The Millionaire Next Door: The Surprising Secrets of America's Wealthy: Thomas J. Stanley, William D. Danko: 8601419940790: Amazon.com: Books

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Is The Millionaire Next Door Still a Relevant Book Today?Ray's Reviews

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Thomas J. Stanley

William D. Danko

The Millionaire Next Door: The Surprising Secrets of America's Wealthy Paperback – November 16, 2010

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

4.6 15,202 ratings

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The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.

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Reading age

5 years and up
Print length

272 pages
Language

English
Dimensions

5.88 x 0.79 x 9.06 inches
Publisher

Taylor Trade Publishing
Publication date

November 16, 2010
ISBN-10

1589795474
ISBN-13

978-1589795471
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Editorial Reviews

Review

The implication of The Millionaire Next Door...is that nearly anybody with a steady job can amass a tidy fortune. ― Forbes

The kind of information that could lift the economic prospects of individuals more than any government policy...The Millionaire Next Door has a theme that I think rings very true..."Hey, I can do it. You can do it too!" -- Rush Limbaugh

[A] Remarkable book. ― The Washington Post

A nerve has been hit....[For] people who want to become wealthy. ― USA Today

A primer for amassing wealth through frugality. ― The Boston Globe

An interesting sociological work. ― Business Week

A fascinating examination of the affluent in American society. ― The Dispatch (Lexington, NC)

These, for the wise, are tips for all of us....A very readable book. ― Cox News Service

Debunks the image of the rich as high-living spendthrifts. ― U.S. News and World Report

I love the book, The Millionaire Next Door. It talks about how it is a myth that most millionaires in America have inherited their money. The fact is, we have created such a great country over 250 years. We have actually found the way for poor people to go from nothing to huge wealth and to create a life-changing opportunity for their children and grandchildren. We celebrate it, write movies about it, and our libraries are full of books about it. There is nothing wrong with that. -- Bernie Sanders

The authors mine reams of data to show the surprisingly frugal traits millionaires have in common. "The main lesson provided is that high income does not equal wealth," said J.R. Rosskamp, managing director of Veritas Partners, Inc., a business consulting firm. Rosskamp calls "Millionaire Next Door" a "must read, and the earlier the better." ― Chicago Tribune

The authors mine reams of data to show the surprisingly frugal traits millionaires have in common. "The main lesson provided is that high income does not equal wealth," said J.R. Rosskamp, managing director of Veritas Partners, Inc., a business consulting firm. Rosskamp calls "Millionaire Next Door" a "must read, and the earlier the better."
― Chicago Tribune

About the Author

Thomas J. Stanley is an author, lecturer, and researcher who has studied the affluent since 1973. He lives in Atlanta, Georgia.

William D. Danko is associate professor of marketing in the School of Business, University at Albany, State University of New York.

Product details

Publisher ‏ : ‎ Taylor Trade Publishing; Reissue edition (November 16, 2010)
Language ‏ : ‎ English
Paperback ‏ : ‎ 272 pages
ISBN-10 ‏ : ‎ 1589795474
ISBN-13 ‏ : ‎ 978-1589795471
Reading age ‏ : ‎ 5 years and up
Item Weight ‏ : ‎ 2.31 pounds
Dimensions ‏ : ‎ 5.88 x 0.79 x 9.06 inches

Best Sellers Rank: #1,673 in Books (See Top 100 in Books)
- #5 in Wealth Management (Books)
- #13 in Introduction to Investing
- #24 in Motivational Management & Leadership

