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

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 Door2. Frugal Frugal Frugal3. Time, Energy, and Money4. You Aren't What You Drive5. Economic Outpatient Care6. Affirmative Action, Family Style7. Find Your Niche8. Jobs: Millionaire vs. HeirsThe 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.

This pretty much supports everything that Dave Ramsey says about the differences between those who truly are wealthy and those playing the part. If you want to be wealthy, do what wealthy people do! This has nothing to do with luck, or being an entrepreneur (although it doesn’t hurt) but living below your means, having a budget, investing and not trying to impress people you don’t like with money you don’t have! Every now and again on the Dave Ramsey podcast he hosts the millionaire theme hour and it is really inspiring to note that the majority of millionaires he interviews are regular “blue collar” people. They live in our neighborhoods, drive used cars and work at our companies, hence “the millionaire next door!”

In a word, this book was fascinating.In summary, this book was essentially a long stream of curated data distilled into a finely tuned narrative that I just couldn't put down.At first glance, the title "The Millionaire Next Door" might sound like some trashy novel just begging for glamour and it's 15 minutes in the spotlight, but this couldn't be further from the truth. I assume most people, when they think of the world 'millionaire,' they think of a high class, high consumption lifestyle full of limitless indulgence. However, Thomas Stanley goes through great length in this book to show precisely why this isn't so. Through countless interviews and a vast list of data, Stanley pulls together that the average millionaire is anything but the cocaine-induced celebrity so often featured in mainstream media.Quite the opposite, being an average millionaire is within reach of just about everyone. The American Dream is alive and well, but only for those who are willing to sacrifice.It's kinda funny in a sense. This book put into words and data a lot of things I noticed growing up. I've always said that there are two ways to have more money: make more or spend less, and I prefer to do both. As it turns out, most millionaires feel the same way, and they invest their savings into appreciating assets rather than depreciating assets, like real estate and stocks/bonds as opposed to clothing and cars. The average millionaire doesn't reach such a status until late in life, and inheriting large sums of money more often than not dooms any developing child to a life of high-spending with few fulling achievements.I could go on, but it's really pointless. In a way, Thomas is simply a messenger, presenting the data he found in an easy to follow format that drives home a list of bullet of points. However, despite this, I still found this book amazing and uplifting, because the message it presents is exceptionally hopeful and inspiring. Everyone should read this book, to help themselves and their finances, because there are no second chances when it comes to time and money.

I am not a huge fan of saving for 30 years and limiting yourself to a very frugal life to be a millionaire. I prefer going for more income, saving more, and investing better.

Any young person I come across, I tell them about this book.Anyone wanting to get out of debt, i tell them about this book.Just read it, it will change your life and thinking forever.We were meant to go to the work force to save money, not live check to check. This book gives awesome examples of "It does not matter how much money you make, you can be richer overall, by your spending habits."

This book is a true eye opener to what it really means to be wealthy. Great book that when followed can alleviate most people's financial struggles. With that said, you must follow the advice of the author if you want to see results. Easy to read. Not difficult to follow at all. Buy it for your kids, grandkids, nieces and nephews and all the people you care about. This book truly explains how everyone that is lower middle class and above can be wealthy, but it is an individual choice. Wish I'd read it in my 20s or 30s. Currently in my 40s, but still worth the read and not too late even if you are in your 50s or 60s.

I've read this book several times in my life, and now I purchase and share it for all interested. The entire series is a must read for anyone that thinks they are not capable of a financially independent life

I've read this book several times in my life, and now I purchase and share it for all interested. The entire series is a must read for anyone that thinks they are not capable of a financially independent life

If you're looking for smooth pans upward, downward, left to right this one does the job perfectly. Nice fluid head, I even did some quick pan test with it to see how smooth the "stops" were. Buttery smooth. For the price you can't go wrong, it's mostly made of plastic which allows for a cheaper price. Handle it with care, it's sturdy and looks like thick plastic but if you bang it or drop it. You'd prob chip it, as long as you handle it with care, this Tripod can last a long time from the looks of the build. Eitherway, if you're looking for something affordable that can do GOOD PANS this is it!

I've been looking for a sturdy tripod for a while, and this is fantastic! I love how sturdy it is, love how it can hold my phone, and I was even able to attach a separate light ring to it. Very excited to be able to use this for my small business needs!

The height option on this is the BEST! Easy to use and pack away… my hubby bought one and I bought it for me too so we each have our own! Haha love this!

