The Millionaire Next Door

The book I chose to read for class was “The Millionaire Next door” by Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. The book was 248 pages of agony to be honest. The book is about teaching the reader what steps he needs to take in his life to become successful. It compares the common pop culture perception of a millionaire to the actual lifestyle millionaire’s live. The book takes years of research and data and compiles compelling arguments backed with factual research. This is book is all around a business book. The authors warn that not all high income homes are not actually rich and prosperous. The authors argue that even though some people make a lot of annual money, they are not actually rich, because they spend it all. They believe that to be considered truly wealthy people need to spend their money smartly.

“Whatever your income, always live below your means.”

Even though the book was well written with vast amounts of information and knowledge to retain, I thought that book was more than a drag to read. It was, as I stated before, 248 long, boring pages of text. When first choosing to do the assignment on this book I didn’t realize the genre was business. I would much prefer to read a chronological story rather than read statistics. When choosing the book I found the only book in my apartment that fit the criteria. I will definitely not be making that mistake again. Even though I really didn’t like the book, I would still recommend it because of how well it was written and how informative it was. If you enjoy business books, then this is a great read for you. If not, I would not recommend picking up this book. All in all, the book was very informative and I learned a lot even though I hated every minute of it.

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The Millionaire Next Door

I am currently reading The Millionaire Next Door by Thomas J. Stanley and William D. Danko and am 88 pages into it. So far the book has been very slow. I wasn’t exactly sure what I was getting myself into when I chose this book. It was the only book I could find in my apartment so I didn’t take much time to preview the context of the book. Also, as I have stated before in past blogs, reading isn’t my favorite activity. I am finding it very hard to set aside time to finish the book because of how slow paced it is. Each time I sit down to read, I find myself not paying attention to what I’m reading and instead just going over the words without looking into any context. I have had to reread most of what I previously read in order to get a better grasp on the central message that Stanley and Danko are trying to pass to the reader.

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Stanley and Danko studied how people became wealthy and the way wealthy people live for years. Through their studies, they have found that peoples common conception of a millionaire is different from the reality of them. They’re belief in accord to what makes a man rich is different than the general population. Most believe that one would be considered rich if he or she has an abundance of material possessions. Stanley and Danko argue against this. Stanley and Danko believe that the more appreciable assets one has, the richer they are. People who live high-consumption lifestyle’s are often viewed as rich by the public, but most have little to no investments. In order to obtain real wealth, Stanley and Danko argue that a more simple lifestyle leads to more applicable wealth rather than just materialistic items.

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“Wealthy to them refers to people who have an abundance of material possessions. We define wealthy differently.”