, and are looking for practical advice that will truly work - this book is definitely for you. ***ANYONE*** with a moderate (say $30K and up) income, plus some desire and self discipline can become truly self sufficient financially - let freedom ring! I think that's truly wonderful, and this book can set you on that path.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


‹ Previous | 1 2156 | Next ›
Most Helpful First | Newest First

Details

The Millionaire Next Door: The Surprising Secrets of America's Wealthy
The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley (Hardcover - October 28, 1996)
$22.00 $15.36
In Stock
Add to cart Add to wishlist
Search these reviews only
Send us feedback How can we make Amazon Customer Reviews better for you? Let us know here.