Other. Dr. Stanley’s first three books, Marketing to … That's how many books are. The first book review EVER posted on this website and I could not think of a better book to begin with. I'm a big fan of the Automatic Millionaire. It creates a much more realistic view of a person’s financial state throughout their life than the original, particularly for younger people. The 1996 classic, The Millionaire Next Door is the result of Stanley’s survey of thousands of households from affluent zip codes around the country. One of the best books on frugality I have ever read is "The Millionaire Next Door" by Thomas J. Stanley and William D. Danko. A couple months ago I saw that this book recommended in the comment section on a post here and it was described as a must read. The authors were hired back in the day to study millionaires by a trust company that wanted a bunch of business from millionaires. The truly wealthy do not want you to know what they have. The Millionaire Next Door uses this approach. This book was published in 1996, but it contains timeless principles on frugality, wealth and financial freedom that ring true even decades later. Archived. About like Sheryl Sandberg acting like she's down with her peeps. A useful book that can change the way you think about wealth. We have actually found the way for poor people to go from nothing to huge wealth and to create a life-changing opportunity for their children and grandchildren. Worth noting that "get rich" and "have a $1M net worth" are two very different things. We try to keep it updated with the most popular recommendations here (and I just added a few recommendations for the UK, Canada, and Australia). Press question mark to learn the rest of the keyboard shortcuts. I do recall being a bit frustrated by the lack of practical, actionable advice, but that's not what the book is. When I read TMND it was exactly what I needed. The fact is, we have created such a great country over 250 years. Side note, Stanley was driving a corvette... Also his stock series is free on his website with all the same info available. I've been seeing a lot of rave reviews about the book, The Millionaire Next Door. In other words, just because the 350 millionaires they interviewed have certain traits in common, there is no analysis of unsuccessful people to see if they share the same traits or not. Press question mark to learn the rest of the keyboard shortcuts. I second this suggestion, it was the first finance book I read and helped me prepare my finances coming out of college. This book really got me started on a path to FI, years ago. Virtually nothing to offer anyone looking to be frugal. The driver had been in recovery but had fallen off the wagon with a huge thud. I cheerfully skipped home from the library with Meet the Frugalwoods. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. It is much more descriptive in nature about the habits, lifestyles, and attitudes of millionaires that accumulate wealth on their own. A couple months ago I saw that this book recommended in the comment section on a post here and it was described as a must read. We have actually found the way for poor people to go from nothing to huge wealth and to create a life-changing opportunity for their children and grandchildren. Join our community, read the PF Wiki, and get on top of your finances! Cookies help us deliver our Services. Notably, in his book "Fooled by Randomness", Nicholas Taleb points the finger at "survivorship bias." It was the moment of realizing that no, in fact it isn't some sort of magic pill that will make you a millionaire just like there isn't some magic pill that will make you healthy. Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. It is a lifestyle that takes a daily conscious effort, but will reward you. What's worse is usually books start with their best examples and their examples get worse from there. I've read it three times and the book once. I'd add Simple Path to Wealth also. You should also take advantage of compound interest growth by making smart investments early in life. The Millionaire Next Door is not a social media influencer, movie star, sports star, or celebrity. The Millionaire Next Door, written by Thomas Stanley and William Danko looks at research related to American millionaires and is not only an interesting read, but extremely informative. report. By using our Services or clicking I agree, you agree to our use of cookies. Great book with great examples but you quickly realize its all very repetitive. The Index Card is another book I'd recommend for someone looking to start taking their finances more seriously. I started with this many years ago. It's also short enough you can read it in a day. Stocks. This thread is archived. The millionaire Next door. Most of the book is just recurring examples along that same theme. But yeah, the message is basically: you can earn shit loads of money but piss it away, or you can earn decent money and NOT piss it away. Il représente à ce titre une très intéressante étude socio-psychologique du millionnaire américain. "Down on his luck guy took a huge gamble with his last $10 and it paid off and now he's filthy rich" is the kid of story they make movies about - because it helps make anyone think that they're just one big break away from being rich and having all their problems go away. Good read tho. The takeaway I had was that Millionaires think carefully about getting the most value for their money. ", It more felt like "This is what you expect Millionaires to live like, but they by and large do not live like that.". I'm a little outside of the target age group but he does make some very good points. I didn't get that as the takeaway though I recognize you are purposfulyl simplying it. They have plenty of nasty things to say about other people who did well for themselves and are way hypocritical and disingenuous. Its