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

by Cotter Smith,Thomas J. Stanley

  • Author: Cotter Smith,Thomas J. Stanley
  • ISBN: 0788750089
  • ISBN13: 978-0788750083
  • ePub: 1641 kb | FB2: 1668 kb
  • Language: English
  • Category: Investing
  • Publisher: Recorded Books; Unabridged edition (March 1, 2001)
  • Rating: 4.1/5
  • Votes: 464
  • Format: doc lit mobi lrf
The Millionaire Next Door: The Surprising Secrets of America's Wealthy ePub download

I love the book, The Millionaire Next Door. It talks about how it is a myth that most millionaires in America have inherited their money. The fact is, we have created such a great country over 250 years.

I love the book, The Millionaire Next Door. We have actually found the way for poor people to go from nothing to huge wealth and to create a life-changing opportunity for their children and grandchildren. We celebrate it, write movies about it, and our libraries are full of books about it. There is nothing wrong with that.

by Thomas J. Stanley & William D. Danko. The Millionaire Next Door -MANTESH. I tried to make sense of the Four Books, until love arrived, and it all became a single syllable. 81 MB·80,385 Downloads The Millionaire Next Door. 81 MB·31,585 Downloads. 141. 6: Affirmative Action, Family Style.

The Millionaire Next Door book. Goodreads helps you keep track of books you want to read. Start by marking The Millionaire Next Door: The Surprising Secrets of America's Wealthy as Want to Read: Want to Read savin. ant to Read.

From Library JournalIn The Millionaire Next Door, read by Cotter Smith, Stanley (Marketing to the Affluent) .

Most millionaires in America are self employed business owners, because they run their personal finances like their .

Most millionaires in America are self employed business owners, because they run their personal finances like their business finances. However, going into business for yourself is very risky so we don't really recommend that as a viable way to get rich. Very few millionaires have ever spent much money on a nice suit, pair of shoes, or luxury watch.

The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have . Most of the truly wealthy in this country don’t live in Beverly Hills or on Park Avenue-they live next door

The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don’t live in Beverly Hills or on Park Avenue-they live next door. com/?book B00CLT31D6).

Can you spot the millionaire next door? . 9 81 5 Kirjailija: Thomas J. Stanley,William D. Danko Lukija: Cotter Smith. Get the answers in The Millionaire Next Door, the never-before-told story about weath in America.

Can you spot the millionaire next door? Who ar. Saatavilla äänikirjana. Kieli: Englanti Kategoria: Talous & liike-elämä Kääntäjä: Lisätietoa äänikirjasta

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The Millionaire Next Door: The Surprising Secrets of Americas Wealthy Get the answers in The Millionaire Next Door, the never-before-told story about weath in America.

The Millionaire Next Door: The Surprising Secrets of Americas Wealthy. Written by Thomas J. Stanley and William D. Narrated by Cotter Smith. Read on the Scribd mobile app. Download the free Scribd mobile app to read anytime, anywhere.

Hellblade
This book was not at all what I was expecting, but contains some good advice that many would benefit from. For some background, my wife and I are relatively young and have career jobs. I bought this book for information on making the most of any extra income, learning more about investing strategies, options for generating passive income, and improving my personal finances. I did learn a few things, but not on these topics (maybe a bit on the last point). The book primarily focuses on interesting finds and anecdotes from the authors' years of research on millionaires in America.

The book is divided into eight chapters:
1. Meet the Millionaire Next Door
2. Frugal Frugal Frugal
3. Time, Energy, and Money
4. You Aren't What You Drive
5. Economic Outpatient Care
6. Affirmative Action, Family Style
7. Find Your Niche
8. Jobs: Millionaire vs. Heirs

The author essentially splits everyone into two categories: Underaccumulators of Wealth (UAWs) and Prodigious Accumulators of Wealth (PAWs). UAWs have a low net worth relative to income, and the opposite for PAWs and uses these terms throughout the book.

His primary argument is that PAWs get to be wealthy by living well below their means - these are people who do not look like millionaires, they live in modest neighborhoods, drive domestic sedans, wear a Timex, and usually have a blue-collar job that does not come with an expensive lifestyle associated and as a result can accumulate a sizeable nest egg. On the other hand, UAWs are typically well-educated professionals with high paying and high profile jobs (doctors, attorneys), but due to societal pressures associated with their social standing are forced to squander all their money living in luxury neighborhoods, driving German cars, and sending their kids to private schools. Their expensive lifestyle means that they spend most of their income and as a result have a low net worth, despite outward appearances.

I agree that this is good advice for just about anyone: live below your means and prioritize financial security over social standing. Growing up in a single-income family living in a modest middle class neighborhood, I'm quite used to the live-below-your-means philosophy and I think it gave me at least some sense of good financial discipline. If my parents are any indication, it works great.

Where the authors really lost my interest is that the rest of the book is chock full of anecdotes and some rather uninformative statistics to drive a few other points home. While some of these are good points and undoubtedly useful, they always seem to come with caveats or don't draw any real conclusion, which I found frustrating. Most of the points could have been made succinctly in about 1/10 the amount of page space the authors dedicate to them. These include:

- Most millionaires in America are self employed business owners, because they run their personal finances like their business finances. However, going into business for yourself is very risky so we don't really recommend that as a viable way to get rich.

- Very few millionaires have ever spent much money on a nice suit, pair of shoes, or luxury watch. They usually live in modest neighborhoods or rural areas where the cost of living and social pressures of consumerism are lower.