Customer Reviews:
4.6 15,202 ratings

About the authors

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Thomas J. Stanley
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Dr. Thomas J. Stanley (1944-2015) was the author of seven award winning books concentrating on America's wealthy population and was the foremost authority on the affluent. His last book, The Next Millionaire Next Door, was published posthumously in October 2018 and co-authored by Dr. Sarah Stanley Fallaw.
He began studying the affluent in 1973. Dr. Stanley's first book, Marketing to the Affluent, was selected as a top ten outstanding business book in America by the editors of Best of Business Quarterly. Dr. Stanley wrote The Millionaire Next Door in 1996. Over 4,000,000 copies of this New York Times bestseller have been sold. In 2000, he published The Millionaire Mind, which explored America's financial elite and how they became so. The Millionaire Mind debuted at #2 on the New York Times bestseller list. His other works included Selling to the Affluent, Networking with the Affluent, Millionaire Women Next Door, and Stop Acting Rich.
The author lived in Atlanta, held a doctorate of business administration from the University of Georgia in Athens and was formerly a professor of marketing at Georgia State University. Visit Dr. Stanley's website at www.thomasjstanley.com for more information on his life and work.
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William D. Danko
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New York Times best selling author, Dr. William Danko has coauthored a new book with Dr. Richard Van Ness. Richer Than A Millionaire ~ A Pathway to True Prosperity. It is written for the 2020's environment.
~~~
The book is based on primary and secondary research of millionaires and those who are en route to that status.
~~~
The authors answer such questions as, “What does it take to be rich?” “How can I be financially secure?” “What does it take to be prosperous?”
~~~
Order your copy now... https://www.amazon.com/Richer-Than-Millionaire-Pathway-Prosperity/dp/0692912711/ref=asap_bc?ie=UTF8
~~~
~ "Richer Than A Millionaire" is a timely book which embraces traditional values.
~ William D. Danko, Ph.D. is coauthor of The Millionaire Next Door, a research-based book about wealth in America that has been ranked as a bestseller by the New York Times for more than three years.
~ Richard J. Van Ness, Ph.D. is an author and for 28 years, professor of finance, accounting and management. His research includes wealth building and economic sustainability for microenterprises.
See more on the author's page

Customer reviews

15,202 global ratings

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Customers say

Customers find the book interesting, worthwhile, and easy to read. They appreciate the valuable wisdom and sound principles for building wealth. Readers also mention the book provides practical knowledge.

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Readability Insight

825 customers mention "Readability"771 positive54 negative

Customers find the book interesting, worthwhile, and easy to read. They say it provides great information and is a good start for financial literacy. Readers also mention the authors do a great job by not only giving you a blueprint on how to save, but also using simple language and an easy outline to follow.

"Such good information. Great read." Read more

"...-spending, and that's the central message of Stanley and Danko's very clear and readable book...." Read more

"...A very concise and understandable read." Read more

"Awesome Read!!!" Read more

741 customers mention "Insight"711 positive30 negative

Customers find the book provides valuable wisdom on how to manage money for long-term wealth. They say the authors present sound principles for building wealth and compelling practical knowledge. Readers also appreciate the perspective on different mindsets. Additionally, they say the book is well-researched and informative.

"I really like the information the author provided." Read more

"Such good information. Great read." Read more

"...If you don't appreciate how powerful the combination of regular saving, combined with time and compound interest, can be, then this book will open..." Read more

"Great book, full of wisdom in managing money. I highly recommend to anyone who wants to be wealthy." Read more

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Reviewed in the United States on October 2, 2024

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I really like the information the author provided.

Reviewed in the United States on September 27, 2024

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Such good information. Great read.

The simple truth about wealth

Reviewed in the United States on March 11, 2004

Verified Purchase

Charles Dickens (in David Copperfield) had it right: "Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." Essentially, accumulating wealth is all about under-spending, and that's the central message of Stanley and Danko's very clear and readable book. There are numerous references in the book to academic studies of wealth (written by the authors--a university professor and a former professor) that add meat to the common sense financial bones throughout the book; however, you don't need an understanding of higher math to comprehend the message of the studies.
If you don't appreciate how powerful the combination of regular saving, combined with time and compound interest, can be, then this book will open your eyes.
Chances are, however, that you may already appreciate the message of this book. If so, you can buy the book and most likely still enjoy it. However, since the authors will be preaching to (your) choir, this book may not change your world. Those who really need to read this book are those who don't already appreciate the benefits of living well within their means and, as a result, greatly expanding their future means. For example, if your children are teens, they could benefit greatly from the common sense financial wisdom that runs throughout this best-seller. (Of course, your kids could listen to you, but sometimes they aren't especially eager to follow parental advice.) I've given away many copies of this book (I don't have that many children), and a number of the recipients have taken the time to tell me how this book changed their outlook on spending and saving.
In a nuts-and-bolts sense, this book describes the most common characteristics of the wealthy (drawing on the authors' studies), their living habits, how and where they shop and buy homes, how they are employed, what sorts of chances in life they take (and don't take), and the long-term effects of adult childrens' continuing financial dependence on their parents. (The last point could be an eye-opener for some.)
One of the authors (Stanley) has written a follow-on book, The Millionaire Mind, but I think The Millionaire Next Door is clearly the better of the two books. All in all, it's a very worthy effort.

9 people found this helpful

Benefits of financial planning.