Bought this to replace a tripod+video head setup. This is a great value as the pan is quite smooth and the tripod is sturdy. The gear hook to weigh down the tripod is beefier than the photos suggest, and i've had no problem hanging a backpack with a macbook + video accessories on it. The center bars provide a lot more stability to my soccer game videos. The locking nuts are sturdy and work well, and it's a nice plus to have an extra quick-release plate and a cell phone/tablet attachment!The 1 con I have is that the pan sometimes does not stop right on point. I've noticed a few times when I let go of the camera, that the head seems to slide another 1-3mm. This isn't a problem for me since I'm taking a wide field of view for soccer game analysis, but for someone who is doing more close-up work, I can imagine this will be problematic.

I was looking for a lightweight fluid head tripod. This VT75 fits the bill. While I would not use it fully extended, that full extension is rarely needed. It comes with a few extra perks. A convenient handle to carry it by and an extra camera shoe.

This is my first tripod for recording video and I must say I'm very impressed with its quality. It's very lightweight and easy to pack up and take with you on-the-go. The extendable legs allow for tons of flexibility when filming from different heights and angles. The panning, both vertical and horizontal, can be adjusted by twisting the two nobs on the left side of the plate and can go from very smooth to very stiff, based on your liking. It also came with a phone mount, which is also very handy when you don't have a camera on you. Overall, this is an excellent product and I would definitely recommend it to others looking into recording video professionally.

I like the pan head, very smooth. If you like smooth video, a good pan head is a must! It's great for my small videocam and my cell phone (the tripod comes with an adapter just for cell phones). However, it's a little small for my big DSLR and my Twin Lens Reflex medium format cameras.I'll probably keep this one and add a heftier tripod for the other two cameras.

This tripod is not only sturdy, it has a professional look to it. It comes in a carrying case that allows the tripod to fit snugly in it. The “balance bubbles” are a nice touch to ensure you are level in still shots. It took me a day or so to finally open the box. When I did, it seemed as if my iPhone was brand new. The crank, while it feels a little flimsy, seems so far to be pretty steady. The picture that I took was it without the legs being extended all the way. I was so excited to get it, I posted it on Facebook and got quite a few comments…ALL POSITIVE. Great buy for shooting stills, video, or even time lapse video.

I've been seeing this mop on T.V. For six months or so. I finally bought one to see if it truly did what it claimed. It surpassed my expectations. I also receive an extra mop head I didn't know I was going to get. It's great to be able to throw them in the washer too!

I had a problem with the handle and company support was helpful andreplaced, and it works much better. Actually a good mop once you use it a few times to rinse, and spin as needed. I love the mop heads which are machine washable.

Working Exellent

didn't quite fit my needs. Would not be heavy duty enough to clean badly dirty tile!

Do not like the way you have to twist the handle to unlock it.

I love it but I shpuld have order the one that you rinse with your foot

nice product

Mop handle did not last to long, cleans well on kitchen and bathroom floors. Built in wringer convenient to remove excess water from mop. I give it a plus for household chores.

Important book showing how people actually become millionaires and what they spend their money on.Probably fairly shocking to most to learn the truth.

Useful information, easy to read and very telling. I have decided which camp I will be in and knowing this information will help me and my kids and their kids…….

Are some of the illustrations out of date? Yes. Do some of the ideas such as men with long term marriages most likely to be millionaires non PC? Yes. Save instead of spend obvious? Yep. Uncomfortable mirror if you belong to a country club, drive a brand new luxury car, have a Rolex, send your kids to a private prep school and then get derided as a UAW (under accumulator of wealth) repeatedly? Ouch cause the real millionaires quoted make fun of you as all hat no cattle, repeatedly. And not one of those criticisms matter at all because this book is such an eye opener about who becomes wealthy and how. For the most part they don't inherit it, they don't win it, they don't have a secret formula. What they do is avoid living by rich people, live below their means, earn well, and save/invest over a lifetime. The only thing missing is how the millionaires get decent careers or businesses - three things I can help you with. One - every college is a business so they will tell you "follow your dreams" not "4% of our undergrad degrees are biology of which we can only place 30% in biology jobs (what are we to do, fire 70% of the biology department to help undergrads and then tell you the whole truth about our business?)". Two - never work for someone else unless they are teaching you how to become their competitor or skills that will help you open your own business. Three - the business world is littered with closed cupcake stores so don't do what you love; instead do a SWOT analysis, do your due diligence, identify the barriers to entry (better be some!), know your first two years cash flow, find a ready market, don't be late to said market, get your spouse working because that extra revenue stream will buy you time, calculate your exact burn rate on one income and save two years worth, and if at all possible start your business part time while still working. So you can discount the criticism of this book as most negative reviewers haven't read it in full, don't like the political insinuations, are defensive big spenders, or wanted some secret that would make them rich. Here is a simple trick to start spending less - look at everything you do in 10 year cost. Hulu $6 per month/ $72 per year / $720 per 10 years - for me worth it. Specialty coffee $5 per day / $150 per month /$1800 per year /$18000 - that right $18,000 over 10 years - no way. Just set two simple goals - first get in the top quartile of household income, and second save 20% of pretax income. If you are under 35 and do those two things (oh and read/follow this book) you may retire in comfort and be in control of your life because you won't be scampering from one bill to the next, in perpetual fear that you might lose your job, always and forever on the wheel.

