652 of 699 people found the following review helpful
A Book Whose Time Has Come--wisdom long OVERDUE!,
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).
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Showing 1-10 of 10 posts in this discussion
Initial post: Jul 16, 2007 3:06:28 AM PDT
This was the review I was looking for. I was in the same position you were in - living the high life... until I suffered as one of the massive layoffs in my company. Now I'm buying this book! Thanks!
In reply to an earlier post on Jan 14, 2008 10:31:16 AM PST
Sam L. says:
Ditto. Same experience here, exacerbated by a painful divorce just before getting laid off. Rebuilding my life now, and this book has been a godsend, especially in its points about prioritizing "needs".
Posted on Feb 13, 2008 5:29:43 PM PST
Last edited by the author on Feb 13, 2008 5:36:50 PM PST
jeff s says:
in the true spirit of this book, perhaps instead of buying, one should check the library. :-)
also, another excellent book along these lines is "Your Money or Your Life", by Joe Dominguez (http://www.amazon.com/dp/0140286780).
Posted on Feb 24, 2011 6:52:02 AM PST
D. James says:
I lost 52% of my income and guess what? I live better now than I ever have. I made some very good choices along the way like paying off all my credit card debt one month before I was laid off! Talk about missing a bullet! That right there saved my butt :) I am now looking at life entirely different and will purchase this book to continue on my journey.
Posted on Jul 12, 2011 10:20:17 AM PDT
W. J. Marshall says:
"earning 20-25% in mutuals" - What are you Warren Buffet? I sure hope this book doesn't suggest people can expect that much return over the long run. I'm averaging 13% per year since 2006 (when I started at age 22), and I attribute more than half of that to pure luck. 8-12% is all you can really hope for.
In reply to an earlier post on Jul 14, 2011 1:06:54 AM PDT
Last edited by the author on Jul 14, 2011 1:09:43 AM PDT
Kyle K. says:
Yeah, this review was written in 1998 while the dot com boom was in full swing. A little historical snooping revealed that the SP500 had risen like 90% in the previous two years and continued to skyrocket until... well, you know.
Since this was written, the SP500 is up 28% over the next 13 years... d'oh. And that's assuming you held on through two hellacious crashes where most likely you saw your net worth basically cut in half.
I _am_ very curious how "A Customer" did in the next 13 years.... if you're still out there, post an update! :)
In reply to an earlier post on Jul 19, 2011 6:52:22 AM PDT
W. J. Marshall says:
Kyle-- Yeah, after I posted my response, I took a look at the date of the original review-- makes sense now :)
Posted on Apr 27, 2012 1:43:58 PM PDT
Samir C Mangalick says:
I loved your review enough that I felt like I had to add a comment. So glad that you are on a good track and learned from your past. I feel thankful having read this book also and have a renewed gratitude towards my mother who is extremely frugal.
In reply to an earlier post on Jul 3, 2013 7:08:36 AM PDT
Michael J. Bradley says:
Yes, it helps to re-read and analyze before criticizing a post...but I've read other posts like from news stories (especially the one about "in over 40% of households, women are the breadwinners" - yes, if you include single welfare moms as being "breadwinners".........stats surely can mislead....)..
Posted on Sep 10, 2013 9:24:10 PM PDT
This individual review is like so many people that I work with. As I tell everyone, pay yourself first before you pay anyone else, because there will be nothing left for you to set aside. Once you make it a habit in become a part of your natural character. "What the mind of men can conceive believe, the mind will achieve." Napoleon Hill This a book for everyone to read.
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