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What Rich People do most? [Common things between them]
1.- Live well bellow their means.
2.- Allocate time, energy and money efficiently to create more wealth.
3.- Financial independence is better
than displaying high social status.
4.- Parents did not provide economic care.
5.- Their adult children are economically self sufficient.
6.- Proficient in targeting market opportunities.
7.- They chose the right occupation for them.
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Net Worth Formula (NW)
10 x Age x Pretax Annual Household Income = NW
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Note) It is very important to set your Daily, Weekly, Monthly, Tri-Monthly, 6 month, Year, 5 Year, 10 Year, 20 Year & Lifetime Goals.
Both the man and the woman should be frugal for the family to be financially independent.
Rule) If you want to be wealthy never purchase a home that requires a mortgage that is more than twice your household total realized annual income.
What should you give your children?
- Education and tuition.
- Create an environment of selflessness around the house.
Note) Never undermine [weaken] your weak child.
If your child is weak on a subject, don't change the subject, that will just weaken him more. (same goes with money)
Rules for raising children
1.- Never tell children their parents are wealthy.
2.- No matter how wealthy you are teach children discipline and frugality.
3.- Assure that your children don't find out you are affluent until they are professionals.
4.- Minimize inheritance discussions.
5.- Never give cash or other significant gifts as part of a negotiation, do it off of love.
6.- Stay out of kids family matters.
7.- Don't compete with your children. [e.i: telling them how much money you have]
8.- Each child is unique, they differ in motivation and achievement.
9.- Emphasize your child's achievements, no matter how small.
Note) Kids don't follow what their parents tell them, but what the parents do.
Comments about the book:
This book is for those that want to build a mindset of how wealth should be managed.
It gives factual data and comments from wealthy people showing the odds of becoming wealthy and the steps to attaining that wealt
 

User Review - Flag as inappropriate

The Millionaire Next Door is a revealing book about how America's millionaires often live well below their means. In general, they buy used cars, don't wear fancy clothes, and prefer club sandwiches to caviar. That's how they got to be millionaires, after all! The book does raise interesting points about the children of millionaires and how "Economic Outpatient Care" (large, regular cash gifts) to children often destroys their financial independence and self-confidence. A good book, but it's very numbers-heavy and a bit boring at times. 

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TITLE: "The second read is just as fresh and captivating as the first" March 23, 2005
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This book is a breakthrough in its findings on wealth acumulation, millionaires' domestic lifestyle, and
wealthy Americans' consumer habits. The analysis is a result of over 15 years of data accumulation and academic analysis.
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I was first introduced to the book in 1999 when I had to read it as a required text for a Personal Finance class at the University of California at Davis. The second read, years later, was just as fresh, enlightnening, and captivating as the first. Now I own the book on CD (which is a truncated version of the book, unfortunatelly :-( )
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The two academic authors do an excellent job at condensing their study field and interview results, and outlining in clear English the traits of the wealthiest people in the US. Each chapter talks about a different topic. The topics range from how millionaires became such, to how they raise their kids, to what kind of cars they drive. I was suprised to learn some cool and interesting facts. For example, the most popular cars (inadvertently) are the ones with the lowest rate of cost per weight.
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I cannot sing this book's praises enough. This book deserves a 5+ stars. Enjoy the read!
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Good job Danko and Stanley.
 

User Review - Flag as inappropriate

I read this book many years ago and really appreciate the statistics. It shows that being frugal and not flashy is the way of the average millionaire. I wish they could do another survey of today's average millionaire because the stats are now a little dated but nonetheless they are still useful. As a business consultant I recommend this book to my clients.
A. Tene Williams
ATW Consulting LLC
http://www.atwconsultingpllc.com
 

Review: The Millionaire Next Door

User Review  - Alex Burch - Goodreads

The Millionaire Next Door is about millionaires in the USA in the 1990s and their characteristics. It reads as the results of academic studies adopted for the popular market, which I believe it is. As ... Read full review

Review: The Millionaire Next Door

User Review  - Taylor Mcclellan - Goodreads

Some timeless principles on frugality and wealth accumulation. Unfortunately it is rather dated which made it a little harder to read because I was always trying to convert values from the 80s and 90s into contemporary value. Read full review

Review: The Millionaire Next Door

User Review  - Jenny - Goodreads

I realize this book and it's statistics and numbers used are out of date (it was published in 1998), but the principles behind his findings I believe hold true. This has been the most motivating book to me personally when it comes to being financially responsible. I loved it! Read full review

Review: The Millionaire Next Door

User Review  - Jessel Badal - Goodreads

Discusses 7 common characteristics over a 20 year period of 1000 people. Read full review

Review: The Millionaire Next Door

User Review  - Mary Hartshorn - Goodreads

This was a great book full of great information. Very insightful. One of things mentioned in this book was that if you try to help someone compensate in an area like trying to help family members on a ... Read full review

Review: The Millionaire Next Door

User Review  - David Mattauch - Goodreads

Really interesting book that goes into details of the habits of the wealthy people in America. It's quite surprising to learn that most of them build wealth by being frugal. Most millionaires don't ... Read full review

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