Gives you a different perspective to think about money. Great for younger adults or people looking at changing careers.

Book was in excellent like new condition. Price was very fair. Shipped very quickly. Excited to start reading!

Some of the info and stories in the book are a bit ridiculous, but in general a good source of basic wealth management suggestions.

The plain-speak practical style made it easy for my teenage sons to comprehend. The message got through in ways that aren’t possible when it comes from dad.

One of the best reasons to think about money now is so that you won't have to think about it later. Figure out a basic plan to make more than you spend, and invest the difference. Begin doing this early enough in life, and you'll have investment income which surpasses your income from working by the time you're 40. Retire at 50 with a net worth comparable to a doctor or lawyer, in spite of having been a city bus driver or bartender most of your life.Obviously, there's a bit more to it than that. Which is why you should probably read this book... Ideally, as early in life as possible. But it's still better to read it at 30 than 40, or to read it at 50 years old rather than to have never read it at all.

With the current supply chain issue, it's totally understandable that the book arrived a few days late. It arrived in excellent condition without any noticeable signs of wear. Considering the price I paid, it really exceeded my expectations. This seller will definitely be on my list for future purchases!

No one likes the topic of finances, but we all want to know how to keep more of our money. This book will really make you think about your own spending and savings habits without making you feel defensive. It was easy to read, easy to follow, and well written.

Even though this book was written in the 1990’s many of the ideas and sentiments shared hold truth in the present day (2022.)I look forward to implementing many of the topics into practice especially frugality considering now more than ever we are living in a high consumption world with the advent of social media etc.Great read!

The book was a great read into the mindset of how people should think of themselves when they have money; how they should manage it, how they should view themselves, etc.

Realmente interesante la lectura y la forma de redacción. Hace que el lector no sienta pesado el Revisar las tantas tablas incluidas como soporte de los datos ofrecidos.