- First generation millionaires (often immigrants) tend to be succeeded by children with financial struggles, since the parent's desire to "give them a better life" pushes them into careers where they become UAWs, and their upbringing in our consumerist culture impedes their ability to live frugally. But even if it turns them into UAWs, encourage them to go to college and aspire to a while-collar professional job.

- Parents giving money to their children develops and reinforces poor financial habits. This money is almost always immediately spent, and these children generally have no savings since they are looking to their parents as their safety net and counting on an inheritance. Doing things like buying children a house in an upscale neighborhood or sending grandkids to a private school actually makes the children worse off, since they have to spend more to maintain the associated lifestyle.

- The authors spend an inordinate amount of time and space comparing different careers, which I found next to useless since I'm very happy with my chosen career (Engineer) and have no intention of changing. They continually deride pretty much every professional job you can think of, and simultaneously praises how great working for yourself or owning a business is while going on about how difficult and risky it is to actually own a successful business. The author does not recommend changing careers, but again, this is more of a discussion of what their research has shown than any sort of "how to" advice.

- Car buyers fall into four categories: whether you buy new or used, and whether you buy from the same place or shop around. The authors devote an entire chapter to this while only coming to the following conclusions: no method of buying a car is the clear winner, but if you own a business you may benefit from your connections with the owners of car dealerships; and most millionaires drive unassuming domestic (and to a lesser extent, Japanese) cars purchased new or lightly used.

A final note - curiously, I found no mention of anything real-estate related, which to me is highly unusual in any sort of book about building wealth. The only investment advice found here is in the final chapter and could be summarized as "invest in what you know." That is, if you work in a certain sector, your knowledge of the industry will help you make good investment decisions. Not sure how I feel about this one. For example: not working in technology doesn't mean blue-chip tech stocks are a bad investment. Take it with a grain of salt.

One last complaint: most of the financial figures are presented in mid-1990s dollars. I found it frustrating to have to mentally convert to today's dollars to get a relative sense. The authors took the time to update the preface in 2010, it would have been nice to see a revision to the figures quoted throughout the book. (For reference, one 1996 dollar is worth about 1.6 dollars in 2017).

In summary, I was surprised about the amount of praise heaped on this book. I would hardly categorize it as a self-help book, it's more a retrospective on the authors' research and a collection of anecdotes and interesting conclusions about the countless Americans leading unglamorous lives while accumulating appreciable amounts of wealth. It's a quick read and I made it through the whole book on a 5-hour flight with time to spare. I would only recommend this book as an interesting overview of some good financial habits, or as an eye-opener for those with luxurious financial tendencies who struggle to save money despite their income level. However, for those who have already developed some discipline and are looking for detailed strategies and advice on personal finance and building wealth via investments and generating passive income, look elsewhere.
generation of new
This is such an inspiring read because it shows almost anyone can become a millionaire if you live below your means and invest well. I love that the majority of millionaires are people you'd never suspect because they don't live flashy lives in big houses with high-status toys abounding. If you make $200,000 a year, but spend $220,000, you're in trouble. But if you make $50,000 a year and live on $35,000, investing the rest, over time you're going to be in great shape.

I grew up in a super-affluent suburb. My friends' lived in big houses and mansions with luxury cars and country club memberships. We lived in one of the smallest houses in the suburb. My mom was so frugal. I thought it was such a drag!! But when she died (too young), she'd saved enough so that my dad, who lived another 30-some years, was comfortable in retirement. I wonder now if any of my high school friends' parents were actually living on the edge in trying to keep up with the Joneses.

Years ago, I used to charge like crazy. Now I save like crazy, just like my mom.
lifestyle
In a word, this book was fascinating.

In summary, this book was essentially a long stream of curated data distilled into a finely tuned narrative that I just couldn't put down.

At first glance, the title "The Millionaire Next Door" might sound like some trashy novel just begging for glamour and it's 15 minutes in the spotlight, but this couldn't be further from the truth. I assume most people, when they think of the world 'millionaire,' they think of a high class, high consumption lifestyle full of limitless indulgence. However, Thomas Stanley goes through great length in this book to show precisely why this isn't so. Through countless interviews and a vast list of data, Stanley pulls together that the average millionaire is anything but the cocaine-induced celebrity so often featured in mainstream media.

Quite the opposite, being an average millionaire is within reach of just about everyone. The American Dream is alive and well, but only for those who are willing to sacrifice.

It's kinda funny in a sense. This book put into words and data a lot of things I noticed growing up. I've always said that there are two ways to have more money: make more or spend less, and I prefer to do both. As it turns out, most millionaires feel the same way, and they invest their savings into appreciating assets rather than depreciating assets, like real estate and stocks/bonds as opposed to clothing and cars. The average millionaire doesn't reach such a status until late in life, and inheriting large sums of money more often than not dooms any developing child to a life of high-spending with few fulling achievements.

I could go on, but it's really pointless. In a way, Thomas is simply a messenger, presenting the data he found in an easy to follow format that drives home a list of bullet of points. However, despite this, I still found this book amazing and uplifting, because the message it presents is exceptionally hopeful and inspiring. Everyone should read this book, to help themselves and their finances, because there are no second chances when it comes to time and money.
Kerry
This pretty much supports everything that Dave Ramsey says about the differences between those who truly are wealthy and those playing the part. If you want to be wealthy, do what wealthy people do! This has nothing to do with luck, or being an entrepreneur (although it doesn’t hurt) but living below your means, having a budget, investing and not trying to impress people you don’t like with money you don’t have! Every now and again on the Dave Ramsey podcast he hosts the millionaire theme hour and it is really inspiring to note that the majority of millionaires he interviews are regular “blue collar” people. They live in our neighborhoods, drive used cars and work at our companies, hence “the millionaire next door!”
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