The Millionaire Next Door: The Surprising Secrets of America's Wealthy Paperback – 1 Nov 2010
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The implication of The Millionaire Next Door...is that nearly anybody with a steady job can amass a tidy fortune. Forbes The kind of information that could lift the economic prospects of individuals more than any government policy...The Millionaire Next Door has a theme that I think rings very true..."Hey, I can do it. You can do it too!" -- Rush Limbaugh [A] Remarkable book. The Washington Post A nerve has been hit...[For] people who want to become wealthy. USA Today A primer for amassing wealth through frugality. The Boston Globe An interesting sociological work. Business Week A fascinating examination of the affluent in American society. The Dispatch (Lexington, NC), (Nc) Dispatch These, for the wise, are tips for all of us...A very readable book. Cox News Service Debunks the image of the rich as high-living spendthrifts. U.S. News and World Report 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. 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. -- Bernie Sanders The authors mine reams of data to show the surprisingly frugal traits millionaires have in common. "The main lesson provided is that high income does not equal wealth," said J.R. Rosskamp, managing director of Veritas Partners, Inc., a business consulting firm. Rosskamp calls "Millionaire Next Door" a "must read, and the earlier the better." Chicago Tribune
About the Author
Thomas J. Stanley is an author, lecturer, and researcher who has studied the affluent since 1973. He lives in Atlanta, Georgia. William D. Danko is associate professor of marketing in the School of Business, University at Albany, State University of New York.
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Greatest lesson is - Money & wealth are two different things.
this book teaches to live with less money & build wealth.
Even a salaried person can be come millionaire with steadily following advice from this book.
simple take away from book is - live within your means, do not spend extra for show off.
Also it stresses that do not spoon feed your children with your money- build money discipline in them.
No one cares to spend lavishly, the money earned by others. children who receive money from parents as support, inheritance, outpatient care etc. tend to be more dependent on parents & breakdown when parental financial support is lost.
my simple understanding of book in 7 lines for salaried people to become millionaire-
maintain following limits on your cash & it will lead to be millionaire -
1. Mortgage amount < total income for 2 years
2. monthly interest < 45% of monthly income
3. Household Expenses < 40% of monthly income
4. yearly Savings >15 % annual income
5. Wealth > (age/10) x annual income
6. wealth goal = 10 X annual income
7. Equity investment > 20% of wealth
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