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The Millionaire Next Door: The Surprising Secrets of America's Wealthy Hardcover – October 28, 1996
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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.
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 CD edition.
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Top Customer Reviews
I grew up in a super-affluent suburb. My friends' lived in big houses and mansions with luxury cars and country club memberships. We lived in one of the smallest houses in the suburb. My mom was so frugal. I thought it was such a drag!! But when she died (too young), she'd saved enough so that my dad, who lived another 30-some years, was comfortable in retirement. I wonder now if any of my high school friends' parents were actually living on the edge in trying to keep up with the Joneses.
Years ago, I used to charge like crazy. Now I save like crazy, just like my mom.
The millionaire next-door did not become a millionaire by winning the lottery or on Regis Philbin's new game show: Millionaire. Most millionaire's in the United States are people just like you and I except they invest their money on a regular basis and live modest lives. After interviewing over 1000 millionaires, they discovered that the average millionaire makes $131,000 per year but invests up to 15 percent of their income on annual basis. Most millionaires drive regular cars that they bought used for less than $25,000, live-in modest homes, and work in a non-glamour industry. As a matter of fact most millionaires are entrepreneurs that own and operate their own small business.
If you're interested in making it to the ranks of a millionaire then I believe that this book is for you. It may surprise you to find out that that capability is within your reach. As the authors say, you have to learn how to become a PAW (prodigious accumulator of wealth) rather than a UAW (under accumulator of wealth).
The book certainly makes interesting reading for the curious and the serious. Then, the rest is up to you.
Unfortunetly, achieving wealth requires discipline. Too many people would rather live for today and forget about tomorrow. Too many people think that success is a college degree and keeping up with the Jones's. The higher their income, the higher their lifestyle.
Interesting that small business owners were so successful and that the most successful were normally mundane businesses. I read that the #1 producer of millionaires in small business was via dry cleaning. And you thought it was technology!
The Millionaire Next Door is a powerful book that can positively change your life. Some others include Rich Dad Poor Dad, The Automatic Millionaire and More Wealth Without Risk.