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The Next Millionaire Next Door: Enduring Strategies for Building Wealth
Over the past 40 years, Tom Stanley and his daughter Sarah Stanley Fallaw have been involved in research examining how self-made, economically successful Americans became that way. Despite the publication of The Millionaire Next Door, The Millionaire Mind, and others, myths about wealth in American still abound. Government officials, journalists, and many American still tend to confuse income with wealth. A new generation of household financial managers are hearing from so-called experts in personal financial management due to the proliferation of the cottage industry of financial blogs, podcasts, and the like. In many cases, these outlets are simply experiences shared without science, case studies without data based on broader populations. Therefore, the authors decided to take another look at millionaires in the United States to examine what changes could be seen 20 years after the original publication of The Millionaire Next Door. In this book the authors highlight how specific decisions, behaviors, and characteristics align with the discipline of wealth building, covering areas such as consumption, budgeting, careers, investing, and financial management in general. They include results from quantitative studies of wealth as well as case studies of individuals who have been successful in building wealth. They discuss general paths to building wealth on your own, focusing specifically on careers and lifestyles associated with each path, and what it takes to be successful in each.
272 pages, Paperback
First published October 1, 2018
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3852 people want to read
About the author
Thomas J. Stanley
31 books567 followersThomas J. Stanley was an American writer and business theorist. He was the author and co-author of several award-winning books on America's wealthy, including the New York Times’ best sellers The Millionaire Next Door and The Millionaire Mind. He served as chief advisor to Data Points, a company founded based on his research and data. He received a doctorate in business administration from the University of Georgia. He was on the faculty of the University at Albany, State University of New York. He taught marketing at the University of Tennessee, University of Georgia and Georgia State University (where he was named Omicron Delta Kappa's Outstanding Professor).
Thomas Stanley was born in the Bronx in 1944. His father worked as a subway car driver, while his mother was a homemaker and secretary. He attended college in Connecticut, doing graduate work at the University of Tennessee. He earned a doctorate at the University of Georgia, and eventually moved to the Atlanta area to teach at Georgia State University. Stanley spent most of his career studying how the financially successful Americans in a wide range of professions and with a varying level of income acquired their wealth on their own. In 2015 he was killed by a drunk driver at the age of 71. During his last days, he was working on a book with his daughter, an industrial psychologist, who later finished it. The book is called The Next Millionaire Next Door: Enduring Strategies for Building Wealth, and attributes authorship to Thomas J. Stanley and his daughter, Sarah Stanley Fallaw.
Thomas Stanley was born in the Bronx in 1944. His father worked as a subway car driver, while his mother was a homemaker and secretary. He attended college in Connecticut, doing graduate work at the University of Tennessee. He earned a doctorate at the University of Georgia, and eventually moved to the Atlanta area to teach at Georgia State University. Stanley spent most of his career studying how the financially successful Americans in a wide range of professions and with a varying level of income acquired their wealth on their own. In 2015 he was killed by a drunk driver at the age of 71. During his last days, he was working on a book with his daughter, an industrial psychologist, who later finished it. The book is called The Next Millionaire Next Door: Enduring Strategies for Building Wealth, and attributes authorship to Thomas J. Stanley and his daughter, Sarah Stanley Fallaw.
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Displaying 1 - 30 of 280 reviews
May 2, 2019
I read the original “Millionaire Next Door” when it came out, and I found it one of the most affirming books I’ve read. This book described how I thought about money, and let me know that that way of thinking, as a “prodigious accumulator of wealth,” is how “balance sheet” millionaires (as opposed to the “income statement” millionaires that make a lot but don’t save at a high rate) think and live. Low key, not flashy. I ended up reading all of Dr. Stanley’s books, and I looked forward to this one when I saw what I thought was his update.
But it isn’t. This is a book written by Dr. Stanley’s daughter, who explains in the introduction that her father was killed by a drunk driver years before. His contribution to the book are a number of blog entries written about the topics he enjoyed writing about. Stanley’s daughter arranged the book loosely in the same kind of organization as the first “Millionaire Next Door”, covering about the same topics. But her father’s contributions to the book are disjointed. While interesting, you still know you are reading loosely organized blog posts, sometimes not very related to the rest of the book, and often setting a different tone. I did not like the way this book was written. I found it a bit of a mess in terms of voice of the author and organization. The author seems to drop in the concept of FIRE (representing financial independence and early retirement) in random places, sometimes where it makes sense, sometimes not, seemingly pandering to this audience. The author is also a statistician, gathering data through research and survey, and focused on the kinds of people profiled in this book. While certainly appropriate for this book, the tone I felt was one of self-promotion. I can live with a little of that – this went a bit over what I was comfortable with. I also found the writing just difficult to read, and found it hard to maintain interest.
To the good, I found the update of research on the practices of millionaires marginally interesting, though for the most part the research showed that nothing has changed. I think this book provides an update to the original, but the original still has this one beat based on readability and impact. While I really wanted to (and expected to) like this one, I would recommend the earlier "Millionaire Next Door" for those interested in this topic.
