The Next Millionaire Next Door: Enduring Strategies for Building Wealth

The Next Millionaire Next Door: Enduring Strategies for Building Wealth

by Thomas J. Stanley Ph.D., Sarah Stanley Fallaw

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Overview

Over the past 40 years, Tom Stanley and his daughter Sarah Stanley Fallaw have been involved in research examining how self-made, economically successful Americans became that way. Despite the publication of The Millionaire Next Door, The Millionaire Mind, and others, myths about wealth in American still abound. Government officials, journalists, and many American still tend to confuse income with wealth. A new generation of household financial managers are hearing from so-called experts in personal financial management due to the proliferation of the cottage industry of financial blogs, podcasts, and the like. In many cases, these outlets are simply experiences shared without science, case studies without data based on broader populations. Therefore, the authors decided to take another look at millionaires in the United States to examine what changes could be seen 20 years after the original publication of The Millionaire Next Door. In this book the authors highlight how specific decisions, behaviors, and characteristics align with the discipline of wealth building, covering areas such as consumption, budgeting, careers, investing, and financial management in general. They include results from quantitative studies of wealth as well as case studies of individuals who have been successful in building wealth. They discuss general paths to building wealth on your own, focusing specifically on careers and lifestyles associated with each path, and what it takes to be successful in each.

Product Details

ISBN-13: 9781493035359
Publisher: Rowman & Littlefield Publishers, Inc.
Publication date: 10/01/2018
Pages: 272
Sales rank: 59,315
Product dimensions: 6.10(w) x 9.10(h) x 1.10(d)

About the Author

Thomas J. Stanley was an author, lecturer, and researcher who started studying the affluent in 1973. He died in 2015. Sarah Stanley Fallaw, Ph. D. is president of DataPoints, a company that provides assessments based on the research data of her father, Thomas J. Stanley. She lives in Atlanta, Georgia.

Table of Contents

List of Tables and Figures vi

Preface ix

Chapter 1 The Millionaire Next Door Is Alive and Well 1

Chapter 2 Ignoring the Myths 31

Chapter 3 Influences on Wealth 58

Chapter 4 Freedom to Consume 92

Chapter 5 Strengths for Building Wealth 121

Chapter 6 Getting to Work 162

Chapter 7 Investing Resources 198

Conclusion 229

Appendix A Studies 234

Appendix B Rankings of Sole Proprietorships by Percentage Profitable (1998 & 2015) 237

Appendix C Selected Job Titles of Moonlighting Mass Affluent Prodigious Accumulators of Wealth 244

Notes 245

References 251

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