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The Millionaire Next Door Paperback – October 1, 1998
There is a newer edition of this item:
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Forbes The implication of The Millionaire Next Door...is that nearly anybody with a steady job can amass a tidy fortune.
The Washington Post [A] REMARKABLE BOOK.
USA Today A nerve has been hit....[For] people who want to become wealthy.
Boston Globe A primer for amassing wealth through frugality.
San Francisco Business Times Offers a valuable message to today's spendthrift baby boomers.
Rush Limbaugh 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!"
Business Week An interesting sociological work.
Lexington (NC) Dispatch A fascinating examination of the affluent in American society.
Cox News Service These, for the wise, are tips for all of us....A very readable book.
U.S. News & World Report Debunks the image of the rich as high-living spendthrifts.
About the Author
Thomas J. Stanley, Ph.D., is an author, lecturer, and researcher who has studied the affluent since 1973. His work is frequently cited in the national media. He is the author of Marketing to the Affluent, a bestselling book selected as one of ten outstanding business books in America by the editors of Best of Business Quarterly. Dr. Stanley was formerly a professor of marketing at Georgia State University, where he was named Omicron Delta Kappa Outstanding Professor, and was on the faculty of the University at Albany, State University of New York. He lives in Atlanta.
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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.
My husband and I read it 10 years ago and here's what we've changed- The book heavily influenced where we bought our home and how big (or in our case, small) it is. Cable went out the window (we use digital bunny ears that cost $50 for local channels and got Netflix). Saved $2,000/year. We haven't purchased a new car since. We try (and often do) save at least 10% of our annual income and we're slowly trying to invest it- not as impressive as many in the book but it's a start. We negotiate like crazy for our annual propane purchase and save $1,800/year. I clip coupons. We buy name brand clothes but absolutely never at full price. Frequently clothes will be purchased for next season for the kids while they're on sale at the end of this season. We are surgical about turning off the lights when we leave a room and every week our menu is planned so we don't waste food. Do some of these things sound extreme? Maybe they are, but here's what we haven't changed after reading this book...
We still take great vacations, usually two a year. We go out to eat once a month but rarely more. We drive one nicer car and one beater. We like really good food so despite all the coupons, we don't compromise on the quality of meats or fruits & veggies.
In short, The Millionaire Next Door has been a defining part of our lives. Whenever I start to feel myself slip into a mode where I want to spend more we remind ourselves of the freedom financial stability provides. At our age (34) people are flashing money everywhere- Wow, hot car! Love the house upgrade- we all need 4000 sq ft right? Ohhhh, the beach house is tempting. Expensive camps for the kids. Expensive weekly dinners for the parents. A tree exploding with presents. I could go on and on and on.....
We've developed a keen eye for detecting people that we think live "The Millionaire Next Door' lifestyle....but we'll never know for sure. If nothing else, this book has taught us to be cognizant and aware of every penny we spend.
Overall, however, if you look past how dated the book is, it's a very interesting assessment and will certainly help you understand the differences between high income earners who are also hyperconsumers but with low net worths and the frugal self-employed person who squirrels away millions. The author calls the former group UAWs or under accumulators of wealth. The PAWs are prodigious accumulators of wealth and they are who this book is all about. The author breaks the myth that people that drive high-end cars and buy nice houses and clothing and houses are the "rich". He proposes that the real rich, are those that work hard, live simply and frugally, and save their money. I don't have any reason to not follow this thesis. I just have a difficult time relating the charts and graphs and data based on 15-35 year old studies to our world today. This book deserves a fresh rewrite...not just an updated preface.