But it isn’t. This is a book written by Dr. Stanley’s daughter, who explains in the introduction that her father was killed by a drunk driver years before. His contribution to the book are a number of blog entries written about the topics he enjoyed writing about. Stanley’s daughter arranged the book loosely in the same kind of organization as the first “Millionaire Next Door”, covering about the same topics. But her father’s contributions to the book are disjointed. While interesting, you still know you are reading loosely organized blog posts, sometimes not very related to the rest of the book, and often setting a different tone. I did not like the way this book was written. I found it a bit of a mess in terms of voice of the author and organization. The author seems to drop in the concept of FIRE (representing financial independence and early retirement) in random places, sometimes where it makes sense, sometimes not, seemingly pandering to this audience. The author is also a statistician, gathering data through research and survey, and focused on the kinds of people profiled in this book. While certainly appropriate for this book, the tone I felt was one of self-promotion. I can live with a little of that – this went a bit over what I was comfortable with. I also found the writing just difficult to read, and found it hard to maintain interest.
To the good, I found the update of research on the practices of millionaires marginally interesting, though for the most part the research showed that nothing has changed. I think this book provides an update to the original, but the original still has this one beat based on readability and impact. While I really wanted to (and expected to) like this one, I would recommend the earlier "Millionaire Next Door" for those interested in this topic.
February 25, 2019
Basically an overly-long (since much of the material is repeated 4-10 times or more) advertisement for the original book. Since--as the book points out several times--time is a non-renewable resource, save your time and read that one instead. There isn't enough new material here to be worth the time, and there certainly isn't a book's worth of new material.
The intent was to revisit the old book and "bring it up to date". If you want to save yourself several hours, here's a spoiler alert: nothing has really changed in the intervening two decades except that the rise of the Internet in the meantime has made investing and/or starting your own business much easier and almost free, so it's just as possible to become a millionaire next door now as it was then and possibly even easier. Find a dozen different ways to say that in order to pad it out to a few hundred pages and you have the book in a nutshell.
The intent was to revisit the old book and "bring it up to date". If you want to save yourself several hours, here's a spoiler alert: nothing has really changed in the intervening two decades except that the rise of the Internet in the meantime has made investing and/or starting your own business much easier and almost free, so it's just as possible to become a millionaire next door now as it was then and possibly even easier. Find a dozen different ways to say that in order to pad it out to a few hundred pages and you have the book in a nutshell.
January 12, 2019
Chris Reining -- who is a favorite FIRE (Financial Independence, Retire Early) blogger -- puts this book's original version at #1 on his list of the five personal finance books everyone should read. I'm working through that list, saw that this updated version was just released, and decided to read it instead. What's the use, I figured, of reading something outdated? But I found this update difficult to slog through, as it constantly referenced the original book and related writings, such that it was constantly jumping around, peppering the reader with little factoids and anecdotes, at the expense of providing meaningful synthesis or conclusions. That's perhaps understandable given this book's preparation and release in the wake of the lead author's tragic untimely death (killed by a drunk driver); at times, this reads like a tribute. And that's not to focus on the negative: I did pick up some useful ideas (e.g., distinguishing between income and wealth, and the importance of transforming the former into the latter) and was reminded of many others (e.g., the value of living below your means, being contrarian, exploring entrepreneurship, etc.). But overall, the value here is sharing personal finance best practices, timeless advice that won't change with the latest update, and thus, if I could do it again, I'd read the original.
February 19, 2021
DNF. What an absolute joke of a book.
I literally don't know where to begin with this one. Although this is a follow-up to the original Millionaire Next Door, The Next Millionaire Next Door spent a majority of the time regurgitating and alluding to stats from the original without going into exactly what was said assuming we all had the previous book memorized... and that wasn't even the worst part.
What REALLY blew my mind is how poorly this book aged and the laughable things that were written in it. The author tells a story about a man who loved his job as a park ranger, but due to changes his role was restructured to become more of a parking lot manager and he was deeply unhappy. However, Fallow says it is clear this man didn't REALLY care about his job and gave up all of his opportunities for success because he didn't want to go back to college to qualify for a better job and that he didn't dress "nice enough" for success. Ultimately, blame was shifted on the individual for not wanting to take out loans or wear a suit to work.
Situations like this were abundant and, you know, the fact that Fallow was saying things like millionaires DESERVE to pay lower taxes because of their "charitable donations."
My final straw was when the author had the audacity to include a section about millionaire myths and note that (and I'm not making this up) NOT ALL MILLIONAIRES ARE EVIL, THAT UNFAIR DISCRIMINATION AGAINST THE RICH IS REAL IN THE UNITED STATES, AND THAT IT SHOULD BE TAUGHT ABOUT IN OUR SCHOOLS.
ABSOLUTELY LAUGHABLE. I literally couldn't read this book for one more second.
I literally don't know where to begin with this one. Although this is a follow-up to the original Millionaire Next Door, The Next Millionaire Next Door spent a majority of the time regurgitating and alluding to stats from the original without going into exactly what was said assuming we all had the previous book memorized... and that wasn't even the worst part.
