Industrial Deals Beauty MagazinestoInspire STEM nav_sap_plcc_ascpsc Starting at $39.99 Grocery Handmade Wedding Rustic Decor Home Gift Guide Off to College Home Gift Guide Book House Cleaning _baw _baw _baw  Introducing Echo Show Limited-time offer: All-New Fire 7 Kids Edition, starting at $79.99 Kindle Oasis GNO Water Sports STEMClubToys17_gno
Customer Review

345 of 363 people found the following review helpful
4.0 out of 5 stars Most people have it all wrong on how you become wealthy, January 3, 2000
This review is from: The Millionaire Next Door (Paperback)
Most people have it all wrong about how you become wealthy, according to the author-researchers of The Millionaire Next Door. Their 20-year study of how people become wealthy involved focus groups and personal interviews and accompanying statistical tables on where they shop, cars they drive, and the daily work they do. I found the statistical tables of mild interest, but insights into their views and beliefs were surprising and revealing. The target group studied have net worths of one to ten-million dollars.
The majority acquired their wealth in one generation and followed these factors of wealth accumulation: *Live well below your means. *Spend your time, energy and money efficiently in ways that build wealth. *Believe that financial independence is more important than social status *Their parents didn't help. *Their adult children are economically seW-sufficient. *They know how to pick market opportunities. .They chose the right occupation.
As a group, they all have supreme confidence in their own ability. If you thought ancestry had much to do with it consider this: The highest concen-trations of millionaires by ancestry in order of rank are Russians; Scotts; Hungarians; Latvians; Australians; Egyptians. Self-employment is a major correlate of wealth.
They are frugal and their spouses even more so. Not only are they planners and budgeters, they don't shop where you might think; their two favorite stores are J. C. Penny and Sears. Most answer these questions the right way: -Does your household operate on an annual budget? -Do you know how much your family spends each year for food, clothing, shelter? -Do you have a clear, defined set of daily, weekly, monthly, annual and lifetime goals? -Do you spe'd a lot of time planning your financial future? -Do you niinnnize your taxable income and maximize your other income? While nearly all own stocks, they don't follow the ups and downs of the market. They firmly believe the more intellect, time and energy you spend hiring a financial adviser, the more likely you will be to find a successful one. They use CPAS to not only do taxes, but also to provide investment advice and they usually choose one with the most millionaire clients. They believe it is easier to earn a lot of money than it is to accumulate wealth.
A couple of charters are devoted to their relationships with their children. They believe the more dollars they give to adult children, the fewer dollars these children accumulate (a statistically proved relationship). Here are the rules they more or less live by in dealing with their offspring: -Never tell your kids you are wealthy. -Teach your children discipline and frugality. -Minimize discussion on what your kids will inherit. -Never give cash or significant gifts as part of a negotiation. -Stay out of your adult children's' family matters. -Emphasize their achievements.. .not your success. -Assure them many things are more valuable than money. Millionaires encourage their children to become seW-employed professionals such as doctors, attorneys, engineers, architects, accountants and dentists. They believe only a small number of professional people fail to make a profit any given year and they earn more than the average for small businesses. "You can lose your business, but not your intellect," they say. Most own their own business because they believe self-employment is less risky than working for another.
Well worth reading. You can learn a lot about how to accumulate wealth.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No

[Add comment]
Post a comment
To insert a product link use the format: [[ASIN:ASIN product-title]] (What's this?)
Amazon will display this name with all your submissions, including reviews and discussion posts. (Learn more)
This badge will be assigned to you and will appear along with your name.
There was an error. Please try again.
Please see the guidelines and FAQs here.

Official Comment

As a representative of this product you can post one Official Comment on this review. It will appear immediately below the review wherever it is displayed.   Learn more
The following name and badge will be shown with this comment:
 (edit name)
After clicking the Post button you will be asked to create your public name, which will be shown with all your contributions.

Is this your product?

If you are the author, artist, manufacturer or an official representative of this product, you can post an Official Comment on this review. It will appear immediately below the review wherever it is displayed.  Learn more
Otherwise, you can still post a regular comment on this review.

Is this your product?

If you are the author, artist, manufacturer or an official representative of this product, you can post an Official Comment on this review. It will appear immediately below the review wherever it is displayed.   Learn more
System timed out

We were unable to verify whether you represent the product. Please try again later, or retry now. Otherwise you can post a regular comment.

Since you previously posted an Official Comment, this comment will appear in the comment section below. You also have the option to edit your Official Comment.   Learn more
The maximum number of Official Comments have been posted. This comment will appear in the comment section below.   Learn more
Prompts for sign-in


Track comments by e-mail
Tracked by 1 customer

Sort: Oldest first | Newest first
Showing 1-4 of 4 posts in this discussion
Initial post: Jul 16, 2008, 2:35:13 PM PDT
Houndhoney says:
Your review's ROCK Big Time! Thanks much. Angela in Mo

Posted on Nov 19, 2015, 11:40:49 PM PST
[Deleted by the author on Nov 22, 2015, 6:45:42 PM PST]

Posted on Nov 22, 2015, 6:45:36 PM PST
[Deleted by Amazon on Dec 3, 2015, 11:03:38 PM PST]

Posted on Mar 7, 2016, 4:36:22 AM PST
The new edition is on the way (october). I hope the author read all the critics and make the new book much better
‹ Previous 1 Next ›

Review Details