They were “welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors." Many of the people surveyed in The Millionaire Next Door owned a so-called “dull-normal” small business. Most millionaires, they discovered, gradually amassed their wealth over time. Instead, they’re more likely than not to be your next-door neighbors who live in their starter home and have been driving the same used Volvo for the past ten years. Bart’s?Īccording to Stanley and Danko, real millionaires look nothing like the extravagant stereotypes in our cultural imagination. What do you picture when you hear the word “millionaire”? Sprawling mansions in Beverly Hills? Fancy restaurants, antique cars, and weekend trips to St. Read on for a full summary and critique of The Millionaire Next Door. Stanley and Danko’s 1996 bestseller can still teach us a lot about personal finance today, but it also falls short in a few key ways. On the contrary, they live by principles of “thrift, low status, discipline, low consumption, risk, and very hard work.” From this book, many readers realized that the dream of amassing over $1 million was not as out of reach as they had thought. Readers were blown away by Stanley and Danko’s findings, though, namely that most millionaires don’t own fancy cars or throw lavish yacht parties.
Both academics at the University of Georgia, they set out to learn about the habits and lifestyles of the nation’s highest earners, not to write a personal finance bible. Jacket.Thomas Stanley and William Danko didn’t expect The Millionaire Next Door, their case study of America’s millionaires, to become a huge bestseller. Wealth in America is more often the result of hard work, diligent savings, and living below your means. It is seldom inheritance or advanced degrees or even intelligence that builds fortunes in this country. Danko, most people have it all wrong about how you become wealthy in America.
Why, then, are so few affluent? The answer lies in The Millionaire Next Door: The Surprising Secrets of America's wealthy. Often they are hard-working, well-educated, middle-to-high-income people. "Why aren't I as wealthy as I should be?" Many people ask this question of themselves all the time. You'll be surprised at what you find out.
Can you spot the millionaire next door? Who are the rich in this country? What do they do? Where do they shop? What do they drive? How do they invest? Where did their ancestors come from? How did they get rich? Can I ever become one of them? Get the answers in The Millionaire Next Door, the never-before-told story about wealth in America.
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