The Millionaire Next Door [Paperback]

Thomas J. Stanley (Author), William D. Danko (Author)

Editorial Reviews

Amazon.com Review

How can you join the ranks of America's wealthy (defined as people whose net worth is over one million dollars)? It's easy, say doctors Stanley and Danko, who have spent the last 20 years interviewing members of this elite club: you just have to follow seven simple rules. The first rule is, always live well below your means. The last rule is, choose your occupation wisely. You'll have to buy the book to find out the other five. It's only fair. The authors' conclusions are commonsensical. But, as they point out, their prescription often flies in the face of what we think wealthy people should do. There are no pop stars or athletes in this book, but plenty of wall-board manufacturers--particularly ones who take cheap, infrequent vacations! Stanley and Danko mercilessly show how wealth takes sacrifice, discipline, and hard work, qualities that are positively discouraged by our high-consumption society. "You aren't what you drive," admonish the authors. Somewhere, Benjamin Franklin is smiling. --This text refers to the Hardcover edition.

From Library Journal

In The Millionaire Next Door, read by Cotter Smith, Stanley (Marketing to the Affluent) and Danko (marketing, SUNY at Albany) summarize findings from their research into the key characteristics that explain how the elite club of millionaires have become "wealthy." Focusing on those with a net worth of at least $1 million, their surprising results reveal fundamental qualities of this group that are diametrically opposed to today's earn-and-consume culture, including living below their means, allocating funds efficiently in ways that build wealth, ignoring conspicuous consumption, being proficient in targeting marketing opportunities, and choosing the "right" occupation. It's evident that anyone can accumulate wealth, if they are disciplined enough, determined to persevere, and have the merest of luck. In The Millionaire Mind, an excellent follow-up to the highly successful first analysis of how ordinary folks can accumulate wealth, Stanley interviews many more participants in a much more comprehensive study of the characteristics of those in this economic situation. The author structures these deeper details into categories that include the key success factors that define this group, the relationship of education to their success, their approach to balancing risk, how they located themselves in their work, their choice of spouse, how they live their daily lives, and the significant differences in the truth about this group vs. the misplaced image of high spenders. Narrator Smith's solid, dead-on reading never fails to heighten the importance of these principles that most twentysomethings should be forced to listen to in toto. Highly recommended for all public libraries. Dale Farris, Groves, TX
Copyright 2001 Reed Business Information, Inc. --This text refers to the Audio Cassette edition.

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Product Details

• Paperback: 272 pages
• Publisher: Pocket; First edition (October 1, 1998)
• Language: English
• ISBN-10: 0671015206
• ISBN-13: 978-0671015206
• Product Dimensions: 8.2 x 5.2 x 1 inches
• Shipping Weight: 8.8 ounces (View shipping rates and policies)
• Average Customer Review: 3.9 out of 5 stars  See all reviews (874 customer reviews)
• Amazon Bestsellers Rank: #623 in Books (See Top 100 in Books)

  #3 in	Books > Business & Investing > Investing > Introduction
  #5 in	Books > Business & Investing > Personal Finance
  #1 in	Books > Biographies & Memoirs > Professionals & Academics > Business

Customer Reviews

Most Helpful Customer Reviews

214 of 225 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.

400 of 426 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).

134 of 139 people found the following review helpful:

5.0 out of 5 stars A FANTASTIC BOOK!, September 21, 1998

By A Customer

This review is from: The Millionaire Next Door (Paperback)

I look at this book as a modern version of the timeless classic "The Richest Man in Bablyon" Frugality and Delayed Gratification are difficult disciplines which is probably why so few people, irregardless of their incomes, have any real wealth! For anyone interested in actual action techniques, I highly recommend 'Wealth without Risk" and "Financial Self Defense" by Charles Givens. also "7 Strategies for Wealth and Happiness" by E. James Rohn.