Ask anyone about the lifestyle of millionaires not just in America but in any country in the world, he / she will most likely tell you about yachts, luxury travels, expensive cars, dream homes, heavy consumption, expensive jewelry etc. Very few people are likely to talk about frugality and a modest lifestyle as the characteristic lifestyle of millionaires. After all who spends all the money on luxuries if not millionaires ? Do you think the answer is millionaires ? Wrong : it is high income generating and / or high debt hyperconsumers. But aren't high income generators also millionaires ? Answer : not most of the time. In this book the authors Thomas J. Stanley and William D. Danko explain with examples that most millionaires are self made ; they are not necessarily inheritors of wealth. In fact inheritors of wealth are usually hyperconsumers who spend it all away and do not end up becoming millionaires like their parents. The number one characteristic of the millionaire lifestyle is frugality ; living below their means and investing the surplus wisely. Many people do not know the difference between income and wealth. High income is good in building wealth if it is not all spent away but some of it is invested. The problem is that this requires delayed gratification which requires self discipline that most high income people don't have. So following years of upper middle class standard of life characterized by hyperspending they end up retiring with no wealth.The wealthy on the other hand delay luxurious consumption and invest a certain percentage of their incomes into income generating assets. When their accumulated wealth reaches a certain level they purchase luxuries without endangering their wealth. So most of the people you see on yachts, wearing expensive watches and jewelry are high income generators who will most probably end up with no wealth in their older years. The people in the process of becoming millionaires which could take 30 years or even more live in modest neighborhoods, drive ordinary sometimes even second hand cars, dress and in short live modestly in everyway. Some of them may have high incomes but a vast majority of them have learned to get by on a modest income and generate wealth from that average income by saving and investing about 10 % of their income every month for about 30 years or so. It doesn't matter where they invest ; stocks, Treasury Bills etc. Compounding small income streams over 30 years buids enormous wealths.One very striking thing that the authors mention is how adults receiving financial support from their affluent parents develop weak characters in terms of wealth building ability. They are in fact adult children, because they haven't developed the self discipline to be frugal and build wealth. Their well meaning parents unknowingly make them weaker by supporting them financially. Their children are often adults in their 30's, 40's and sometimes even 50's and surprisingly many of them have careers ; some are professors, doctors, lawyers etc. Their common trait is that they enjoy an upper middle class lifestyle through hyperconsumption financed in part by their own incomes but to a great extent by financial support provided by their wealthy parents who may be in their 80's by now. They think their parents' wealth is their income. In reality their parents are wealthy but they are not. What is even worse is that their children also get accustomed to the upper middle class living standard. But once the financial support and / or inheritance from the grandparents is all consumed away the grand children risk falling into a poor lifestyle. Because nobody other than the grandparents knew how to build wealth. In fact, many of these adult children are aware that they can not generate wealth and therefore worry and are very anxious about their future. In summary, when the affluent provide for " financial outpatient care" by financially supporting their adult children they prevent the development of the character qualities such as frugality in them. So their children and or their grandchildren are often doomed to a poor lifestyle following an irresponsible hyperconsumptive life funded by parental financial help. Although the authors have written these for the USA I would like to add that this is the situation in many countries including the USA. I just didn't know that it was as prevalent as the authors explain.We can learn a lot from this book / CD but the sad thing is that it is probably difficult to change our lifestyles and habits if it turns out that our present consumption / saving habits are not making us millionaires ; if for example your family's lifestyle is hyperconsumptive and there is no frugality, you may have a hard time after reading this book in changing the habits of all the family members so that everybody will become frugal and thereby increase the chances of you and your family becoming millionaries.

Excellent wat to inexpensively display your cap collection BUT, clip for top pin spreads eventually causing cap to slouch forward. The other issue that I did not consider is that it offers virtually zero protection so plan on taking them down to vacuum/dust them fairly often. Still, all-in-all, a solid display option for your sports shrine - wherever it may be.

My husband loved these ! They get the job done! Would definitely purchase again

Great way to display your caps

Bought a pack of these to showcase a few ball caps that I wanted to display. These allow you to position the hat so that it is "floating" with the front face of the hat displayed. You can pair these with a 3M Command strip to avoid any nail/screw holes in your wall.

Just what I was looking for to wall mount hats. Only issue is the adhesion isn't great. I used the entire pack then had to buy more command strips as the hats kept falling off the wall.

Amazing product, looks great on my wall with all my hats . Displays your hats nicely

This product was just what I was looking for. They are easy to install and very sturdy. I opted to put them up with a screw and I also put the double sided tape on as well for extra protection. These mounts are perfect to display your favorite hats. Great for home, office or business. Would definitely recommend.

If your thinking about buying this product then do it. I love the way it looks on the wall with my hats and I was skeptical about the stickyness but been up for 6 months and never had an issue with them falling off. They don't move when taking hats off and putting them on. My plan is to buy all the MLB hats and get this as well to show them all off.

Amazing book. Everyone should read

I read this book 20 years ago and learned a lot. This book purchase was a Christmas gift for my grabdson

should be required reading in High School. Excellent book.

The content of the book is great but it would benefit from updating. I took one star because the format of the book is pretty bad. Although is in electronic form, it seems to be like a PDF without OCR. Pages seem to be pictures. Text cannot be zoomed in and out, words cannot be looked up and text cannot be highlighted as you can do with other books in Kindle format. Unless the format is updated I believe the reader would be better off with a paper copy.

Would recommend!

The media could not be loaded.  This book is well researched and informative on the things we were all taught as children ( or should have been taught) don’t waste your money. The authors do a great job by not only giving you a blueprint on how to save money and build wealth but also provides statistical research to back up and prove their claims . It does however get repetitive half way through by repeating the number one lesson we can all learn from this book ( Don’t spend money on things you don’t need ).

You won’t be disappointed.