Reviewed in the United States on September 11, 2024

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This book provides insights into the making of middle class millionaires. A very concise and understandable read.

2 people found this helpful

Christie Kennedy

Reviewed in the United States on September 23, 2024

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Awesome Read!!!

Reviewed in the United States on August 1, 2024

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Great book, full of wisdom in managing money. I highly recommend to anyone who wants to be wealthy.

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2 people found this helpful

Not What I Was Expecting, Some Good Points Nonetheless

Reviewed in the United States on June 3, 2017

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This book was not at all what I was expecting, but contains some good advice that many would benefit from. For some background, my wife and I are relatively young and have career jobs. I bought this book for information on making the most of any extra income, learning more about investing strategies, options for generating passive income, and improving my personal finances. I did learn a few things, but not on these topics (maybe a bit on the last point). The book primarily focuses on interesting finds and anecdotes from the authors' years of research on millionaires in America.

The book is divided into eight chapters:
1. Meet the Millionaire Next Door
2. Frugal Frugal Frugal
3. Time, Energy, and Money
4. You Aren't What You Drive
5. Economic Outpatient Care
6. Affirmative Action, Family Style
7. Find Your Niche
8. Jobs: Millionaire vs. Heirs

The author essentially splits everyone into two categories: Underaccumulators of Wealth (UAWs) and Prodigious Accumulators of Wealth (PAWs). UAWs have a low net worth relative to income, and the opposite for PAWs and uses these terms throughout the book.

His primary argument is that PAWs get to be wealthy by living well below their means - these are people who do not look like millionaires, they live in modest neighborhoods, drive domestic sedans, wear a Timex, and usually have a blue-collar job that does not come with an expensive lifestyle associated and as a result can accumulate a sizeable nest egg. On the other hand, UAWs are typically well-educated professionals with high paying and high profile jobs (doctors, attorneys), but due to societal pressures associated with their social standing are forced to squander all their money living in luxury neighborhoods, driving German cars, and sending their kids to private schools. Their expensive lifestyle means that they spend most of their income and as a result have a low net worth, despite outward appearances.

I agree that this is good advice for just about anyone: live below your means and prioritize financial security over social standing. Growing up in a single-income family living in a modest middle class neighborhood, I'm quite used to the live-below-your-means philosophy and I think it gave me at least some sense of good financial discipline. If my parents are any indication, it works great.

Where the authors really lost my interest is that the rest of the book is chock full of anecdotes and some rather uninformative statistics to drive a few other points home. While some of these are good points and undoubtedly useful, they always seem to come with caveats or don't draw any real conclusion, which I found frustrating. Most of the points could have been made succinctly in about 1/10 the amount of page space the authors dedicate to them. These include:

- Most millionaires in America are self employed business owners, because they run their personal finances like their business finances. However, going into business for yourself is very risky so we don't really recommend that as a viable way to get rich.

- Very few millionaires have ever spent much money on a nice suit, pair of shoes, or luxury watch. They usually live in modest neighborhoods or rural areas where the cost of living and social pressures of consumerism are lower.

- First generation millionaires (often immigrants) tend to be succeeded by children with financial struggles, since the parent's desire to "give them a better life" pushes them into careers where they become UAWs, and their upbringing in our consumerist culture impedes their ability to live frugally. But even if it turns them into UAWs, encourage them to go to college and aspire to a while-collar professional job.

- Parents giving money to their children develops and reinforces poor financial habits. This money is almost always immediately spent, and these children generally have no savings since they are looking to their parents as their safety net and counting on an inheritance. Doing things like buying children a house in an upscale neighborhood or sending grandkids to a private school actually makes the children worse off, since they have to spend more to maintain the associated lifestyle.

- The authors spend an inordinate amount of time and space comparing different careers, which I found next to useless since I'm very happy with my chosen career (Engineer) and have no intention of changing. They continually deride pretty much every professional job you can think of, and simultaneously praises how great working for yourself or owning a business is while going on about how difficult and risky it is to actually own a successful business. The author does not recommend changing careers, but again, this is more of a discussion of what their research has shown than any sort of "how to" advice.

- Car buyers fall into four categories: whether you buy new or used, and whether you buy from the same place or shop around. The authors devote an entire chapter to this while only coming to the following conclusions: no method of buying a car is the clear winner, but if you own a business you may benefit from your connections with the owners of car dealerships; and most millionaires drive unassuming domestic (and to a lesser extent, Japanese) cars purchased new or lightly used.

