Showing posts from March, 2010

Review of The Millionaire Next Door by Thomas Stanley and William Danko

The book “Millionaire Next Door” was published in 1996, since then it has surprised many of the people who have read it, and I was certainly not an exception.

Just like you , I was surprised to read that in the USA, many millionaire-like people, who live in big houses in posh areas, drive luxury European or sports cars, wear very expensive suits and clothes, go on luxury foreign holidays and send their children to private schools are not necessarily multi-millionaires. These people may be affluent, but they tend to have lower net worth and their lifestyles are based on hyper-consumption.

This book revealed that most millionaires are ordinary looking people who could be living next door to you and they are frugal, frugal, frugal. Most of these types of millionaires are self employed business owners, who started their businesses with nothing. You would not easily recognise these people as multi-millionaires as they dress just like you, shop in the same store…