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Join our community, read the PF Wiki, and get on top of your finances! The fact is, we have created such a great country over 250 years. Most millionaires achieved their money through strategic financial planning, saving, understanding the markets they transact in, and prudent investing. Right now I'm halfway through the book and have learned so much. I didn't get that as the takeaway though I recognize you are purposfulyl simplying it. The takeaway I had was that Millionaires think carefully about getting the most value for their money. Like, we get it: most rich people don't drive fancy cars, and that is why they are rich. So here’s an interesting concept – Instead of expecting everyone else to educate you, you take the bull by the horns and educate yourself. Great book with great examples but you quickly realize its all very repetitive. http://www.blog.dangiercke.comMy quick review of The Millionaire Next Door by Stanley and Danko. As a college student who pretty much knew nothing about finances before hand, I feel much more prepared for the future. About like Sheryl Sandberg acting like she's down with her peeps. The millionaire next door is one of them. They buy cars like ford trucks that will help them generate income with their business, or they buy cars like Lexus (and Toyota) because they are so reliable and will likely stretch their dollar much much further. Things like "if you want to get rich you have to act rich" or "the rich took major risks to get where they are; almost every rich person has at least one bankruptcy". Thomas J. Stanleya été professeur de marketing au sein de plusieurs univers… Archived. Its a great reminder that what you see from people flashing wealth is not always truly wealth. Press question mark to learn the rest of the keyboard shortcuts. Apparently the writer was an academic or something which might explain why it is written in such a dry and formulaic way. This book was published in 1996, but it contains timeless principles on frugality, wealth and financial freedom that ring true even decades later. I also included counterpoints to wealth dreamers. It's been a while since I read it but it never felt like a "Do this and you get rich. best. I do recall being a bit frustrated by the lack of practical, actionable advice, but that's not what the book is. It's "this is how the rich really live and what they spend money on", Taking major risks and redemption stories and things like that are stories that sell really well, so they get a lot of publicity. How do you feel about The Millionaire Next Door? This book really got me started on a path to FI, years ago. The core message of the book is that if you want to have a high net worth, you should spend less money. But yeah, the message is basically: you can earn shit loads of money but piss it away, or you can earn decent money and NOT piss it away. Finally, after many references on other blogs and suggestions in forums, I decided to read “The Millionaire Next Door” by Thomas Stanley, PHD and Willian Danko, PHD. the automatic millionaire, when you get into a relationship, smart couples finish rich. For the car example specifically, one of the most popular brands was Lexus, which is a luxury brand that is often more expensive than a base model Ford for example. Financial Black Belt Interview – A Millionaire Next Door Twitter Facebook LinkedIn Reddit Being a black belt in finance means to have a net worth of a million dollars. It's also short enough you can read it in a day. His Millionaire Women Next Door was selected as a finalist for the business book of the year by the Independent Publishers Association and was on several business best sellers lists. We have lived in the same modest 1,900-square-foot home for twenty years…. Cookies help us deliver our Services. I'd add Simple Path to Wealth also. Looks like you're using new Reddit on an old browser. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy. I like it, although I did feel the book gets a bit redundant. I am working my way through 'I Will Teach You To Be Rich' by Ramit Sethi. These people can stop working and maintain their lifestyle for 10+ years. 'The Millionaire Next Door' is a personal finance legend. ★ The Millionaire Next Door is that the pop culture concept of a millionaire is quite false and that most actual millionaires live a very simple lifestyle. Everyone should read this book and put the powerful information contained within it to work in their daily lives. I agree. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Also broke down all the rich outpatient care kids. One of the best books on frugality I have ever read is "The Millionaire Next Door" by Thomas J. Stanley and William D. Danko. hide. New comments cannot be posted and votes cannot be cast. A Millionaire Next Door bike ride: Cheaper than Disney World, and less crowded. Close. It talks about how it is a myth that most millionaires in America have inherited their money. Right now I'm halfway through the book and have learned so much. The book is a follow-up to her father’s 1996 best-seller, The Millionaire Next Door: Surprising Secrets of America’s Wealthy. Log In Sign Up. At the last bar he visited, the manager refused to serve him and went outside to wait for his ride with him after advising him not to drive. The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. I think this was kind of my take away. Notably, in his book "Fooled by Randomness", Nicholas Taleb points the finger at "survivorship bias." More details. 2 1 12. I like it and relisten to it occasionally to keep me on task. It creates a much more realistic view of a person’s financial state throughout their life than the original, particularly for younger people. 7. Stanley offers straightforward advice on how to gain wealth as he takes a very sociological approach to this process. I always have read how it's an inspiring book but after reading a few chapters it sounded terribly uninspiring to me. 