The Millionaire Next Door: The Surprising Secrets of America's Wealthy

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

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Book Summary Information

Author: Thomas J. Stanley, William D. Danko
Edition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2003-09
ISBN: 1567315682
Number of pages: 258
Publisher: MJF Books

Book Reviews of The Millionaire Next Door: The Surprising Secrets of America's Wealthy

Book Review: Rich message, poor delivery
Summary: 2 Stars

Don't get me wrong, this book is founded on smart advice. Its main morals are the following:
- Don't believe what you see in the media; most millionaires don't live extravagant, consumption-driven lifestyles. The pursuit of status is stratospherically expensive, and chances are that guy you see pulling out of the Super-Size McMansion in his Benz is a hardcore spender with above-average income but little accumulated wealth.
- The rich get rich by spending prudently (no $5,000 watches or $50,000 cars) and investing wisely. No matter your income, live below your means.
- If you want your kids to learn the lessons of financial independence, avoid giving them cash handouts, which they'll come to expect all their lives and will weaken them mentally. Just invest a crapload in their education and leave the rest alone.

All useful stuff, but the way the authors tell it makes the book a chore to read. The depth of the narrative never goes past personalizing those points with long-winded anecdotes filled with numbers, few of which succeed in really animating the messages. As the chapters go on, you find yourself just plowing through one indistinguishable story after another, most of which repeat the same points. This book could have easily been 100 (maybe 200) pages shorter.

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Summary of The Millionaire Next Door: The Surprising Secrets of America's Wealthy

The incredible national bestseller that is changing people's lives -- and increasing their net worth!

CAN YOU SPOT THE MILLIONAIRE NEXT DOOR?

Who are the rich in this country?

What do they do?

Where do they shop?

What do they drive?

How do they invest?

Where did their ancestors come from?

How did they get rich?

Can I ever become one of them?

Get the answers in The Millionaire Next Door, the never-before-told story about wealth in America. You'll be surprised at what you find out....

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.

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