Customer Reviews for

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

Average Rating 4.5
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Most Helpful Favorable Review

2 out of 3 people found this review helpful.

More of a sociology book

This is more of a summary of surveys of self-made millionaires who had incomes greater than $50k per year and most over $100k per year. The book does not address those making under $50k nor comparative incomes versus cost of living in different areas of the country. Th...
This is more of a summary of surveys of self-made millionaires who had incomes greater than $50k per year and most over $100k per year. The book does not address those making under $50k nor comparative incomes versus cost of living in different areas of the country. This is more a study of the psychology of wealth-building individuals. One point this has in common with many investment books is the role of the IRS as determinant or deterrent to wealth building and suggests as many do that the system really is stacked against people trying to build wealth from scratch. It also glances on the side-issue of how the IRS' laws can adversely impact families, brought to division over estate taxes and inheritance taxes as a significant diminishment of wealth which can passed on and ensure the economic health of multiple future generations. One major flaw to the logic in this book is that in order to build wealth per the respondents, you have to live as if not wealthy and yet decrease net worth prior to your death. The primary goal in this wealthbuilding is to amass a fortune which others who have not earned it can consume. It makes many fine points but does not address whether frugality is always possible no matter how low the income, or whether there is a certain income level needed at which frugality can be maintained and some basic normal existence can also be sustained. Can someone whose wage is near,at or below the poverty level still expect to build wealth by frugality?

posted by Anonymous on September 8, 2005

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Most Helpful Critical Review

9 out of 11 people found this review helpful.

'Secrets' not surprising

The title was great in enticing me to pick up the book. While I found it interesting that the author wrote about my own conclusions after casually observing people and wondering 'how they did it', I was still disappointed in that I found no 'secrets' and no 'surpris...
The title was great in enticing me to pick up the book. While I found it interesting that the author wrote about my own conclusions after casually observing people and wondering 'how they did it', I was still disappointed in that I found no 'secrets' and no 'surprises'. I found it more interesing from the viewpoint of marketing such common sense information.

posted by Anonymous on December 27, 1999

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  • Anonymous

    Posted March 21, 2013

    I read this book for my 12th grade Economics Class.  Although ma

    I read this book for my 12th grade Economics Class.  Although many of the points went way over my head, this book certainly provided many tips that I know I will strive to implement when I start earning a full time salary.  The anecdotal evidence made a convincing argument as well as provided relief to the statistics that line the book.  I really learned a lot of information especially that money doesn't equal wealth and stability.  This book really reinforced the habits that I have been taught while growing up.  I would recommend this book to students who are still in college (to learn good habits that they can implement) as well as to adults.

    2 out of 2 people found this review helpful.

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  • Anonymous

    Posted April 5, 2011

    Highly Recommended!

    The information given in this book were pretty obvious as to why most people are stuck in dreadful financial situation, but are often times overlooked when in the circumstance. Stanley uses statistics and college evidence to prove his points and it changed my ways of thinking in terms of spending and saving wisely. The use of real millionaires and investigating their lifestyles also makes the information more justifiable.

    2 out of 2 people found this review helpful.

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  • Anonymous

    Posted September 8, 2005

    More of a sociology book

    This is more of a summary of surveys of self-made millionaires who had incomes greater than $50k per year and most over $100k per year. The book does not address those making under $50k nor comparative incomes versus cost of living in different areas of the country. This is more a study of the psychology of wealth-building individuals. One point this has in common with many investment books is the role of the IRS as determinant or deterrent to wealth building and suggests as many do that the system really is stacked against people trying to build wealth from scratch. It also glances on the side-issue of how the IRS' laws can adversely impact families, brought to division over estate taxes and inheritance taxes as a significant diminishment of wealth which can passed on and ensure the economic health of multiple future generations. One major flaw to the logic in this book is that in order to build wealth per the respondents, you have to live as if not wealthy and yet decrease net worth prior to your death. The primary goal in this wealthbuilding is to amass a fortune which others who have not earned it can consume. It makes many fine points but does not address whether frugality is always possible no matter how low the income, or whether there is a certain income level needed at which frugality can be maintained and some basic normal existence can also be sustained. Can someone whose wage is near,at or below the poverty level still expect to build wealth by frugality?

    2 out of 3 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 26, 2010

    I Also Recommend:

    A Wealth of Information

    I bought this book because Dave Ramsey listed it in his recommended reading list. I'm a fiscal conservative who lives debt free--oh, I'm frugal, frugal, frugal as well--so I enjoyed the research and findings in this book, which are still relevant today. However, it's probably not for the average reader, because it's very comprehensive with a lot of information to digest. I thought the authors could have condensed the material, for it seemed like an oversized journal article. Perhaps they wanted 240-plus pages to fill so they could sell a book. Even so, it's well worth the clearance price, if you are interested in saving and investing money, bargaining and negotiating, and being frugal and living below your means, like millionaires do. There's no better way to get wealthy than by studying the wealthy. After reading this book, my goal is to become a prodigious accumulator of wealth, a first generation millionaire, and perhaps it's the inspiration I need to take some risk and finally start my own business.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted January 22, 2008

    Very Interesting and Insightful

    This book was overall pretty good. It is a decent book for anyone who is interested in being a millionaire and in how millionaires acquire their wealth. The book does have A LOT of numbers and percentages, though. I enjoyed the read. It helped me understand, as a young person, that 'flashiness' and 'showing off' is not what it's all about, and that if you are trying to get rich for these reasons, you won't make it. I recommend it to all.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted November 8, 2010

    excellent book....but i wouldn't want to become rich like that.

