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The Millionaire Next Door: The Surprising Secrets of America's Wealthy Hardcover – October 28, 1996
Purchase options and add-ons
- Print length258 pages
- LanguageEnglish
- PublisherLongstreet Press
- Publication dateOctober 28, 1996
- Dimensions6.3 x 0.82 x 9.2 inches
- ISBN-101563523302
- ISBN-13978-1563523304
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Editorial Reviews
Amazon.com Review
Review
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
Product details
- Publisher : Longstreet Press
- Publication date : October 28, 1996
- Edition : First Edition
- Language : English
- Print length : 258 pages
- ISBN-10 : 1563523302
- ISBN-13 : 978-1563523304
- Item Weight : 1.05 pounds
- Dimensions : 6.3 x 0.82 x 9.2 inches
- Best Sellers Rank: #658,513 in Books (See Top 100 in Books)
- Customer Reviews:
About the authors
Dr. Thomas J. Stanley (1944-2015) was the author of seven award winning books concentrating on America's wealthy population and was the foremost authority on the affluent. His last book, The Next Millionaire Next Door, was published posthumously in October 2018 and co-authored by Dr. Sarah Stanley Fallaw.
He began studying the affluent in 1973. Dr. Stanley's first book, Marketing to the Affluent, was selected as a top ten outstanding business book in America by the editors of Best of Business Quarterly. Dr. Stanley wrote The Millionaire Next Door in 1996. Over 4,000,000 copies of this New York Times bestseller have been sold. In 2000, he published The Millionaire Mind, which explored America's financial elite and how they became so. The Millionaire Mind debuted at #2 on the New York Times bestseller list. His other works included Selling to the Affluent, Networking with the Affluent, Millionaire Women Next Door, and Stop Acting Rich.
The author lived in Atlanta, held a doctorate of business administration from the University of Georgia in Athens and was formerly a professor of marketing at Georgia State University. Visit Dr. Stanley's website at www.thomasjstanley.com for more information on his life and work.
New York Times best selling author, Dr. William Danko has coauthored a new book with Dr. Richard Van Ness. Richer Than A Millionaire ~ A Pathway to True Prosperity. It is written for the 2020's environment.
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The book is based on primary and secondary research of millionaires and those who are en route to that status.
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The authors answer such questions as, “What does it take to be rich?” “How can I be financially secure?” “What does it take to be prosperous?”
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Order your copy now... https://www.amazon.com/Richer-Than-Millionaire-Pathway-Prosperity/dp/0692912711/ref=asap_bc?ie=UTF8
~~~
~ "Richer Than A Millionaire" is a timely book which embraces traditional values.
~ William D. Danko, Ph.D. is coauthor of The Millionaire Next Door, a research-based book about wealth in America that has been ranked as a bestseller by the New York Times for more than three years.
~ Richard J. Van Ness, Ph.D. is an author and for 28 years, professor of finance, accounting and management. His research includes wealth building and economic sustainability for microenterprises.
Customer reviews
Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them.
To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzed reviews to verify trustworthiness.
Learn more how customers reviews work on AmazonCustomers say
Customers find the book well-written and appreciate its valuable insights, with one noting its extensive research and another highlighting its focus on discipline in acquiring wealth. Moreover, the book provides guidance on smart money management, including saving every penny and investing large portions of income, while offering simple yet important life lessons. However, the content is criticized for being dated, and customers have mixed feelings about the statistics content, with some finding it too numerous.
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Customers find the book well-written and engaging, with one customer noting it's essential reading for understanding wealth.
"Great book highlighting the “Americanized” values which exist in the US...." Read more
"...I think otherwise is still a very good book to read." Read more
"...Well worth the read, especially if you are looking to join the ranks of the Prodigious Accumulators of Wealth or work with them." Read more
"...They provide a lot of interesting anecdotes that make the book fun to read most of the time, as well as basic statistical analysis of survey results...." Read more
Customers appreciate the book's valuable insights and stunning amount of research, with one customer highlighting its focus on discipline in acquiring wealth.
"...Has alot of insight into who may or may not be presumed millionaires or wealthy individuals, based alot on the habits of how they handle there..." Read more
"...This book helped me set financial goals and immediately after reading it, I was able to assess what I really need in my life and cut my next month’s..." Read more
"...It calls me out on my spending habits, how I treat/view money, and even how I raise my family to treat/view money...." Read more
"...A Useful Definition of Wealth -- Wealth is much more than how much money you pull in every year and how much your house costs...." Read more
Customers find the book valuable for its insights into smart money management, highlighting the importance of frugality, saving habits, and investing large portions of income, with some customers reporting savings of hundreds of dollars.