What REALLY blew my mind is how poorly this book aged and the laughable things that were written in it. The author tells a story about a man who loved his job as a park ranger, but due to changes his role was restructured to become more of a parking lot manager and he was deeply unhappy. However, Fallow says it is clear this man didn't REALLY care about his job and gave up all of his opportunities for success because he didn't want to go back to college to qualify for a better job and that he didn't dress "nice enough" for success. Ultimately, blame was shifted on the individual for not wanting to take out loans or wear a suit to work.
Situations like this were abundant and, you know, the fact that Fallow was saying things like millionaires DESERVE to pay lower taxes because of their "charitable donations."
My final straw was when the author had the audacity to include a section about millionaire myths and note that (and I'm not making this up) NOT ALL MILLIONAIRES ARE EVIL, THAT UNFAIR DISCRIMINATION AGAINST THE RICH IS REAL IN THE UNITED STATES, AND THAT IT SHOULD BE TAUGHT ABOUT IN OUR SCHOOLS.
ABSOLUTELY LAUGHABLE. I literally couldn't read this book for one more second.
May 3, 2019
Quite dry, full of many charts which are difficult to understand and often do not add much to the text. The tone is very defensive as Fallaw spends more time responding to critics than presenting any new or updated information. The best parts of the book were the many insertions written by Stanley before his untimely death. This title was also more discouraging to people who choose to remain employed in lower income positions rather than starting their own business than I remember the original book being, and basically dismissed any making such a choice as never amounting to anything.
There is still good information here, but there are many other places where this information is far more easily obtained, and more pleasurable to read.
There is still good information here, but there are many other places where this information is far more easily obtained, and more pleasurable to read.
June 16, 2024
While there were some interesting points, this book just felt like one big ad campaign for the first edition of the book that her father wrote.
December 20, 2018
The 1996 The Millionaire Next Door was an eye opening mindset shift.
The Next Millionaire Next Door is a compilation of insights and behavior over the past 20 years. Daughter, Sarah Stanley Fallaw, of Thomas J Stanley does a great job of organizing and sharing the information gathered by Dr. Stanley before he was killed by a drunk driver in 2015. The behaviors and mindsets of wealth builders is mostly unchanged, but the rise in technology opportunities available today give a wider opportunity for wealth builders to control their savings and investing strategies. Informative, encouraging and enlightening.
The Next Millionaire Next Door is a compilation of insights and behavior over the past 20 years. Daughter, Sarah Stanley Fallaw, of Thomas J Stanley does a great job of organizing and sharing the information gathered by Dr. Stanley before he was killed by a drunk driver in 2015. The behaviors and mindsets of wealth builders is mostly unchanged, but the rise in technology opportunities available today give a wider opportunity for wealth builders to control their savings and investing strategies. Informative, encouraging and enlightening.
February 22, 2019
Yikes! This content may have had some nuggets but it was all but impossible to find them within the train wreck. It is all but unreadable. Needed a serious editor. Or two! The information was dry, repetitive, and disjointed. I think it was sweet that they were trying to include info from their late father but the random excerpts were so disruptive it just added the air of chaos.
June 30, 2020
This is an updated version of one of my favorite books ever, The Millionaire Next Door, twenty years later. The original books premise was to dissect who the wealthy really are in America and the character traits and spending habits of the millionaires. It highlights frugality, deliberate planning, and self-discipline as characteristics that lead one to become a millionaire, rather than typical assumptions of luck, lottery winnings, or inheritances. This updated version is written by both Thomas Stanley, the original author, and Sarah Stanley, his daughter and twenty years later, many of the characteristics still remain the same. There is a lot of commentary about the psychology of wealth-accumulators such as remaining free from the influences of lifestyle creep and such but many of the points remained the same. The same principles that lead to wealth accumulation are still constant now, despite changing economic and political circumstances. There are amazing case studies within this book that highlight individuals with average (eg. $60k/yr) incomes that become millionaires or individuals who did not succeed in school but ended up becoming wealthy which are undoubtably inspiring. These books really resound with me not simply due to finance, but rather due to the discussion about character values and allows one to focus on what is important. There are some redundancies in the book and of note the heavy leaning on psychology may be due to the daughter having an educational background there, rather than a business background. A solid read for anyone.
February 21, 2019
I live by the original Millionaire Next Door book. It shaped my views on money, work and life. I was beyond thrilled to read the sequel, written by the author's daughter, two decades later.
Unsurprisingly, the time-tested principles of Millionaire Next Door remain true for today. Her findings are largely the same for those who are PAWs (prodigious accumulators of wealth, aka millionaires who have high net worth) but some data points did fluctuate for UAWs (under accumulators of wealth, aka high income earners with low net worth). UAWs are now more influenced than ever, with social media and increasing definitions of status signaling. They are getting richer by income but staying just as broke as they did in the 90s.
The research and findings in the book are largely the same as the original book in the 90s, except Sarah Stanley has a distinct political point of view, whereas her father does not. It did not escape me that the political leanings of UAWs were liberal, whereas the PAW world view are the foundations of conservative values (personal responsibility, tradition, etc). I love how she writes "The American Dream is alive and well" and provides a plethora of research about how people with average incomes achieve high wealth through conservative values: frugality, hard work, discipline and a dogged belief in your ability to change your circumstances. I loved her myths section, dispelling the most popular and political myth about millionaires: that they inherited their wealth. She's armed with her research's most simple finding: that more than 80% of American millionaires are self-made within the same their lifetime.
