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73 of 73 people found the following review helpful
4.0 out of 5 stars An intriguing insight into the reality of creating wealth
This book exposes the truth behind the great wealth generators of America. Its message however has universal application. Contrary to expectation, real accumulators of wealth don't do any of the things that popular perception would have us believe. They don't have expensive tastes, live in plush houses, drive executive cars or wear the trappings of success. Instead, they...
Published on 16 Jan 2002 by Richard S. Tadman

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18 of 19 people found the following review helpful
3.0 out of 5 stars I'd rather not live next door to these people!
After reading this book I would rather not be "The Millionaire Next Door" I think I would prefer living a few streets away because the characters portayed are miserable with no need for such a high net worth. You could summarise the book in a sentence ot two by saying that you do not have to earn a lot in order to bank a million. Live the simple life, don't enjoy anything...
Published on 19 April 2011 by S. THOMSON


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5 of 5 people found the following review helpful
4.0 out of 5 stars Worth the money at this price, 18 Dec 1999
By A Customer
This review is from: The Millionaire Next Door (Paperback)
I agree with many of the previous reviewers that the advice offered in the book is similar to that proferred by Mr Micawber in Dickens's "David Copperfield" - i.e. spend less than you earn. Still, the book is a good read and also offers advice to the young on the most lucrative occupations to follow.
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5 of 5 people found the following review helpful
1.0 out of 5 stars Misses the Point, 26 Dec 1998
By A Customer
This review is from: The Millionaire Next Door (Paperback)
The problem with this book is that the authors take data about millionaires' spending habits and mold it into a recipe for acquiring wealth. Of course, frugality is key. But whether or not you choose Timex over Rolex, or Buick over BMW is much less important than investing money wisely. And this book does not cover investment concepts like portfolio management and diversification. Furthermore, the reason many of the so-called wealthy are frugal, middle-of-the-road spenders is that their incomes are modest, five-figure salaries, and their net worth conists largely of stocks and other holdings. In other words, these individuals often don't have enough disposable income to be considered truly wealthy and spend voraciously. If the authors at least discussed the "greatest invention of the 20th century" (acc. to Einstein-compound interest-the book might be useful for those looking to start building a retirement nest.
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5 of 5 people found the following review helpful
5.0 out of 5 stars If only my family would read this book ..., 8 Dec 1997
By A Customer
I finished this book in one weekend -- I have to admit the topic had me absolutely mesmerized from the start! I've finally got the answer to the key financial question I've been contemplating for some time: Am I really headed in the right direction financially? And how do I compare to the folks who have already accomplished the same goals I'm pursuing?
I found that the case studies of the Prodigious Accumulators of Wealth (PAWs) -- folks who've achieved a net worth of $1M or more -- to be quite fascinating. These people are by and large "just regular folks" -- except that they haven't concentrated on accumulating the external trappings of so-called wealth that many of the assumed "well-to-do" Americans (the vast universe of Underachievers of Wealth, or UAWs) have been chasing . The authors' message? If you work relatively hard, live below your means, and use the compounding power of time as your ally, you will eventually accumulate extensive wealth. Nothing our parents or grandparents haven't already told us -- but now, here's definite proof their soothsaying had and still has merit.
And this isn't all just some fancy economists' theory. It's backed up by extensive research provided by the selfsame folks who have accomplished their financial goals, including reams of statistics and some interesting interpretations (like buying a car "by the pound").
Unmentioned in most other reviews: The two authors have also provided an equation based on statistics gleaned from the PAWS. The equation allows a reader to find out what side of the UAW/PAW paradigm they're on.
Are these folks happy? I'm not sure. And who cares? This book lays out a roadmap to financial success; it's not SUPPOSED to be a weighty Aristotlean tome on how we're supposed to live. If you want principle-based living, read Steven Covey and the like.
I'm getting this book for my brother for the Yule. I just hope it helps him get his head out of his arse financially, stop gambling on the riverboats, and halt economic aid to his ungrateful (and unworthy) kids.
Another great gift suggestion: Send this to your friends and family members in Amway and other direct marketing "businesses." Ask them why no Amway distributors made the list of millionaires!
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13 of 14 people found the following review helpful
1.0 out of 5 stars Not worth the money or time to read it., 10 July 1999
By A Customer
This review is from: The Millionaire Next Door (Paperback)
This book is simply clever marketing of common sense money management. It could be reduced down to a couple of chapters. Basically all the advice and anecdotes boil down to is to live within or beneath your means, save a percentage of your income and invest it carefully. There are a few pearls of wisdom, but they are few and far between, and not worth the time it takes to read the book. There are much better books on money management that actually help you construct and realize a plan for your financial health.
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4 of 4 people found the following review helpful
4.0 out of 5 stars There is no level of income you can't outspend., 5 Aug 1999
By A Customer
This review is from: The Millionaire Next Door (Paperback)
I just finished rereading MillionaireNext Door for the third time, it's a great book, must reading for everyone and anyone serious about their financial future. I have also read some of the reviews. It seems that some people have confused the term "frugality" with "cheap". But I'll bet all of those detractors of this book are also paycheck to paycheck and deep in hock. Yes they may show all of the trappings of wealth; high profile job, beautiful house, 2-3 cars, beautiful clothes and jewerly etc., etc.But what is their net worth???? A key phrase is that there is no level of income that you can't outspend. You may make a million dollars per yearand live a beautiful lifestyle, but if you're spending 125% of your income, guess what, you're still BROKE! Along with Millionaire next door, I also suggest, particularly to the naysayers, "You earned it, don't lose it" "More Wealth without Risk" and "Financial Self DeFense" Money is somewhat like health. Many people just don't understand it's valueuntill it's too late!
