The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. You will learn, for example, that millionaires bargain shop for used cars, pay a tiny fraction of their wealth in income tax, raise children who are often unaware of their family’s wealth until they are adults, and, above all, reject the big-spending lifestyles most of us associate with rich people. Most of the truly wealthy in this country don’t live in Beverly Hills or on Park Avenue—they live next door.
“If you haven't read the book "The Millionaire Next Door," put it on your list. It's one of many self-help books about retirement investing but among the few that might just change your entire mindset about spending.” — Forbes
“The Millionaire Next Door has a substantial amount of good content – more than two hundred pages of non-filler written in a reasonable sized typeface… The material in the book is cohesive and presents a logical and straightforward worldview, meaning you won’t find contradictory statements throughout. The writing is very readable; I’d even go so far as to call it a “quick read,” though the book wasn’t all that short.” — TheSimpleDollar.com
“Stanley and Danko's book is revealing and helpful, and now you have a framework for evaluating your progress toward becoming the Millionaire Next Door. It's a great journey and terrific destination.” — DesignIndependence.com
“This is THE book to help us understand how real people become millionaires, to debunk the myth that millionaires are either lucky or inherit their wealth, and to find practical advice on how we too can succeed with money.” — Rockstar Finance
It's no surprise that a record number of Americans are declaring bankruptcy while consumer debt and foreclosures are at an all time high. Many adults simply don't have the basic financial knowledge to safely navigate today's environment of predatory lending, identity theft, and nonstop consumer marketing. What's more, they don't know
Today we live in a trying economic environment. Every day, popular financial advisors exhaust us to hunker down, play it safe, and protect ourselves from an uncertain future. To the voices who promote fear and doubt, understanding the psychology of wealth will provide you with balance, wisdom, and optimism.
This book is not really about money, it is about creating the life you want. A part of that is deciding what role you want money to play in it. We all have money in our lives, what matters is that you master money and it doesn’t master you. The secret
There might be an economist sitting near you right now. You might not spot him¾a normal person looking at an economist would not notice anything remarkable. But normal people look remarkable in the eyes of economists. What is the economist seeing? What could they tell you, if you cared to ask?
Have you ever wondered why some people seem to get rich easily, while others are destined for a life of financial struggle? Is the difference found in their education, intelligence, skills, timing, work habits, contacts, luck, or their choice of jobs, businesses, or investments? The shocking answer is none of the
Building new knowledge of how capital markets works is everyone's job, whether you accept that or not. You are part of it, whether you know it or not. By knowingly embracing it you can know things others don'tthings finance professionals don't know yet. You needn't be a finance professor or have
There is a new reality out there–a new normal. What was once certain–that you would be able to retire comfortably; that you would pay for your kids’ education; that your home would appreciate in value–is no longer a sure thing. So much has changed on the financial landscape that it’s hard
One way we determine whether someone is wealthy or not is based on net worth—"cattle," not "chattel." Net worth is defined as the current value of one's assets minus the liabilities.
A person's income and age are strong determinants of how much that person should be worth. In other words, the higher one's income is, the higher one's net worth is expected to be (assuming one is working and not retired).
If your goal is to become financially secure, you'll likely attain it. But if your motive is to make money to spend money on the good life , you're never gonna make it.
Just because you're in a profitable industry does not guarantee that your business will be highly productive. And even if your business is highly productive, you may never become wealthy. Why? Because even if you earn big profits, you may spend even bigger amounts on non-business-related consumer goods and services.