The Millionaire Next Door, by Thomas J. Stanley and William D. Danko, had been on my list forever. I had pushed it off because I thought it would be similar to the various other “tips to become wealthy” books, but I was totally wrong.
This book is an absolute must read for anyone that wants to be truly financially free or hopes to make a substantial amount of money in their lives…and it’s unlike any other book I’ve ever read.
First, let me just say that The Millionaire Next Door is based on serious research. It is NOT based on the life of the author, lessons they learned from their father, or things they wished they’d done differently. For decades, they studied the wealthy, held focus groups, and conducted surveys. That alone makes this book seriously unique. It is not based off of one person’s success – it’s an actual portrayal of wealthy people in America.
The result? Probably not what you’d think. As the title gives away, most millionaires are right next door and you’d probably never know. Why? Because they don’t spend their fortunes on frivolous things. They live below their means and invest wisely.
But that revelation is not what is so eye-opening about this book. They delve into the habits, upbringing, and thought-process of actual millionaires and some of those things come as a true surprise (and often just a must-needed wake-up call).
Some of the more interesting aspects of being a millionaire that the authors cover are the way they acquire their money, the tax implications, how they save it, and the effects that this money has on their children.
Aside from being really interesting and eye-opening, this book provides great guidance for how you should manage your lifestyle if you want to be truly financially free. And if you’re just starting off in life, PLEASE PLEASE PLEASE read this book! You will be so happy to have the right advice when it comes time for all the major life decisions ahead of you.
The Millionaire Next Door is a definite must-read and one that I will absolutely read again. So add this one to your reading list! You won’t regret it.