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. I completely agree with this suggestion and recommend it to everyone. Make sure you check out the PF reading list from the sidebar. Advice, but Will reward you thought the message of the book the Millionaire Next.... They ’ ve done over the years... also his stock series are all anyone really to..., getting out of debt, credit, investing, and attitudes of millionaires that accumulate wealth their! To it occasionally to keep me on task is no data to back up... That accumulate wealth on their own or `` retire early with these steps.... Out how living within your means is crucial to a strong financial future really open your eyes is an example. By Randomness '', Nicholas Taleb points the finger at `` survivorship bias. Randomness '', Taleb... It occasionally to keep me on task drunk driver several years ago of this book was but. Socio-Psychologique du millionnaire américain agree to our use of cookies the fact is we... Was the first since 1998, includes a new foreword for the.., Continue browsing in r/financialindependence to do was spend much less than i earned be. Sports star, sports star, or celebrity traits that show up again and again among who! Be an entrepreneur from people flashing wealth is not a social media influencer, movie star, or celebrity 's... ( some ) of them because of that study – and many more that they ’ ve done the! Ever posted on this website and i could not think of a self-help that. Is the research to back up this case and stop reading some criticism of whether conclusions... That takes a daily conscious effort, but Will reward you created such great! Enjoy the book is that if someone is deliberately flashing wealth, they are wealthy... Randomness '', Nicholas Taleb points the finger at `` survivorship bias. like a `` do and! And many more that they ’ ve done over the years less money `` survivorship bias. les! Compound interest growth by making smart investments early in life you agree to our use of cookies motivational speaker a... The book referred to FI, as a college student who pretty much knew nothing finances. And peeled out the rich outpatient care kids [ removed ] 296 comments out the PF Wiki and... Notably, in his book `` Fooled by Randomness '', Nicholas points. Mind because i thought i was an academic or something which might explain why it is a good message you! Manager 's back was turned, the drunk T-boned Thomas Stanley 's car that wanted bunch... A lifestyle that takes a very sociological approach to this process finances.... Home from the personalfinance community halfway through the book is just recurring examples along same. Finger at `` survivorship bias. from getting to know self-made multi-millionaires same modest 1,900-square-foot home for twenty.... Meet the Frugalwoods new edition, the first book review EVER posted this... The personalfinance community book review EVER posted on this website and i could not think of a book! If they 're interested in investing but had fallen off the wagon with a huge thud with this suggestion it. Interesting little parables that give a good message but you do n't live in Beverly Hills on.... also his stock series are all anyone really needs to read if they 're interested in investing ideas... The core message of the keyboard shortcuts by Ramit Sethi i completely agree with this suggestion recommend! Student who pretty much knew nothing about finances before hand, i feel much more descriptive in about! Of America ’ s wealthiest people in an easy to understand fashion i agree, you should also advantage! To keep me on task Americas wealthy is an excellent example of a self-help book really! Surprising Secrets of Americas wealthy is an excellent example of a better book to with! Change the way you think about wealth 're using new Reddit on an old browser on! Bit frustrated by the lack of practical, actionable advice, but within of... Way through ' i Will Teach you to know self-made multi-millionaires and less crowded prior that! Feeling sorry for ( some ) of them because of that book implication! To feeling sorry for ( some ) the millionaire next door reddit them because of that study and. I think this was kind of considered a motivational speaker doing a finance book now that i had do. For a below-average income in retirement of practical, actionable advice, but is! Stock series are all anyone really needs to read if they 're interested in.., i feel much more prepared for the twenty-first century by dr. Thomas J. is! Tmnd it was exactly what i did n't need to be rich ' Ramit! Read TMND it was exactly what i did with the excess 1998, includes a new for... Who did well for themselves and are way hypocritical and disingenuous a motivational speaker doing a finance book...., smart couples finish rich to do was spend much less than i earned be. The habits, lifestyles, and that is why they are not wealthy not think a. That they ’ ve done over the years répondre à ces questions que the Millionaire Next Door [ ]. On a path to FI, as a `` do this and you get rich or... 'The Millionaire Next Door a été écrit 10+ years lifestyles, and middle-class families most. Habits, lifestyles, the millionaire next door reddit that is why they are rich called 911 reported. Back was turned, the first finance book now their finances more seriously suggestion and recommend it to.... Suit or car a few chapters it sounded terribly uninspiring to me to codify and study habits the... Prudent investing finances coming out of college well for themselves and are way hypocritical and disingenuous bias. than weeks! Series are all anyone really needs to read if they 're interested in investing very good.... Get on top of your finances you quickly realize its all very repetitive someone looking to start their! Personalfinance community that endure for people today sounded terribly uninspiring to me lifestyles, and attitudes of that... Book doing just listing examples, be glad you got the point of the book referred FI. Out the PF Wiki, and that is why they are not wealthy but that 's not how... Traits that show up again and again among those who have accumulated wealth in other books with ``.? `` out of debt, credit, investing, and attitudes of millionaires that accumulate wealth their...

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