I also appreciated her section on survivorship bias. I have heard this argument from my friends who work in academia/government, who are very progressive and/or live beyond their means. I thought she presented a very thorough argument. Honestly, if anyone is saying "survivorship bias!" about self-made millionaires, they are probably 1) low-achieving 2) full of excuses and 3) pretty broke.
I marked up this hardcover with exclamations, stars and highlights. There is a ton of good stuff in here, if you're willing to do the hard work. So happy that Millionaire Next Door lives on!
Unsurprisingly, the time-tested principles of Millionaire Next Door remain true for today. Her findings are largely the same for those who are PAWs (prodigious accumulators of wealth, aka millionaires who have high net worth) but some data points did fluctuate for UAWs (under accumulators of wealth, aka high income earners with low net worth). UAWs are now more influenced than ever, with social media and increasing definitions of status signaling. They are getting richer by income but staying just as broke as they did in the 90s.
The research and findings in the book are largely the same as the original book in the 90s, except Sarah Stanley has a distinct political point of view, whereas her father does not. It did not escape me that the political leanings of UAWs were liberal, whereas the PAW world view are the foundations of conservative values (personal responsibility, tradition, etc). I love how she writes "The American Dream is alive and well" and provides a plethora of research about how people with average incomes achieve high wealth through conservative values: frugality, hard work, discipline and a dogged belief in your ability to change your circumstances. I loved her myths section, dispelling the most popular and political myth about millionaires: that they inherited their wealth. She's armed with her research's most simple finding: that more than 80% of American millionaires are self-made within the same their lifetime.
I also appreciated her section on survivorship bias. I have heard this argument from my friends who work in academia/government, who are very progressive and/or live beyond their means. I thought she presented a very thorough argument. Honestly, if anyone is saying "survivorship bias!" about self-made millionaires, they are probably 1) low-achieving 2) full of excuses and 3) pretty broke.
I marked up this hardcover with exclamations, stars and highlights. There is a ton of good stuff in here, if you're willing to do the hard work. So happy that Millionaire Next Door lives on!
January 11, 2020
Ugh. I listened to the audiobook, and eventually changed speed to 2x to get through. Enduring strategies? That’s an oversell. There’s merit to the underlying theme of frugality. But a whole book here? As I got further into the book, with each new chapter, it was a game, let me guess ... strategy: ‘Frugality!’ Frugality is the author’s point, frugality at all costs. Not what people might counsel in today’s world - conscious spending. Spending aligned with your values, and cut back on the non-essentials. Yes, one builds wealth through saving and prudent investment over time, but honestly, you can’t take it with you.
May 1, 2019
Good update to the original, but re-hashed a lot of the original concepts. It was interesting to see an update and how the behavioral trends have changed over time, but generally what worked in 1996 works today. Worth a read, but you just have to look past the constant references to "My Father", which would have better been stated as the name of the original author. Good overall and worth the read if you've read the original The Millionaire Next Door.
April 23, 2019
Original was interesting and groundbreaking. This is re-hash for the children of the original author to cash in. And it basically lists out that you have to be a republican/conservative. Wtf? There are plenty of Democrats/liberals who are the multi-millionaires next door. But, thanks for the library book. Meh
June 22, 2019
I was looking forward to a refresh on the original book, but this was disappointing. It felt very redundant on frugality without adding anything new or noteworthy. Live within your means, and save time by not reading this one.
February 22, 2021
I feel like I should give this book three stars but am giving it four since I quoted it many times with friends and family.
What I liked:
- A good reminder that anyone can make small changes with large outcomes. This is true of any type of goal (health, relationships, financial, etc) that is a product of thousands of daily choices, versus a magic pill that fixes everything. It helped me realize that disciple is 99.9% of adulthood. That, and doing the things you don't want to do... sobering but true.
- Thinks small enough that anyone can use it
- Values that, frankly, should be taught in schools. Financial independence and wise choices are liberating to the masses, whereas the current cycles of debt traps and hyper-consumption are objectively not good ways to live, and are ultimately choices.
What I didn't like:
- It seemed like a sequel and I didn't have the background of the other books, so some references were lost on me
- It is almost low achieving to a fault. I guess the point isn't to try to convince people to be billionaires, but it definitely targets an "average" type of person. I guess nearly everyone is average anyways, so the approach makes sense. Not for sophisticated investors or ultra high-net-worth individuals (but a boy can dream...)
- A bit too conservative in values. The author's political beliefs are obvious (rural > urban, farmer > Wall Street), and this alienated me a bit as someone who didn't fall into the "ideal" bootstraps type
I think books like this should be more ubiquitous, but I have found that a lot of these gurus tend to have a rigid view of the world. I think that you can aspouse frugality and common sense without the judgment.