"Excellent book if your into personal finance and looking to build wealth...." Read more
"...eye opening and informative about how to ensure future wealth - be frugal and minimize materialism...." Read more
"...It does provide a lot of tips and financial advice...." Read more
"...to keep picking up, however, it was probably one of the most effective financial books I have read in my young adult life...." Read more
Customers appreciate the book's advice, describing it as simple yet important life lessons filled with sage guidance, with one customer noting it provides clear steps to achieve goals.
"...The book has a simple equation for where you should be based on age and income...." Read more
"This is the second time I read this book. It does provide a lot of tips and financial advice...." Read more
"...Overall, the book does not have much actionable advice, but presents information in a way that the reader may be able to assimilate many..." Read more
"...As so many people have stated, it's a lot of data and common sense compiled in one place with surprising results...." Read more
Customers have mixed opinions about the book's statistics content, with some appreciating the basic statistical analysis of survey results, while others find it contains too many statistics.
"...a four star review instead of a five is because the book provides a lot of statistics and trends from the 90's...." Read more
"...the book fun to read most of the time, as well as basic statistical analysis of survey results...." Read more
"...the rest of the book is chock full of anecdotes and some rather uninformative statistics to drive a few other points home...." Read more
"Great book, very practical knowledge and absolutely data driven for the data oriented technical/analytical people out there." Read more
Customers find the book's content outdated, with several noting that the data and examples are no longer current.
"...My only quasi-criticism of this book is that the data are from 1992-1996 and the book was written in 1996...." Read more
"...The one "con" of the book is that it is kinda old now, was written in 1996, in an age of relatively economical boom, the 2008 crisis..." Read more
"Great book but all the numbers are outdated now" Read more
"...Sure for some people yes, it is, but for most, the book is dated. But still offers relevant points of interest." Read more
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Top reviews from the United States
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- Reviewed in the United States on February 25, 2025Excellent book if your into personal finance and looking to build wealth. Has alot of insight into who may or may not be presumed millionaires or wealthy individuals, based alot on the habits of how they handle there finances.
- Reviewed in the United States on November 13, 2019Great book highlighting the “Americanized” values which exist in the US. The extensive 30 years of research that was done is very eye opening and informative about how to ensure future wealth - be frugal and minimize materialism. The case studies in the book help evaluate your own life, as it’s okay to have nice things and spend more here and there, but makes you consider what percentage of your net worth those things cost you and assess if you are at a level of hyper-consumption. The book has a simple equation for where you should be based on age and income. A household making $80k income annually and living frugally can have a significantly higher net worth (millions) compared to an equivalent household (size & age) where the net income is $150k for example, due to values and proper budget planning. A greater income will have a perceived requirement of societal pressures, so income may be higher, but so will the spending toward materials to reflect a certain lifestyle. A lot of the book’s numbers are in 1990’s dollars, which need to be adjusted to today’s dollars, but the demographics & percentages still hold true and message is clear - the millionaires of our society do not value the material items as much as those who believe you need to highlight such materials (house, car, clothing, private education, etc.) and may not look it all the while it’s become a case of keeping up with the Joneses for non-millionaires. The true millionaires do not get caught up in the lifestyle of appearances. Wealth can be generated within one generation, as is emphasized by the significant percentage of 1st generation wealth, and over time, even first generation citizens become “Americanized”, as highlighted by the longer one spends in the US, their ranking in the millionaire demographic lowers.
The moral is if you look wealthy, you may be generating a lot of income, but it may be going toward materials instead of investments contributing toward your net worth. Those who live frugally may catch or significantly surpass equivalent households (similarly sized and aged family) who make significantly more income.
This book helped me set financial goals and immediately after reading it, I was able to assess what I really need in my life and cut my next month’s credit card bill in half! A value I’ve never been able to get so low in years. I’ve always been able to afford what I buy, but when it’s going toward materialistic items and not going toward net worth, immediate change was needed. Based on the book’s equation, it turns out I wasn’t going to be a millionaire at my rate and I needed to change something quickly to get on the right track. Highly recommended for anyone.
- Reviewed in the United States on March 28, 2025This is the second time I read this book. It does provide a lot of tips and financial advice. The reason I give it a four star review instead of a five is because the book provides a lot of statistics and trends from the 90's. I think otherwise is still a very good book to read.
