The Millionaire Next Door: The Surprising Secrets of Americas Wealthy

The Millionaire Next Door: The Surprising Secrets of Americas Wealthy

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Overview

The Millionaire Next Door: The Surprising Secrets of Americas Wealthy by Thomas J. Stanley Ph.D., William D. Danko Ph.D

The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.

Product Details

ISBN-13: 9781589795471
Publisher: Taylor Trade Publishing
Publication date: 11/16/2010
Edition description: Reissue
Pages: 272
Sales rank: 705
Product dimensions: 2.80(w) x 6.80(h) x 1.00(d)

About the Author

Thomas J. Stanley is an author, lecturer, and researcher who has studied the affluent since 1973. He lives in Atlanta, Georgia.

William D. Danko is associate professor of marketing in the School of Business, University at Albany, State University of New York.

What People are Saying About This

Rush Limbaugh

The kind of information that could lift the economic prospects of individuals more than any government policy...The Millionaire Next Door has a theme that I think rings very true..."Hey, I can do it. You can do it too!"

Bernie Sanders

I love the book, The Millionaire Next Door. It talks about how it is a myth that most millionaires in America have inherited their money. The fact is, we have created such a great country over 250 years. 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. We celebrate it, write movies about it, and our libraries are full of books about it. There is nothing wrong with that.

Customer Reviews

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Millionaire Next Door: The Surprising Secrets of America's Wealthy 4.3 out of 5 based on 0 ratings. 41 reviews.
Guest More than 1 year ago
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.
Kyle_Winterer More than 1 year ago
I really recommend this book. This book really does show the truth behind the wealthy in the country. Although like the book says it takes a lot of hard work and discipline to maintain and build a good amount of wealth. Although this book does talks about the taxes the point is made that in order to build wealth you need to really dedicate yourself into doing so and that falling into the pattern of buying status products will really make things harder on yourself. There is 1 thing that is not necessarily true and that is that this book kinda implies that u cannot have a nice car or have a large house in order to get wealthy. It does make a point that it would not be possible to build wealth well if you buy a car every 3 years but that doesn't mean 1 cannot buy 1 brand new car and keep it. Although this would not be possible with a wage that is at the poverty level. A person cannot be expected to be able to build wealth in such situation but the book does point to the fact that dedication and hardwork is needed.
Anonymous More than 1 year ago
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.
Anonymous More than 1 year ago
Like a statistics book, it does get tedious at some parts, more due to its repetitiveness, but it does get its point across. It shows that everyone can save and work hard to become a millionaire. What we see on TV, the celebrities are just a small fraction and are kind of like the atypical millionaires; they don't represent the majority of the rich in terms of lifestyle and attitude. This book shows how living below your means, with the goal of financial independence in mind, can get you to millionaire status. What's said is a good reality check to reorient yourself to achieving your ultimate goal. Quite humbling.
Anonymous More than 1 year ago
I read this book and put in place what was suggested and became a Millionaire
Juliof117 More than 1 year ago
If you do want to start a serious way to make money you have to read this exelent book and do it into your own way you will find the real image of the rich people and you'll see that all it is shining is not gold, amazing
55Mastermind More than 1 year ago
Tom Stanley and William Danko have done an excellent job in conveying the differences between the public perception of millionaires and the reality. I would recommend this book to those who are determined to take control of their financial future.
Guest More than 1 year ago
The Millionaire Next door is an easy read on statistics and surveys, very well researched. There was a great message in this book, It is that almost anyone can build wealth, all you need to do is plan, budget, and be a little cheap. The book explains how money is past from generation to generation and how people live beyond there means. How the rich really live and who the rich really are. This was a fantastic book and very true indeed.
Guest More than 1 year ago
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?
Anonymous More than 1 year ago
As a senior in high school, I learned a lot of knowledge about the affulent and the accumulation wealth. But in reality all the information in this book is very REAL. Its hard to imagine a life of wealth in fortune as an 18 year old but now I at least have a picture of possibilities. My only critic on this book is that it gets very longing at times, I feel as if depth is not needed when it already is so deep into subject. But overall a very good read, and a very knowledge based read.
Anonymous More than 1 year ago
This book helped me learn a ton about Millionaires that I had no idea about. A little dry at times. But it is not a waste of time. Would recommend it to a friend that you think would find the material interesting or helpful.
Anonymous More than 1 year ago
dobefan More than 1 year ago
This book brought to light many things that I never realized about the millionaires in our society. I, like most people, assumed that millionaires spent money like millionaires. In reality, this book shows just the opposite. It seems that most millionaires are very frugal. They don't buy the luxury items that we assume. Rather, they buy used cars, clip coupons, and all the other things that normal people do in every day life. The authors studied their subjects well and go into detail about how the study was accomplished. If you want to retire securely, I recommend this quick read book. But don't just read it...study it well.
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Guest More than 1 year ago
i loved this book tought me many things and how to make wise decisions about how i shop and what i decide to invest my money in.
Guest More than 1 year ago
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....
Guest More than 1 year ago
This is an excellent novel that attempts to tarnish the misconseptions of todays millionaires within our society today. It analyzes some of the major reasons why these millionaires have accumulated such a vast amount of wealth and categorizes these millionaire into two different groups. There are a variety of tips to help people accumulate wealth and describes the charactaristics of the different types of millionaires. It is an over all good read and embodies today's wealthy class.
Guest More than 1 year ago
The Millionaire Next Door is essentially a statistics book. All of the statistics in it are well defined and thought out, but the book focusses on frugality and low-risk investing. The book, rather than looking at the the truly wealthy, qualifies its statistics based on a net worth of $1 million. This number does not hold near as much weight as it once did. I would enjoy reading the same book if the minimum amount to qualify for the study had been $10M or greater. At times, I felt the book was contradictory to itself. It would touch on concepts such as calculated risk, but would then go back to preaching frugality an conservation. For those who are in the self-employed demographic, this would be a useful book, as it promotes taking the income you create and investing so that you will accumulate the greatest amount. For those business owners who are looking for a book that will give them some insight into the mindset needed to succeed, look somewhere else.