What I liked:
- A good reminder that anyone can make small changes with large outcomes. This is true of any type of goal (health, relationships, financial, etc) that is a product of thousands of daily choices, versus a magic pill that fixes everything. It helped me realize that disciple is 99.9% of adulthood. That, and doing the things you don't want to do... sobering but true.
- Thinks small enough that anyone can use it
- Values that, frankly, should be taught in schools. Financial independence and wise choices are liberating to the masses, whereas the current cycles of debt traps and hyper-consumption are objectively not good ways to live, and are ultimately choices.
What I didn't like:
- It seemed like a sequel and I didn't have the background of the other books, so some references were lost on me
- It is almost low achieving to a fault. I guess the point isn't to try to convince people to be billionaires, but it definitely targets an "average" type of person. I guess nearly everyone is average anyways, so the approach makes sense. Not for sophisticated investors or ultra high-net-worth individuals (but a boy can dream...)
- A bit too conservative in values. The author's political beliefs are obvious (rural > urban, farmer > Wall Street), and this alienated me a bit as someone who didn't fall into the "ideal" bootstraps type
I think books like this should be more ubiquitous, but I have found that a lot of these gurus tend to have a rigid view of the world. I think that you can aspouse frugality and common sense without the judgment.
April 27, 2022
3.5⭐
I appreciated the concepts from this book--they were good reminders to help keep me on track with my financial goals. (I'm a decent saver, but I'm married to the world's most enthusiastic saver. It takes some effort to keep up with him.) Reading about the benefits of frugality is helpful motivation as we lean into our savings goals.
That said, I am dismayed by how inaccessible a higher net worth is for so many. What's worse? The author didn't seem to care. Disability, family tragedies, health issues, and disadvantaged backgrounds make so many of the key millionaire characteristics inaccessible. I spent much of this book wondering how we can better help others achieve these goals.
This book also talked about money like it is the end-all goal. I'd love a future edition to address things worth spending time and money on. Money is only a means to an end. Having options and stability in life is helpful, but it's not everything. The section on financial advisors touched on this a little, but I definitely wanted more.
Summary -- the book's reminders were helpful for me personally, but I wish it had more solutions for more people (or at least some appreciation of others' struggles)
I appreciated the concepts from this book--they were good reminders to help keep me on track with my financial goals. (I'm a decent saver, but I'm married to the world's most enthusiastic saver. It takes some effort to keep up with him.) Reading about the benefits of frugality is helpful motivation as we lean into our savings goals.
That said, I am dismayed by how inaccessible a higher net worth is for so many. What's worse? The author didn't seem to care. Disability, family tragedies, health issues, and disadvantaged backgrounds make so many of the key millionaire characteristics inaccessible. I spent much of this book wondering how we can better help others achieve these goals.
This book also talked about money like it is the end-all goal. I'd love a future edition to address things worth spending time and money on. Money is only a means to an end. Having options and stability in life is helpful, but it's not everything. The section on financial advisors touched on this a little, but I definitely wanted more.
Summary -- the book's reminders were helpful for me personally, but I wish it had more solutions for more people (or at least some appreciation of others' struggles)
May 21, 2025
Didn't really find any new insights in this book that weren't in The Millionaire Next Door (which was great). Also, at times there was a strong "bootstraps" vibe that let me know the author had the privilege of being unable to empathize with those struggling under the thumb of our economy. In chapter 2, the author (who is actually Thomas Stanley's daughter) writes about a park ranger who verbalized his distaste for the wealthy -- specifically those who drive luxury vehicles but don't pay their $3.00 parking fee. She goes on to enumerate the better career choices he could've made, saying, "If he liked trees so much, then he could've [insert jobs that may have an interaction with a tree in some capacity here]." Additionally, she says that his anger is energy that he simply cannot afford to waste as he should be using that energy to make more money. Anywho, chapter 2 rubbed me the wrong way. Aside from that... refer to the first sentence of my review.
July 7, 2020
I was initially intrigued by this book because it was written by the daughter of the author of the Millionaire Next Door series. I didn't find that much more information in this book that was ground-breaking, as it started out with an agenda to confirm the patterns in the original book. There are several comparison tables of data from 1996 to 2016, but overall there was not much difference. The author does try to point out the differences, but again, there was nothing ground-breaking.
I did appreciate that this book was updated with more recent developments such as social media, online (free) trading, and fee-only financial advisors. I also enjoyed the last chapter on investing resources the best and wished I had just skipped directly to that.
I did appreciate that this book was updated with more recent developments such as social media, online (free) trading, and fee-only financial advisors. I also enjoyed the last chapter on investing resources the best and wished I had just skipped directly to that.
June 3, 2020
Meh, same information in the first two. Then about 2/3rds of the way of the book, the author Sarah confesses that the books were made for people who are above the average of high income earners. The book had a dry tone with repeated information.
November 8, 2020
Pretty repetitive and not as interesting as the original. Neither of them are as pretentious as the titles sound—they are basically reminders that you have to be frugal. If you make a million dollars per year and spend a million and one, that’s nothing to be proud of. Still somehow glad I read it.
July 14, 2023
This book offers a compelling read on the topic of wealth building, backed by real-world data. However, after the second chapter, I felt that there were no substantial new insights or knowledge gained.
