milliionaire next door book review

[selkirk]

Millionaire next door

Is a book a read this year, most of the books that I read have been worthwhile except for 2/3 that have been god awful.

The Millionaire Next Door (The Surprising Secrets Of America?s Wealthy) (Thomas J. Stanley, William D. Danko, Longstreet Press, 1996, pages 258

This is a bestselling book that mainly explores the main characteristics in Americans that have more than one million in net assets.

It is an interesting book, they point out in many different ways, and methods, that often it does not matter the amount of money a person has made during a year or years, and the amount they have in the end. Now obvious the more you make the better and easier it may be, but they show through many studies how people making an average salary built up a large portfolio.

If you want exact investment advice this book is not for you, it is an interesting look at how people spend or misspend their money. Also how the wealthy are even frugal when they have amassed a small/large fortune. A good quick read.

Thanks
selkirk

 

[DOGS THAT BARK]

Millionaire next door

Is a book a read this year, most of the books that I read have been worthwhile except for 2/3 that have been god awful.

The Millionaire Next Door (The Surprising Secrets Of America?s Wealthy) (Thomas J. Stanley, William D. Danko, Longstreet Press, 1996, pages 258

This is a bestselling book that mainly explores the main characteristics in Americans that have more than one million in net assets.

It is an interesting book, they point out in many different ways, and methods, that often it does not matter the amount of money a person has made during a year or years, and the amount they have in the end. Now obvious the more you make the better and easier it may be, but they show through many studies how people making an average salary built up a large portfolio.

If you want exact investment advice this book is not for you, it is an interesting look at how people spend or misspend their money. Also how the wealthy are even frugal when they have amassed a small/large fortune. A good quick read.

Thanks
selkirk

So true Kirk. Living within ones means is the key..not so much what one makes it what they do with it.

Compound interest is formidable tool...but it's a 2 way street
.
The guy earning $50,000 saving 20% and having no debt will always finish ahead of guy earning $150,000 but spending $200,000.

 

[selkirk]

that is a good examlple DTB, they showed how some groups which make less,have more millionaires.

many people making higher incomes spend more just to keep up with people who live in their neighbourhood. ie. keeping with the jones, buying new cars or anything just for status.

for the record the group of friends I grew up with are all doing well, but the ones with the most money did it often by investing and saving, a good friend said (the more I make the more I spend), though he is better at saving since he wants to retire early and at one time was laid off briefly, a financial scare, can do that...

thanks selkirk

 

[krc]

So true Kirk. Living within ones means is the key..not so much what one makes it what they do with it.

Compound interest is formidable tool...but it's a 2 way street
.
The guy earning $50,000 saving 20% and having no debt will always finish ahead of guy earning $150,000 but spending $200,000.

I agree :0074