A final note - curiously, I found no mention of anything real-estate related, which to me is highly unusual in any sort of book about building wealth. The only investment advice found here is in the final chapter and could be summarized as "invest in what you know." That is, if you work in a certain sector, your knowledge of the industry will help you make good investment decisions. Not sure how I feel about this one. For example: not working in technology doesn't mean blue-chip tech stocks are a bad investment. Take it with a grain of salt.

One last complaint: most of the financial figures are presented in mid-1990s dollars. I found it frustrating to have to mentally convert to today's dollars to get a relative sense. The authors took the time to update the preface in 2010, it would have been nice to see a revision to the figures quoted throughout the book. (For reference, one 1996 dollar is worth about 1.6 dollars in 2017).

In summary, I was surprised about the amount of praise heaped on this book. I would hardly categorize it as a self-help book, it's more a retrospective on the authors' research and a collection of anecdotes and interesting conclusions about the countless Americans leading unglamorous lives while accumulating appreciable amounts of wealth. It's a quick read and I made it through the whole book on a 5-hour flight with time to spare. I would only recommend this book as an interesting overview of some good financial habits, or as an eye-opener for those with luxurious financial tendencies who struggle to save money despite their income level. However, for those who have already developed some discipline and are looking for detailed strategies and advice on personal finance and building wealth via investments and generating passive income, look elsewhere.

3,060 people found this helpful

My favorite book

Reviewed in the United States on September 26, 2024

Verified Purchase

I give this away to every graduate! This is a must read for people of all ages!!!

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Rafael Ladeira

Recomendo totalmente a leitura desse livro

Reviewed in Brazil on November 15, 2022

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Atualmente comprar um livro com material de qualidade é difícil, esse possui capa dura verdadeira, folhas e impressão de qualidade. Certamente o que mais importa é o conteúdo e ele foi muito bem elaborado, traz muitas sugestões e experiências reais de pessoas bem sucedidas, detalhado o que fazer e não fazer de acordo com o histórico de diversas pessoas. Não é preciso ser ou querer ser um milionário para que esse livro seja de grande valor para você, ele pode te ajudar a ser ter uma vida mais tranquila financeiramente ou apenas te ajudar a ser uma pessoa melhor, o que já valeria a leitura.

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Armando Guzmán

FRUGAL Y DISCIPLINADO

Reviewed in Mexico on September 23, 2022

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Me encantó la manera de demostrar como millonarios no son lo que nos venden en la televisión, de gente despilfarradora y lúcida, sino de gente frugal y con un negocio propio

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Ixxy

Very Interesting Statistics…

Reviewed in the United Kingdom on February 18, 2024

Verified Purchase

Very interesting book as it’s based on a study of millionaires in the 1980s and how these millionaires accumulated wealth. It’s a good personal finance book that stresses on the importance of saving for investment. There wasn’t too much in it about investment, which I would’ve found more interesting. Main message on investment is to trade less.

2 people found this helpful

LFJ

Fantastic guide to financial stability

Reviewed in Sweden on September 9, 2023

Verified Purchase

Yes, read 141 out of 250 pages so far but I am so impressed with the financial advise. Great book. Recommended to everyone with any sort of income.

Anita Henderson

Don’t listen to the negative reviews. Definitely Recommend

Reviewed in Canada on March 31, 2021

Verified Purchase

This book uncovers the false narrative of the typical image of a millionaire and their spending habits. After reading this book as a 22 year old who judged someone’s wealth based on the car they drive and the house they live in, I realized I couldn’t have been farther from the truth. The constant comparison between how PAWs (prodigious accumulators of wealth) and UAWs (Under accumulators of wealth) spend and invest their money made it easy to create connections between how you should and shouldn’t spend your money. As society and social media continue to elevate the already high consumption lifestyle many of us want to live and show off, it is important to realize the consequences of such lifestyle. This book provides the honest and realistic way to become rich and although it’s exactly how you expect it, the book breaks down why and what benefits come without living a high consumption lifestyle. I would have liked to see an updated version as the financial figures are not congruent with the prices or salaries of 2021. With that said, the examples and figures are still easy to understand and relate to today’s day and age.

I have recommended this book to many family members and friends as it has changed my perspective on what wealth is all about.

Remember, the book will provide you with the knowledge to accumulate significant wealth but it is up to you to execute what you have learned.

20 people found this helpful

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