The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley and William D. Danko
The Millionaire Next Door is an old book, first published in 1996, with only the preface updated in 2010. (“The millionaire next door is still alive and kicking even today in this recession.”) Given the current slow recovery from our “Great Recession” and the hollowing out of the middle class, I thought it would be fun to read about how people amass unusual wealth.
I enjoyed the book and found the authors’ style easily drew me along in my reading. The book is based on surveys and face-to-face interviews with over 500 American millionaires. In addition to statistics there are case studies which add interest and a sense of the real people involved.
The authors feel that popular culture presents the wrong view of wealthy people. “Americans have no idea about the true inner workings of a wealthy household.” I can see why Hollywood avoids real life millionaires: they’re boring. “Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline.” Continue reading