January 30, 2020
Just read number one and be done.
March 19, 2025
A lotta good information, just very dense
April 13, 2025
good info, just REALLY repetitive.
April 28, 2021
To echo the well-written reviews of many others--spend your time reading the original version.
September 19, 2024
This does not add to the discourse. It certainly does not add anything of significant value beyond that of his father’s book.
May 20, 2024
الكتاب اقل كتب المرحوم
Thomas J. Stanley
تقول ابنته محررة الكتاب انه قد جمع البيانات و الاحصاءات و لكنه تعرض لحادث سيارة فى 2015 توفى على أثره...
لا احمل المؤلف ذنب الكتاب السيء و لكنها ابنته المحررة
الكتاب هو تقليد او موضة ..ان يصدر المؤلف كتاب و بعدها ب عقد من الزمن او عقود
يعاود اصدار نفس الكتاب لمواكبة الفكرة لتغيرات الزمن و التكنولوجيا
"اعادة زيارة للفكرة او الـ concept "
The Millionaire Next Door: The Surprising Secrets of America's Wealthy
صدر في 1995 و اعطيته 5/2 نجوم
The Millionaire Mind
صدر في 2006 و اعطيته 5/4 نجوم
Stop Acting Rich: ...And Start Living Like A Real Millionaire
صدر في 2009 و اعطيته 5/4 نجوم
الكتاب هنا هو ملخص لكتب المؤلف السابقة مجتمعة ...ذكر نفس النصائح
و زيادة احصاءات جديدة كانت النسبة كذا ف 1996 و اصبحت كذا ف 2014
لا جديد
مجموع ثروة الاغنياء تزداد حجما و لكن عدد الاغنياء يقل "زيادة تركز الثروة فى يد عدد اقل عما قبل"
و زيادة نسبة الفقراء
و التسويق و البيع و الاعلان على اشده
و الدفع اصبح اسهل
و الاقتراض كذلك
و ارتفعت نسب الفائدة و كذلك نسب التضخم
و قلت الوظائف بسبب الأتمتة و كملت الطامة بوجود الذكاء الاصطناعي ال AI "ملحقوش المؤلف عشان يكتب عنه "
وظائف كثيرة ستنقرض
الكتاب القادم : الدخان يقتحم عينيك - كاتلين دوتي
Thomas J. Stanley
تقول ابنته محررة الكتاب انه قد جمع البيانات و الاحصاءات و لكنه تعرض لحادث سيارة فى 2015 توفى على أثره...
لا احمل المؤلف ذنب الكتاب السيء و لكنها ابنته المحررة
الكتاب هو تقليد او موضة ..ان يصدر المؤلف كتاب و بعدها ب عقد من الزمن او عقود
يعاود اصدار نفس الكتاب لمواكبة الفكرة لتغيرات الزمن و التكنولوجيا
"اعادة زيارة للفكرة او الـ concept "
The Millionaire Next Door: The Surprising Secrets of America's Wealthy
صدر في 1995 و اعطيته 5/2 نجوم
The Millionaire Mind
صدر في 2006 و اعطيته 5/4 نجوم
Stop Acting Rich: ...And Start Living Like A Real Millionaire
صدر في 2009 و اعطيته 5/4 نجوم
الكتاب هنا هو ملخص لكتب المؤلف السابقة مجتمعة ...ذكر نفس النصائح
و زيادة احصاءات جديدة كانت النسبة كذا ف 1996 و اصبحت كذا ف 2014
لا جديد
مجموع ثروة الاغنياء تزداد حجما و لكن عدد الاغنياء يقل "زيادة تركز الثروة فى يد عدد اقل عما قبل"
و زيادة نسبة الفقراء
و التسويق و البيع و الاعلان على اشده
و الدفع اصبح اسهل
و الاقتراض كذلك
و ارتفعت نسب الفائدة و كذلك نسب التضخم
و قلت الوظائف بسبب الأتمتة و كملت الطامة بوجود الذكاء الاصطناعي ال AI "ملحقوش المؤلف عشان يكتب عنه "
وظائف كثيرة ستنقرض
الكتاب القادم : الدخان يقتحم عينيك - كاتلين دوتي
September 22, 2019
One of the worst in the series. Many callbacks to prior works and much of the book seemed to be a memorial to her father. Stick to the others as the overall concepts and statistics are about the same.
July 22, 2024
First, I'd like to acknowledge that Thomas J Stanley's work has greatly influenced many creators whose advice has helped me get my finances in order. Also, I don't disagree with the very basic premise that many people might not realize they have the capacity to save enough for a comfortable retirement (and that you might, mathematically, need to be a millionaire to get that, depending on where you live). That is why I chose to pick up this book in the first place.
That said, wow. If I had to describe this updated edition of the book in a word, that word would be "smug."
I don't know where the authors got the impression that everyone hates you if you're conscientious about your money. The U.S. has a huge wealth inequality issue, and we need to continue to have conversations about that. I have heard many of these conversations. I've never once heard it center around teachers who manage to pay off their mortgage and retire at a reasonable age. Most people who criticize "the rich" realize that someone with a $1 million net worth doesn't have the capability to single-handedly fix our country's issues. But this book would have you believe that, if you are one of the 20+ million people in the country who has hit that arbitrary number, all the progressives are going to come after you with pitch forks.