- Reviewed in the United States on May 4, 2025If you are not an avid reader this is a very difficult book to keep picking up, however, it was probably one of the most effective financial books I have read in my young adult life. It calls me out on my spending habits, how I treat/view money, and even how I raise my family to treat/view money. I believe every young adult needs to white knuckle themselves through this book to understand *how* to discipline yourself and your spending habits. Fantastically deserving of 5 stars.
- Reviewed in the United States on December 2, 2015This is an excellent, data-backed look at what the wealthy look like in the United States. Contrary to popular belief, most wealthy people do not drive Teslas and eat caviar. They are not tech CEOs or Wall Street financiers. They are small business owners and self-employed professionals who probably drive a 3-year old BMW or a Ford pickup truck or SUV. They probably wear a Seiko watch, not a Rolex. They probably wear a suit bought from Men's Wearhouse, not Brooks Brothers. They probably have a run-of-the-mill Visa credit card, not something from Sak's Fifth Ave.
Some of the many useful insights and takeaways from this book:
A Useful Definition of Wealth -- Wealth is much more than how much money you pull in every year and how much your house costs. It's more a reflection of your investments and how much money you save. Not how much you spend. There are a lot of people who pull in a ton of money every year but live paycheck-to-paycheck.
Wealth and income are not the same thing -- Not all wealthy people pull in a hefty income. In fact, many purposely pull in relatively low incomes in order to reduce their tax obligations. Ross Perot is a great example of this (when the book is written). Perot pays millions in taxes, but is worth billions. Even your neighbor next door might be a millionaire, but maybe the household only brings in $79,000 a year.
Most Millionaires Are Self-Made -- While children of millionaires are more likely to become millionaires, very few millionaires (less than 20%) are not self-made millionaires. In fact, regular handouts from parents make it less likely that an individual will become a millionaire someday. Most millionaires worked for their money and were not constantly given Economic Outpatient Care (EOC) from their parents.
Frugality Reigns Supreme -- The authors give a great analogy about building wealth. You can play a great offensive (i.e. pulling in money) and you can make a great defensive (i.e. saving your money and preserving your wealth). Playing a great offensive is wonderful, but it is really only useful for building wealth if you don't play a great defensive too (some people are capable of playing such a great offensive that the defensive really isn't important, but this is very few people). They buy discount suits, discounted new cars or used cars, they rely on very, very little credit, and status symbols aren't all that important to them.
Mindset Matters -- Most millionaires are not worry-warts. The only things they really worry about are government policies that will destroy their livelihoods, but even then, they know that they can't really control the outcome of these issues directly, so they only give so much effort and so much weight to these decisions.
My only quasi-criticism of this book is that the data are from 1992-1996 and the book was written in 1996. This obviously isn't the fault of the authors, and some of the conclusions are reinforced in a 2010 preface, but just take some of the data with a grain of salt. Take inflation and general industrial changes into account.
Well worth the read, especially if you are looking to join the ranks of the Prodigious Accumulators of Wealth or work with them.
Top reviews from other countries
- Jon SnowReviewed in the United Arab Emirates on September 8, 2023
5.0 out of 5 stars As expected
Good as expected
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Armando GuzmánReviewed in Mexico on September 23, 2022
5.0 out of 5 stars FRUGAL Y DISCIPLINADO
Me encantó la manera de demostrar como millonarios no son lo que nos venden en la televisión, de gente despilfarradora y lúcida, sino de gente frugal y con un negocio propio
- KanibalReviewed in Canada on December 31, 2024
5.0 out of 5 stars Excellent book.
This book is easy to read and to the point. I have found myself more often than not laughing & chuckling to myself. After reading this book, many things that I have observed over the years around me, it finally makes sense. The authors are of course 100% correct. However, it tells a truth and reality that most people aren't ready or willing to hear. I purchased this book as a gift but I ended up reading it myself. Totally recommended!! The book was written in the 90's but the principles on which is based on remain the same.
- DeannaReviewed in Australia on June 21, 2019
5.0 out of 5 stars Great book - very much enjoyed it.
Book arrived in perfect condition, exactly as pictured/described.
Very eye opening read about how the wealthy accumulate money, how they keep it, and their habits.
It also discusses the data around the effects on children of the wealthy who receive money, and how they see money well into their adult lives. Very interesting!
- LFJReviewed in Sweden on September 9, 2023
5.0 out of 5 stars Fantastic guide to financial stability
Yes, read 141 out of 250 pages so far but I am so impressed with the financial advise. Great book. Recommended to everyone with any sort of income.