    "The millionaire next door" has some great ideas and great studies but How do you plan on enjoying life like that? depriving yourself of the nice things you could buy?..great book but it basically tells you what you should know as common sense:work hard,don't spend money in things you don't need,invest wisely and save up and with time you could accumulate your money and become rich. i don't necessarily agree with the living below your means part because you are working for a better life(as are most of the working class in this book) not working to be selfish and greedy.

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted April 17, 2010

    Good book, but not for everyone

    This book uses a lot of real data and numbers to back up the book. It is true that if you want to be a millionaire you need to live like one. This book will show you exactly how the majority of them live. The book can at times be very slow reading getting through all of the information but is very educational in whole. I would say anyone that wants to see a different way of looking at thinigs, this is a good book to read.

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  • Anonymous

    Posted March 27, 2007

    A reviewer

    The Millionaire Next Door is a very eye opening book it makes you wonder who the millionaires could be. It is very insightful when it comes to helping one decide what is a good buy and what isn't. I found it strange that most often the ones who look rich are worth almost nothing. I would reccomend this book to people that are looking for financial advise but for audiences that are a bit younger I think that this book might be a bit of a dull read but over all I enjoyed this book....

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  • Anonymous

    Posted March 25, 2004

    The Millionair Next Door

    The book was divided into chapters,,,, and how millionairs lived,,, how some retired without having to work,, they are very frugal,, they spend their money wisely,,, it talks alot about network,, and how some don't live in the neighboor hood you would think they live in ,,,, The people that do spent alot of money on stuff wont be able to retire,,, the children who live frugaly teach their children how to finance their money better,,, if their parens die,,, they will know how to spent their money better..

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  • Anonymous

    Posted July 17, 2003

    Who lives next door to you?

    This book was very interesting. The tables helped alot. You learned of the importance of living frugal. The information given was information that could apply to everyone of different economical backgrounds. The only down side was it was too repetitive.

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  • Anonymous

    Posted December 11, 2002

    Life Lessons

    This is a great book for the generation with average to wealthy parents. The key to earning great wealth is to live below your means and to be in control of your income and expenditures. It's amazing how someone with a $90,000 income can accumulate a greater net worth than someone with over $150,000 income. Stanley explains in the simplest terms how important it is to teach yourself to be frugal. These people are the most efficient and resourceful people around. This book includes examples of how much money most millionaires would be willing to spend on shoes, watches, etc. It talks extensively about how what you are on the outside does not reflect what you are worth on the inside. Stanley includes a large number of charts and tables showing the different jobs, cars, goals, etc. that millionaires have. They are the ordinary people with the dull jobs who live by all of us, not the Hollywood look-alikes. Many of the millionaire's children don't even know about their family's wealth. This is for the better because it teaches them to be frugal as well, to start good habits early. Motivation is a key aspect and Stanley does a great job of doing exactly that. Some parts are repititious, but it really gets the message across. I recommend this book to anyone starting off in the world of business and especially the ones going off to college. Nothing is more valuable than knowing the worth of hard work, saving, and living below your means.

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  • Anonymous

    Posted September 19, 2002

    A Great Read!

    Who doesn¿t want to be rich in America? In this book, Stanley and Danko reveal the secrets of millionaires in the United States to those people smart enough to buy this book, making a small investment for the chance of becoming affluent. In the book, the authors discuss the numerous studies they have conducted on Americans with a net worth of at least $1 million. They reveal a secret that many Americans probably don¿t know about millionaires: they often live very frugal lives. A very enjoyable read, The Millionaire Next Door uncovers attention-grabbing statistics and uses motivating case studies to get their point across. The advice given will not turn a non-affluent reader into a millionaire overnight, but it will teach valuable lessons, which, if taken to heart, can definitely help someone to gain more wealth over a lifetime.

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  • Anonymous

    Posted April 17, 2002

    The Millionaire in the Next Cubicle

    This was a fantastic book and very true indeed. I have a coworker (Latriece G.)who works in the cubicle next to me who is a bonafide millionaire and you would have never guessed it except for the fact that she hangs out at expensive malls like Green Hills and Nashville, Tn. and eat at expensive reastaurants. I guess her actions may give her away but other than that you would have never guessed. Im trying to get her to write a book as well 'The secrets to becoming a millionaire'

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  • Anonymous

    Posted December 27, 2000

    Opens your eyes

    This books makes you realize it is more important to be rich than it is to look rich. I took from this book that I cannot become a millionaire if I keep spending like I am already one. This book also made me decide that if and when I get to the millionaire status, I am not going to show it off. This is a great book, but I do recomend that you read many other books as well to better your future. This book helps you become more financially stable internally than externally.

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  • Anonymous

    Posted April 27, 2000

    Good. Common Sense

    I liked it. Some surpises... but mostly common sense. One thing though - - even when/if you become a millionaire - - DO YOU KNOW HOW TO BE HAPPY? How to have balance in your life? Become a millionaire - BUT DO NOT BE DELUDED INTO THINKING that being amillionaire will make you happy.

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  • Anonymous

    Posted February 24, 2000

    GREAT LESSON TO LEARN

    I thought this book was pretty good in the beginning, but lacked blast in the end.....Good for people who are just getting started on the road to financial success....

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  • Anonymous

    Posted July 28, 2011

    No text was provided for this review.

  • Anonymous

    Posted October 31, 2009

    No text was provided for this review.

  • Anonymous

    Posted October 31, 2008

    No text was provided for this review.

  • Anonymous

    Posted November 15, 2008

    No text was provided for this review.

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