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Thomas Stanley

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

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Amazon.com ReviewHow can you join the ranks of America’s wealthy (defined as people whose net worth is over one million dollars)? It’s easy, say doctors Stanley and Danko, who have spent the last 20 years interviewing members of this elite club: you just have to follow seven simple rules. The first rule is, always live well below your means. The last rule is, choose your occupation wisely. You’ll have to buy the book to find out the other five. It’s only fair. The authors’ conclusions are commonsensical. But, as they point out, their prescription often flies in the face of what we think wealthy people should do. There are no pop stars or athletes in this book, but plenty of wall-board manufacturers—particularly ones who take cheap, infrequent vacations! Stanley and Danko mercilessly show how wealth takes sacrifice, discipline, and hard work, qualities that are positively discouraged by our high-consumption society. «You aren’t what you drive,» admonish the authors. Somewhere, Benjamin Franklin is smiling.

From Library JournalIn The Millionaire Next Door, read by Cotter Smith, Stanley (Marketing to the Affluent) and Danko (marketing, SUNY at Albany) summarize findings from their research into the key characteristics that explain how the elite club of millionaires have become «wealthy.» Focusing on those with a net worth of at least $1 million, their surprising results reveal fundamental qualities of this group that are diametrically opposed to today’s earn-and-consume culture, including living below their means, allocating funds efficiently in ways that build wealth, ignoring conspicuous consumption, being proficient in targeting marketing opportunities, and choosing the «right» occupation. It’s evident that anyone can accumulate wealth, if they are disciplined enough, determined to persevere, and have the merest of luck. In The Millionaire Mind, an excellent follow-up to the highly successful first analysis of how ordinary folks can accumulate wealth, Stanley interviews many more participants in a much more comprehensive study of the characteristics of those in this economic situation. The author structures these deeper details into categories that include the key success factors that define this group, the relationship of education to their success, their approach to balancing risk, how they located themselves in their work, their choice of spouse, how they live their daily lives, and the significant differences in the truth about this group vs. the misplaced image of high spenders. Narrator Smith’s solid, dead-on reading never fails to heighten the importance of these principles that most twentysomethings should be forced to listen to in toto. Highly recommended for all public libraries. Dale Farris, Groves, TX
Copyright 2001 Reed Business Information, Inc.
This book is currently unavailable
271 printed pages
Original publication
2010
Publication year
2010
Publisher
RosettaBooks
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  • Ксения Буковскаяshared an impression7 years ago
    👍Worth reading
    🎯Worthwhile
    🚀Unputdownable

    Отличная книга с цифрами по делу, а не рекламными лозунгами

  • Soliloquios Literariosshared an impression5 years ago
    👍Worth reading
    💡Learnt A Lot

Quotes

  • Gulnaz Bedelbaevahas quoted8 years ago
    Have you ever noticed those people whom you see jogging day after day? They are the ones who seem not to need to jog. But that’#x2019;s why they are fit. Those who are wealthy work at staying financially fit. But those who are not financially fit do little to change their status.
  • Gulnaz Bedelbaevahas quoted8 years ago
    what is the effect of cash gifts that are knowingly earmarked for consumption and the propping up of a certain lifestyle? We find that the giving of such gifts is the single most significant factor that explains lack of productivity among the adult children of the affluent
  • Gulnaz Bedelbaevahas quoted8 years ago
    PAWs usually price sensitive when it comes to purchasing services? Not always. They are much less price sensitive when buying services that will help them control their family’#x2019;s consumption behavior.

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