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Showing 1-10 of 1,287 reviews(Verified Purchases). See all 2,490 reviews
on May 1, 2016
This is such an inspiring read because it shows almost anyone can become a millionaire if you live below your means and invest well. I love that the majority of millionaires are people you'd never suspect because they don't live flashy lives in big houses with high-status toys abounding. If you make $200,000 a year, but spend $220,000, you're in trouble. But if you make $50,000 a year and live on $35,000, investing the rest, over time you're going to be in great shape.

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.
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on January 24, 2012
I read this every two years ago and without fail, it "resets" the way our family behaves. As so many people have stated, it's a lot of data and common sense compiled in one place with surprising results. But here's what so many people are not mentioning. This book is loaded with information about the emotional baggage/freedom that money can provide. Do you want to learn about how families use "Economic Outpatient Care" aka financial gifts as a way to control & influence each other? It's in there. What about how financial gifts can dampen your children's motivation? That's in there, too. Many of us are brought up to not discuss money, yet money issues are everywhere and we're often left to educate ourselves on the matter; rarely do we receive formal financial training. You can't help but notice that so and so must have money because of the way they display it. Conversely, we never notice (or know) that the older gentleman driving the 15 year old Dodge has seven figures in the bank.

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.
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on January 15, 2017
I love this book! It is fantastic. Anyone can be a millionaire when implementing a few smart investing policies and starting early. We like to think of millionaires as people who drive luxury cars and live in mansions, but this book talks about a whole different kind of millionaire.. It talks about the millionaires who slowly accrue their wealth through investing while they work and patience. This is a fantastic book for anyone aspiring to be a millionaire.
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on March 18, 2011
I just finished reading this book cover to cover. Twenty five years ago I would have given it five stars. But honestly, the book is very dated. The data that went into it was compiled starting in the early 1970s. More studies were done in the 1980s. The most recent study that was done by the author was in 1995-96. So, even the most fresh data is 15 years old. There are a few references to projections out to 2005. So, I had a hard time focusing on the material in the book because I was constantly wondering if the references and values mentioned applied to the 1970's or 1980's or perhaps 1990's.

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.
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This review is for the Kindle edition of the book. I first read this when it came out 15 years ago while still being fairly early in my professional career, saddled with a lot of debt from graduate school and really trying to figure out where I was going to be several years down the road, and what I wanted to do when I grew up (many people would argue I still don't know). When I saw this available one day for a discount in the Kindle format, I picked it up and just completed re-reading it. This review reflects my attempt over the last 10-15 years of trying to implement the lessons and observations discussed in this book.

No matter what age you might be when you read this book, I guarantee you will recognize people from your walk of life - you might even say the names are the only things that are different; you will also recognize a picture of yourself (good and bad), and if you do an honest assessment you will recognize some areas you can improve upon with your own life. That's true for me when I first read it in the 90's as well as today.

While it has been 15 years since this book was published, and many of the statistics in terms of current incomes may be dated, the principles remain the same: follow these principles, implement a plan - and stick to it, and you will be well on your way to a better picture financially. While I will not call myself a millionaire, after trying to follow a lot of the guidelines of this book for a decade, my financial picture is one heck of a lot better, and I am almost at the "multiply your annual income by age, then divide by 10" calculation for optimal net worth. The information in this book is not rocket science, but good practical advice on how you can consume less, save more, fund the kids' college education, and still maintain a great standard of living. These lessons should be given by every parent and handed out to every kid growing up. As a CPA in real life with 20 years of professional experience, I would hope I know what I'm talking about - if you follow the advice given in this book on a consistent basis over a period of time, you should also be in one heck of a lot better position financially not only for you, but most likely for your kids and grandkids, too.
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on May 26, 2017
The book was poorly printed on flimsy paper and is very outdated. I ordered it because it was recommended by a frugality writer but was disappointed with the content. Anyone who has done any reading on frugality already knows the information provided here. Maybe good for a beginner.
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on October 8, 2016
I really wish I had read this 30 years ago, 10 years ago, even 5 years ago. ! I will be giving each of my kids a copy. I think the book gets redundant at times and could have been condensed a little but the content is outstanding. Get if for your high school and older children. Read it as well so you can model these principles for them, and also so you can become so much wealthier than you'd ever dreamed, simply by understanding and applying the concepts. No get rich quick schemes here. This was highly recommended by Dave Ramsey and I can see why.
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on February 5, 2017
A little disappointing. After reading Rich Dad Poor Dad (which was great) I was looking forward to this book. After just trying to get through the hundreds of statistics in the first chapter, the rest of the book is pretty repetitive. I'll save you the time of reading it with this brief summary, instead of buying an Audi, buy a Chevy. Instead of spending $500k on a house, spend $400k. Instadibh of going out for a $200 dinner, go for a $120 dinner. Love below your means, invest your saved money in income producing products, stocks, real estate etc.
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on November 19, 2016
So repetitive. This book has 10 pages of interesting material, then they try to stretch it out forever.

There were a couple of good ideas in this book. There were. But they just keep saying the same thing over and over again.
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on December 1, 2011
This book could seriously change your life.

These guys did a lot of research that I think would surprise -- yet, ultimately encourage -- most folks.

Three key findings:
1) Most people who are millionaires don't live the flashy lifestyle
2) Most people who live the flashy lifestyle aren't millionaires
3) YOU can adopt a few simple lifestyle changes and mentalities that will make it MUCH EASIER for you to achieve financial security by simply realizing where your money goes each month! By starting to play better financial 'defense' you can become much more financially secure.

The authors present interesting and compelling facts in a persuasive and interesting manner. This is a quick read. It could turn most of your assumptions about wealth accumulation and financial security on their heads!

I borrowed and read this book years ago, but wanted to read it again. I bought it used and finished it in two days; it is all still relevant. I highlighted only the parts I thought were gems, and used up a whole highlighter. These principles WORK (suffice to say, they did in my case)!
The self-made wealthy already abide by most of these concepts; they drive used cars, shop for bargains, and usually don't buy fancy homes!
The high-earners with little to show for their years of high income will find practical advice to stop the bleeding and start building wealth; they will recognize their dumb habits immediately!
Those with a low income will benefit by the encouragement and practical tips to begin growing wealth -- it can be done, and there are plenty of examples of it!

If you want a book packed with a lot of just plain 'uncommon' common sense, get this one. It will make it easier for you to do the right things for your financial future. You will have less desire to live a "BIG HAT, NO CATTLE" lifestyle once you realize you could have financial independence instead -- an even bigger luxury.

This is a book I think that should be recommended reading for every high school student; if people realized all the wisdom packed into these pages, we would see far more sensible life choices being made by American households. We wouldn't have so many families buying stuff they don't need -- with money they don't have -- to impress people they don't like!

In summary: You're buying a lot of valuable wisdom in a very inexpensive book. Make this book your first investment. I can't recommend it strongly enough.
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