Summary: The implication of The Millionaire Next Door…is that nearly anybody with a steady job can amass a tidy fortune….Read more.
Great book! Key points revolve around being frugal and making it a habit to always by things on sale, without buying unnecessary tchostckies. Should be common sense but shows you how to apply it to your spending habits.
I own the hardcover version of this book and thought the audio provided here was an excellent complement to that version. It basically teaches you how to make sense of all the clutter in our daily lives to stay focus and earn money, then to live within your means and invest something every month until you become wealthy.
One thing I think is really interesting is the number of millionaires that have earned their money from the small business “trades,” like plumbers, electricians, or construction. Just goes to show how smart financial habits can make or break you. You don’t need to be an Ivy League elite!
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The Millionaire Next Door Audio Book Summary
The Millionaire Next Door is a non-fiction book that was published by Thomas J. Stanley and William D. Danko in 1996. The two men independently researched and profiled several millionaires, and used the results of their research to figure out what people could learn from them.
While Stanley and Danko do not believe that the average person could become a millionaire, they do believe that people who develop the same habits that millionaires have could achieve a greater level of success. Over the course of the book, they share a number of stories and provide people with helpful financial advice.
One of the first things discussed in the book is the way people imagine the lives of millionaires versus the realities of how the rich live. Most of the people who were profiled in the book didn’t live in lavish mansions or have a household of servants. Instead, they were rich because they worked to live below their means.
From there, the book focuses on the many things that ordinary people can learn from the millionaires they studied. They talk about the importance of spending less than you earn, as well as the dangers of a status-driven lifestyle.
The book also talks about generational wealth. Many millionaires came from families that were also wealthy. Their families were able to give them the help they needed in order to be financially successful and build a strong future for themselves.
However, these millionaires were also taught important lessons about money. The millionaires that the book profiled didn’t want their children to be living off their money for the rest of their lives. They worked to make sure that their children got an excellent education so that they would be able to provide for themselves as an adult.
In the second part of the book, the authors take a look at some of the attitudes people have about money. One attitude a lot of American people share is that the idea that people should spend money before they have it. People take out loans and pay for things with credit cards, assuming that they’ll have the money to cover the cost of these things in the future.
Unfortunately, living this way can bring people to financial ruin. Danko and Stanley suggest that people focus on investment strategies rather than spending. That way, they can grow the money that they do have.
At the end of the book, there is information about people who managed to accumulate wealth, but then lost it. Some of these people spent their money like crazy because they felt pressured to live a better life than their parents did. While some people were able to regain financial security, others never did.
This book is an excellent resource for anyone who is curious about learning from the lives of those wealthier for them. Although it was written in the 90s, a lot of the information here is still relevant in today’s world.