A healthy dose of nuance would do some good.
And even setting aside the oversimplified worldview, it is is essentially just page-after-page of statistics with so little context as to be almost unreadable.
No thank you.
That said, wow. If I had to describe this updated edition of the book in a word, that word would be "smug."
I don't know where the authors got the impression that everyone hates you if you're conscientious about your money. The U.S. has a huge wealth inequality issue, and we need to continue to have conversations about that. I have heard many of these conversations. I've never once heard it center around teachers who manage to pay off their mortgage and retire at a reasonable age. Most people who criticize "the rich" realize that someone with a $1 million net worth doesn't have the capability to single-handedly fix our country's issues. But this book would have you believe that, if you are one of the 20+ million people in the country who has hit that arbitrary number, all the progressives are going to come after you with pitch forks.
A healthy dose of nuance would do some good.
And even setting aside the oversimplified worldview, it is is essentially just page-after-page of statistics with so little context as to be almost unreadable.
No thank you.
May 27, 2024
"The Next Millionaire Next Door: Enduring Strategies for Building Wealth" by Thomas J. Stanley and Sarah Stanley Fallaw explores the realities of wealth accumulation, debunking common myths and providing practical strategies for achieving financial independence. Contrary to the stereotypical image of the wealthy as individuals living in luxurious homes and leading lavish lifestyles, the book reveals that true millionaires often reside in modest, middle-class neighborhoods. They prioritize financial security and growing their net worth over flashy displays of wealth, having built their fortunes through hard work, frugal living, and prudent investing over decades.
One of the central tenets of the book is that wealth is not simply a function of income. High earnings do not necessarily translate to substantial net worth. Someone earning $1 million annually but spending $1.2 million is not truly wealthy, while a person earning $100,000 who lives below their means, saves diligently, and invests wisely can accumulate significant wealth over time. This distinction underscores that wealth is more about managing assets versus liabilities rather than just having a high income. The road to affluence can take many forms, from the frugal average earner to the high-income professional who invests smartly, the successful small business owner, and the "stealth wealthy" who supplement their income through side hustles. What unites these individuals is their discipline around spending and their focus on growing their net worth instead of indulging in luxury.
Outward displays of wealth often provide a misleading picture of someone's financial standing. The true millionaire next door typically lives in a modest home, drives an unassuming car, and avoids conspicuous consumption. In contrast, the "pseudo-affluent" may project an image of wealth through luxury goods but often have a relatively low net worth. This emphasizes that wealth accumulation is about cultivating habits of discipline, frugality, and smart investing over the long term. The book challenges pervasive myths about wealth, encouraging readers to focus on behaviors and practices that lead to financial security and independence.
Frugality is highlighted as a crucial path to wealth. The book dispels the allure of affluence’s trappings – luxury cars, sprawling mansions, and endless displays of excess – which the media often glorifies. True wealth-builders, often with modest to above-average incomes, master restraint and moderation in their spending. This disciplined approach is essential for methodically growing net worth over time. Being intentional about where one chooses to live is a significant aspect of frugality. High housing costs can prevent wealth accumulation, and living in a modestly-priced home helps in saving and investing for the future. Research suggests that housing expenses should not exceed 28 percent of a household’s monthly income.
Consumer culture pressures people to spend on the latest fashions, technologies, and luxury goods, but financially secure individuals know the value of a frugal, disciplined approach. Quality and durability in purchases, such as well-crafted furniture and high-end appliances, can be worthwhile investments as they hold value and do not need constant replacing. This selective and intentional allocation of financial resources is a hallmark of the frugally-minded millionaire.
Achieving genuine financial independence involves a balance of simple and complex skills, from creating a disciplined household budget to navigating investment portfolios and tax planning. Designating one person as the household Chief Financial Officer (CFO) can be transformative, centralizing financial responsibilities and ensuring no critical details are overlooked. The household CFO's role includes managing debt, overseeing savings, paying bills on time, filing taxes, and understanding investment vehicles’ risk-return profiles. Economically successful households exhibit six core competencies: confidence in financial decision-making, frugality, responsibility for financial choices, social indifference to consumer pressures, focus on long-term plans, and effective planning to anticipate financial challenges.
Building these competencies requires time and effort but is achievable for anyone willing to work systematically on their weaknesses. Intelligence and elite academic credentials are not primary predictors of economic success; perseverance, discipline, and conscientiousness are more critical. Many decamillionaires attribute their financial status to qualities like these rather than elite education. Exploring alternatives to traditional four-year degrees, such as scholarships, public institutions, or skills-based training, can also be a strategic move in today's expensive educational landscape.
Successful wealth-builders invest in simple, sustainable options, avoiding get-rich-quick schemes and exotic investments. They favor retirement accounts and low-cost index funds, which track broader market performance and avoid the high fees and questionable returns of actively managed funds. This disciplined approach contrasts with the high-cost investments favored by the "income-status affluent." Over a ten-year period, Vanguard index funds tracking the S&P 500 outperformed 90 percent of university endowment funds, highlighting the effectiveness of straightforward investment strategies.
