Review The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
by THOMAS J. STANLEY, WILLIAM D. DANKO
This book determines seven shared traits by wealthy people in America. The authors state that the wealthiest people in the country do not live in infamous neighborhoods such as Beverly Hills or Park Avenue, but rather they only live next door.
This book delves into the lives and principles of some of the wealthiest people in America, as studied by the authors. It contains interesting knowledge on investing strategies, profiting from passive income, and personal finance. The author discusses wealth accumulation and divides people into two types: Underaccumulators of Wealth (UAW) and Prodigious Accumulators of Wealth (PAWs). Generally, PAWs have much greater net worth and income than UAWs. Then, he goes on to differentiate how these two types move in society: how they manage their finances and how they live their lifestyles.
Overall, the book is not so much as a self-help book, but rather the result of years’ worth of research into America’s working sector and wealthy people. It accounts for various anecdotes and stories about Americans that live frugal lives to gain wealth consistently. It could give readers a sense of personal financial management and financial tips to use, so they, too, can build their wealth.
About the Authors
THOMAS J. STANLEY is a researcher, lecturer, and author who studies the affluent since 1973.
WILLIAM D. DANKO is an associate professor of marketing of the School of Business at the University of Albany, State University of New York.
Table of Contents
1: Meet the Millionaire Next Door
2: Frugal Frugal Frugal
3: Time, Energy, and Money
4: You Aren’t What You Drive
5: Economic Outpatient Care
6: Affirmative Action, Family Style
7: Find Your Niche
8: Jobs: Millionaires verses Heirs