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4 of 4 people found the following review helpful
5.0 out of 5 stars The one-stars have missed the point..., 28 Jun 1999
By A Customer
This review is from: The Millionaire Next Door (Paperback)
Read past the first chapter of this book (which presents the extreme view), and read interpretively. The authors are not necessarily saying that you should amass a great fortune without enjoying yourself along the way. What they are saying is that if you ever want to live your current lifestyle independent of a paycheck (i.e. retire) then you need to build up a reserve of self-sustaining wealth. And if your are spending all that you're earning now on consumable items, then no matter how high your income is you will never be able to save enough to support that same level of expectation later. So you will always live paycheck-to-paycheck and you will experience a sharp decrease in living standard if you do retire. The point is that we need to plan our lifestyles/spending habits taking into account the present AND the future.
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4 of 4 people found the following review helpful
1.0 out of 5 stars The most useless book I have ever read., 26 Dec 1998
By A Customer
This review is from: The Millionaire Next Door (Paperback)
The whole premise of this book is that if you don't spend any money you will be rich. Duh. You also won't enjoy life. The authors never really even say why you would want all this money that you can't spend. There is definitely one situation in which you should take the authors' suggestion: don't buy this book. If you want a good book on personal finance, get Eric Tyson's Personal Finance for Dummies.
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72 of 81 people found the following review helpful
5.0 out of 5 stars Because "Common" Sense is Not So COMMON, 19 July 2001
By A Customer
This review is from: The Millionaire Next Door (Paperback)
MND is basically an encyclopedia of common sense but the reason it has become so popular and debated is because morons ARE common in this culture and common sense is not.
Some individuals complain because they do not need the information that this book has to offer. Why do they force themselves to read it? Read something else...that would be afterall, common sense. If the truth be known there are many thousands of people who do need the information in this book...common sense would also tell you that that is why it is so popular.
I am the child of inner city lack, injustice and poverty. My father and my mother divorced in the 70's. My father lived paycheck to paycheck as an auto worker for Ford Motor Company. My mother raised 3 children alone on welfare.
A correct relationship with money and the accumulation of wealth was never modeled to me or my contemporaries. The cycle of poverty of body, mind and sometimes even spirit is an unending one among many segments of American society.
Information, like knowledge is POWER!
This book gives information and with information some people will be able to break negative cycles and free themselves from the bondage of ignorance and poverty. If I had read this book when I was 20 years old instead of now at the age of 35, my situation as the divorced parent of 3 would be significantly improved.
BETTER LATE THAN NEVER HOWEVER.
I work with the "adult" children of high income producers. I am an academic adviser in a private college. EVERYTHING the book says about these over indulged/ under motivated young people is true. Many have little drive, focus or appreciation of the need to work hard. "Mommy and Daddy" have done it all for them and as long as Mommy and Daddy continue to fund their life long party, they will be just fine----and they know it.
My children can not however, afford to have such an attitude. Neither can I. My father barely provided support for me to have clothes and food as a child. He certainly did not contribute anything toward my well being as an adult. What's more is that I never expected him to.
I have purchased a copy of this book on CD and have begun listening to it with my teenaged children. They love it! There may or may not be time enough for me to become a millionaire before I turn 40 BUT my children will be empowered with the perspective needed to obtain the tools and nurture the attitudes that foster wealth accumulation.
I thank Thomas Stanley for his contribution to the vast warehouse of information that is available to us all. If one person reads this work and it improves the quality of her/his life then a great blessing has been bestowed upon us all.
P E A C E
labl
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17 of 19 people found the following review helpful
1.0 out of 5 stars Scottish, careful with money, wealthy, and I still think, 31 July 1999
By A Customer
This review is from: The Millionaire Next Door (Paperback)
this book stinks. The lesson from the last ten years is that you need to be adaptable to the job marketplace, build your own career path, and take risks (investing also helps). Penny-pinching is all very laudable, but is only one small part of the equation. I was brought up in Scotland, and don't tend to spend money foolishly (I buy a car I can afford, not lease one to impress the neighbours, etc.), but that is not what makes me wealthy. What makes me wealthy is that I enjoy my life, I have a challenging job and a great family. If you are naturally tight, buy this book, revel in how much better you are than your neighbours given the authors formula for personal happiness (God knows, everybody around you probably isn't - have you noticed that?). Otherwise focus your self enhancement energy on what makes you happy, not somebody else. As one of my friends once told me - be successful - the money will follow. (BTW, there seems to be some personal attacks on the one-pointers, the thrust being that we are poor and therefore bitter - that is not the case with me, I'll accept smug, but that's all :).
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10 of 11 people found the following review helpful
1.0 out of 5 stars Waste of time, 20 April 1999
By A Customer
This review is from: The Millionaire Next Door (Paperback)
After the first 3 chapters skimmed the rest. What a waste of time. There is nothing in the book which shouldn't be obvious to the most common layperson.
Then only points I got from the book are; 1. Live within your means. 2. Get a well paying job.
Some of their examples are sooo one sided. In one case they state that the rich don't move their investments around and invest for the long-term (buy and hold). Yet on the very next page they state that they spend alot more time on their investments than the underachievers, something like 250hr/year. I don't get this, 250hr/year to do what? They buy-and-hold! That's way too much time for this investing method.
Another example is when they look at car buying habits. One guy is buying for utility purposes and another guy is buying because he enjoys fine cars. Two totally different situations. The latter is enjoying the act of researching/buying while the former is more interested in saving money and gettng a car. The book ignores this important fact.
Be frugal but enjoy life at the same time.
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The Millionaire Next Door
The Millionaire Next Door by William D. Danko (Paperback - 26 Oct 1998)
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