The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley: Book Review

May 05, 2017

High income means lavish living. Is it? If you don't show it, you don't have it! Really? According to the study conducted by Thomas J. Stanley on The Millionaire Next Door, true blue millionaires are thrifty, hard working and far from the glamorous people, the media portrays. Oh, bummer!

The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley

Every day we are bombarded with images of people living the luxe life. Ah, I look forward to becoming financially independent too. You know, the security of having more than enough for you, your family and your posterity. Why not?


What Millionaires Have in Common

What do these millionaires have in common? How did they manage to change their economic status from rags to riches? Are you curious? I am! 

Here's a fact: Most of these millionaires are first-generation rich. Meaning they don't come from affluent families. They work their way out to becoming financially secure themselves.

So what do these millionaires have in common? Here it is according to Thomas J. Stanley.

  • They live well below their means. 
  • They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
  • They believe that financial independence is more important than displaying high social status.
  • Their parents did not provide economic outpatient care.
  • Their adult children are economically self-sufficient.
  • They are proficient in targeting market opportunities.
  • They chose the right occupation.

First and third bullets are eye-opening points for me. I, too, thought that if you do not display abundant material possessions then you aren't successful. Thanks to our media for indoctrinating us with these wrong beliefs.


The Millionaire Next Door Book Review

I've made a review of Thomas J. Stanley's other book called The Millionaire Mind. I must say, I like The Millionaire Next Door better. It doesn't feel like you're reading a thesis at all. It's oversimplified and easy to digest. I enjoy reading The Millionaire Next Door. In fact, I've gathered a lot of thought-provoking thoughts on how to make your way to becoming financially secure.


RATING: 4/5

I'm rating this book 4 stars over 5. It would have been a 5 if the author updated the study in our day and age. Hmm... I wonder if the study still holds water in our overly exposed social media generation.

So yes, I'm recommending this book. Just because the media portrays these millionaires as living the lavish lifestyle doesn't mean it's the truth. You never know, your next door neighbor might be a silent millionaire.

Want to find the secrets of America's wealthy? Check out The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley on Amazon. ;)




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