a great reminder that what you see from people flashing wealth is not always truly wealth. Yeah, it's a good message but you don't have to read more than about a 3rd of it. I would highly recommend The Richest Man in Babylon. The author wrote a series of these books, but was tragically killed by a drunk driver several years ago. How do you feel about The Millionaire Next Door? I didn't need a fancy suit or car. Compte rendu d'une étude réalisée dans les années 90 sur plusieurs milliers de millionaires — les fameux 1% dont on parle souvent — ce livre intriguant, provocateur et parfois très drôle nous permet de nous glisser dans la peau d'un millionaire le temps de quelques pages. His target audience is 20-30 somethings. Most of the book is just recurring examples along that same theme. If we're being totally honest, I would classify my family as "big income, big spenders" as typified in The Millionaire Next Door. The Millionaire Next Door: The Surprising Secrets of Americas Wealthy is an excellent example of a self-help book that really works. I agree. The NEXT Millionaire Next Door -- many references to this community I'm through the preface and about 20 pages so far, and I'm certain that this book will be a great read for the community. ★ The Millionaire Next Door is that the pop culture concept of a millionaire is quite false and that most actual millionaires live a very simple lifestyle. The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. These books spent more than 170 weeks combined on the New York Times’ Best Sellers list. More details. This book is a compilation of research done by the two authors in the profiles of 'millionaires' (note the term 'millionaire' denotes U.S. households with net-worths exceeding one million dollars (USD)). Thomas J. Stanley et William D. Danko sont les auteurs du livre The millionaire next doorrecommandé par l’Ecole des Finances Personnelles. It's not "how to get rich" or "retire early with these steps". This blew my mind because I thought I was an idiot for not wanting to finish books. I came to ask if anyone else has suggestions for similar books about beginner financial advice and to recommend this book for anyone in a similar situation. The Millionaire Next Door mentions that often times this means they follow the money and are often selling products and services TO the wealthy! Looks like you're using new Reddit on an old browser. 73 votes, 64 comments. hide. I think I made it about halfway through and never picked it up again. A guy that spends 20-30 years living below his means while still having a reasonably comfortable life and is able to retire in his 40s or 50s without a glamorous playboy life but without any huge financial struggles isn't a sexy story and to some degree can really push down on people in their middle ages that they may be permanently burdened by bad financial situations they've already made. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. 215 comments. Close. The book is great and points out how living within your means is crucial to a strong financial future. I say this as someone who in my circle is seen as super frugal and I save about 50% of my income on about $55k. It presents the personal attributes of the nation’s wealthiest people in an easy to understand fashion. The core message of the book is that if you want to have a high net worth, you should spend less money. One of the restaurant employees came outside to ask the manager a question. 'The Millionaire Next Door' is a personal finance legend. U.S. News and World Report I love the book, The Millionaire Next Door. Stanley was one of the first researchers to codify and study habits of the truly wealthy. I thought the message of this book was good but overshadowed by how condescending he came off throughout the majority of the book. It is kind of considered a motivational speaker doing a Finance book now. Everyone should read this book and put the powerful information contained within it to work in their daily lives. I don't know if it's the book OP mentions or another one, but there's a book that goes on and on about how the rich live, but the "rich" are people worth $1M, not actual rich people. This thread is archived. $1M NW is enough for a below-average income in retirement. I always have read how it's an inspiring book but after reading a few chapters it sounded terribly uninspiring to me. Reddit Gold: 0. killed by a drunk driver several years ago. Dr. Stanley wrote The Millionaire Next Door and The Millionaire Mind. New comments cannot be posted and votes cannot be cast, More posts from the financialindependence community, Continue browsing in r/financialindependence. Prior to that I had read tons of awful advice in other books with a "how to get rich" kind of theme. The Millionaire Next Door (1996) by Thomas J. Stanley is one in a long list of books on generating wealth. Posted by u/[deleted] 4 years ago. Posted by 2 years ago. They buy cars like ford trucks that will help them generate income with their business, or they buy cars like Lexus (and Toyota) because they are so reliable and will likely stretch their dollar much much further. So I never really thought that was the point of the book. All I had to do was spend much less than I earned and be wise about what I did with the excess. The book is a follow-up to her father’s 1996 best-seller, The Millionaire Next Door: Surprising Secrets of America’s Wealthy. So here’s an interesting concept – Instead of expecting everyone else to educate you, you take the bull by the horns and educate yourself. You 're using new Reddit on an old browser of research, actually! I feel much more descriptive in nature about the habits, lifestyles, and prudent investing social media influencer movie! If you want to have a high net worth, you should also take advantage of interest... 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