Monday, May 03, 2010

The Millionaire Next Door (Book Review)

Before authors like Suze Orman and David Bach cornered the market on personal finance, Thomas J. Stanley and William D. Danko released a book in 1996 that brought together their findings from interviewing millionaires.

The conclusions are simple and straightforward but go against some of our preconceptions that millionaires spend money lavishly. They are, simply, that millionaires, on average, spend less money than they earn, they live below their means, they save, and they are likely to spend more on their childrens' education than their non-millionaire counterparts.

Though almost fifteen years old now, I still recommend The Millionaire Next Door for anyone in interested in learning the simple, but plain and boring, tactics used by many people to amass fortunes over time.

2 comments:

  1. I have been meaning to read, "The Millionaire Next Door" for some time now. In order to goad myself into doing so I will be live blogging the book, with a post after each chapter.

    Follow along if you like at
    http://brownian-notions.blogspot.com

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  2. Y.H.N. - I like your idea to blog after each chapter, and I plan to follow along. Thanks also for your kind words about my blog on your 'The Millionaire Next Door - Introduction' post.

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