06 June 2009

The Millionaire Next Door

Since i’ve gotten a few books from the library i thought i should share my findings.  My most recent read is The Millionaire Next Door by Thomas J Stanley & William D Danko.  This book has a great reputation that is well deserved.  It is based on years or research and interviews with millionaires.  It is easy to read.  It gives great insight into the difference between millionaires and their neighbors.  None of the millionaires are the ones seen on TV.  Reading this book was a great vindication for the things i’m doing.  To see i’m as or more frugal that the average millionaire in my spending habits is great confirmation that i’m on the right track.

This book is not for everyone.  This book does not teach you how to become rich.  It teaches you what those who are already millionaires are doing.  Since this is a research book it is full of research and the results.  This book will be most enlightening to those who are not frugal.  It’s biggest point is defense vs offense.  Defense of being frugal.  Defense of planning for the future.  Offense to say you must make a decent wage.  This book often tells you both are required to become a millionaire.  If you are reading personal finance blogs you are likely not going to learn many groundbreaking things in this book.  It will make you feel better about yourself that you seem to be on track.

I recommend this book to anyone reading personal finance blogs.  It can seem long winded at times.  Some people would rather skim for the bold type only.  Don’t.  Read it.  Otherwise you’ll miss learning that the profession with the largest percentage of millionaires is …

1 comment:

  1. great book. there's now (finally) a website for this: http://www.thomasjstanley.com...good blog.