Uninteresting. This popular book that propounds to tell you the 'secrets' of real millionaires, and especially how they got that way, can be summed up in one phrase: spend less than you earn.

There; I've saved you the couple of hours you'd otherwise need to skim through this one. ( )

http://allbookedup-elena.blogspot.com... ( )

In this now-classic study, Stanley and Danko survey and interview Americans with a net worth of at least one million dollars during the 1980's and 90's. To their surprise, they found that the majority did not inherit their wealth but were business owners and professionals who had worked hard to make a good income, been frugal with their spending, and been wise with their savings. For this reason, most of them were in their late middle ages or early retirement years: reaching millionaire status takes a lifetime of work. Meanwhile, many of those who look well-off have saved very little for such niceties as retirement.

Along the way, Stanley and Danko learn that there are multiple strategies and styles that millionaires use to get there. For example, they list six different ways millionaires buy cars. Some are more frugal than others, but the point is that they are all successful. They all lay great importance on planning (spending an hour a week on planning their finances) and value (choosing good quality but more affordable clothing, cars, etc. than their peers). They also are loving parents. Convinced of the importance of education, they often provide college funding to their children, which means that their children are often very well educated. They also may be caught trying to help "too much"; they can best help their children to be successful by instilling independence on them and not giving them large cash gifts throughout their lives.

Stanley and Danko do a compelling job of combining quantitative and qualitative description. At this point, I take most of the results for granted, but they are inspirational, and there are many juicy tidbits in this book. It does not have an index, but it does have a list of the tables. If you plan to refer to this book again and again, I suggest taking notes with page numbers or leaving post-it's or annotations in the text. ( )

Here is a couple of researchers that set out to find out how the "typical" millionaire got that way. By their admittance, there was a lot of trial and error in their research. But over 20 years, they believe that they figured out how they got that way.

And some of their findings were quite surprising. For example, 88% of all millionaire households are 1st generation rich! These are people that did not inherit their wealth (think Paris Hilton).

More importantly, they compared these high net worth households to high income households. And they followed these groups to see what happens to their children.

This a must read book because once you understand how these households became wealthy, you'll realize that there is no reason why you couldn't join their ranks as well... ( )

Interesting ideas about what it takes to get rich. The case studies--after the first few--get a little tedious, but still not a bad read for the financial novice. ( )

I listened to the abridged version (144 minutes) of The Millionaire Next Door rather than the 18-hour version. In some ways, it still was too long. You get the main idea from the beginning.

Since, like most people, I wouldn’t mind being a millionaire, I found it interesting that those with million-dollar salaries (sports figures, etc.) are rarely millionaires: although they live a “high life,” they have very little “wealth.” In other words, millionaires don’t live the lifestyles we might think we’d want to live if we earned a high income.

The premise of this book is that lifestyle that makes a difference to whether or not one becomes a millionaire (one with lots of wealth), and anyone making $60,000 a year can become a millionaire by adjusting lifestyle. It was interesting, but as I said, even with a very short abridgment, I got the point very quickly.
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Some decent insights; worth a read on the beach as inspiration, I suppose. ( )

Solid research and real examples make clear that millionaires don't fit the common stereotypes. This was my second reading, having read most of it in the bookstore in SF the year after it came out. Especially noteworthy are the common denominators of frugality, taking advantage of opportunities, and choosing the right work. ( )

This book is Fantastic. The basic premis is that those who are truly wealthy aren't necessarily the ones who "appear" wealthy. Becoming wealthy is about being frugal and smart with money. ( )

Interesting book, makes some very valid points, but once you've read it you know - wealth is nurtured by frugality. It's easier to accumulate wealth if you don't live in a high-status neighbourhood that presents parents and children with temptations to spend on luxurious "necessities". The rate of divorce is low among the millionaires surveyed (the authors slide right by that one, but a somewhat more perspicacious author I read in the late 1970s pointed out that if you desire a financially secure future, you should avoid divorce - divorce destroys wealth). Providing subsidies to adult children - except perhaps for tuition - is often counterproductive. And so on. Why do I no longer own this book? My son said "You told me about it, I don't need to read it." ( )

I liked this a lot. Reminds me now of Jim Collins work. Everything here is based on an extended profile and basic stats from surveys. It is all based on data -- not on theory or ideas from academics or others. There are specific vignettes, both of real millionaires and of folks who have a high potential to be millionaires based on their income, but are not. I would recommend this read, whether you are aspiring to be a millionaire or not; or a millionaire or not. Somewhat sociological too - tends to lead to clustering ideas that you'd like if you enjoy classifying people by tastes and consumer behavior. I'll never forget what is says about the car buying and maintenance habits of most millionaires. ( )

The message is clear. Don't assume that the guy cruising around in the flashy Mercedes wearing the $1,500 suit is drowning in dollars. Likewise, don't be surprised if you're humble neighborhood barber is a millionaire. Stanley offers some common sense yet interesting observations involving the accumulation of wealth. ( )

http://kdegelau.blogspot.com/2007/03/... ( )

More a study of the everyday rich ('cause let's face it, a million bucks doesn't go far these days) than a how-to book. Engaging, and seared the phrase "Big hat, no cattle" into my brain. ( )

So I have this thing about financial planning guides. I really actually like them. Its weird, I know. This was the first one I ever bought, at a used bookstore. Really interesting and probably totally irrelevant at this late date.

This book enlightened me regarding just how large number of "rich" people work and live smart. A very personally influential book. ( )

This is a great book to illustrate the myth that is wealth in this country. Done right, anyone can be come wealthy, provided they don't succumb to the typical temptations of spending common in this consumer nation. ( )

This was a real eye opener. It shows why some people can earn so much but so poor.