Millionaire-next-door investors remain steadfast and disciplined, avoiding unnecessary trades and understanding the risks involved. They recognize the importance of prudent risk-taking for achieving meaningful returns and continuously educate themselves on market intricacies to make informed decisions. This knowledge-driven approach is crucial, particularly during key financial transitions, like retirement. Adapting investment strategies to align with evolving needs and risk profiles is essential for maintaining long-term financial health.
In conclusion, "The Next Millionaire Next Door" emphasizes that building substantial wealth is about living below your means, saving consistently, and patiently growing assets over many years. By focusing on long-term financial goals and avoiding consumer culture's traps or the allure of quick returns, anyone can steadily grow their wealth and achieve financial independence.
One of the central tenets of the book is that wealth is not simply a function of income. High earnings do not necessarily translate to substantial net worth. Someone earning $1 million annually but spending $1.2 million is not truly wealthy, while a person earning $100,000 who lives below their means, saves diligently, and invests wisely can accumulate significant wealth over time. This distinction underscores that wealth is more about managing assets versus liabilities rather than just having a high income. The road to affluence can take many forms, from the frugal average earner to the high-income professional who invests smartly, the successful small business owner, and the "stealth wealthy" who supplement their income through side hustles. What unites these individuals is their discipline around spending and their focus on growing their net worth instead of indulging in luxury.
Outward displays of wealth often provide a misleading picture of someone's financial standing. The true millionaire next door typically lives in a modest home, drives an unassuming car, and avoids conspicuous consumption. In contrast, the "pseudo-affluent" may project an image of wealth through luxury goods but often have a relatively low net worth. This emphasizes that wealth accumulation is about cultivating habits of discipline, frugality, and smart investing over the long term. The book challenges pervasive myths about wealth, encouraging readers to focus on behaviors and practices that lead to financial security and independence.
Frugality is highlighted as a crucial path to wealth. The book dispels the allure of affluence’s trappings – luxury cars, sprawling mansions, and endless displays of excess – which the media often glorifies. True wealth-builders, often with modest to above-average incomes, master restraint and moderation in their spending. This disciplined approach is essential for methodically growing net worth over time. Being intentional about where one chooses to live is a significant aspect of frugality. High housing costs can prevent wealth accumulation, and living in a modestly-priced home helps in saving and investing for the future. Research suggests that housing expenses should not exceed 28 percent of a household’s monthly income.
Consumer culture pressures people to spend on the latest fashions, technologies, and luxury goods, but financially secure individuals know the value of a frugal, disciplined approach. Quality and durability in purchases, such as well-crafted furniture and high-end appliances, can be worthwhile investments as they hold value and do not need constant replacing. This selective and intentional allocation of financial resources is a hallmark of the frugally-minded millionaire.
Achieving genuine financial independence involves a balance of simple and complex skills, from creating a disciplined household budget to navigating investment portfolios and tax planning. Designating one person as the household Chief Financial Officer (CFO) can be transformative, centralizing financial responsibilities and ensuring no critical details are overlooked. The household CFO's role includes managing debt, overseeing savings, paying bills on time, filing taxes, and understanding investment vehicles’ risk-return profiles. Economically successful households exhibit six core competencies: confidence in financial decision-making, frugality, responsibility for financial choices, social indifference to consumer pressures, focus on long-term plans, and effective planning to anticipate financial challenges.
Building these competencies requires time and effort but is achievable for anyone willing to work systematically on their weaknesses. Intelligence and elite academic credentials are not primary predictors of economic success; perseverance, discipline, and conscientiousness are more critical. Many decamillionaires attribute their financial status to qualities like these rather than elite education. Exploring alternatives to traditional four-year degrees, such as scholarships, public institutions, or skills-based training, can also be a strategic move in today's expensive educational landscape.
Successful wealth-builders invest in simple, sustainable options, avoiding get-rich-quick schemes and exotic investments. They favor retirement accounts and low-cost index funds, which track broader market performance and avoid the high fees and questionable returns of actively managed funds. This disciplined approach contrasts with the high-cost investments favored by the "income-status affluent." Over a ten-year period, Vanguard index funds tracking the S&P 500 outperformed 90 percent of university endowment funds, highlighting the effectiveness of straightforward investment strategies.
Millionaire-next-door investors remain steadfast and disciplined, avoiding unnecessary trades and understanding the risks involved. They recognize the importance of prudent risk-taking for achieving meaningful returns and continuously educate themselves on market intricacies to make informed decisions. This knowledge-driven approach is crucial, particularly during key financial transitions, like retirement. Adapting investment strategies to align with evolving needs and risk profiles is essential for maintaining long-term financial health.
In conclusion, "The Next Millionaire Next Door" emphasizes that building substantial wealth is about living below your means, saving consistently, and patiently growing assets over many years. By focusing on long-term financial goals and avoiding consumer culture's traps or the allure of quick returns, anyone can steadily grow their wealth and achieve financial independence.
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