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The Millionaire Next Door: The Surprising Secrets of America's Wealthy Paperback – November 16, 2010

by Thomas J. Stanley (Author), William D. Danko (Author)
4.6 4.6 out of 5 stars 15,033 ratings
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The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.

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  1. Reading age
    5 years and up
  2. Print length
    272 pages
  3. Language
    English
  4. Dimensions
    5.88 x 0.79 x 9.06 inches
  5. Publisher
    Taylor Trade Publishing
  6. Publication date
    November 16, 2010
  7. ISBN-10
    1589795474
  8. ISBN-13
    978-1589795471
  9. See all details
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Editorial Reviews

Review

The implication of The Millionaire Next Door...is that nearly anybody with a steady job can amass a tidy fortune. ― Forbes

The kind of information that could lift the economic prospects of individuals more than any government policy...The Millionaire Next Door has a theme that I think rings very true..."Hey, I can do it. You can do it too!" -- Rush Limbaugh

[A] Remarkable book. ― The Washington Post

A nerve has been hit....[For] people who want to become wealthy. ― USA Today

A primer for amassing wealth through frugality. ― The Boston Globe

An interesting sociological work. ― Business Week

A fascinating examination of the affluent in American society. ― The Dispatch (Lexington, NC)

These, for the wise, are tips for all of us....A very readable book. ― Cox News Service

Debunks the image of the rich as high-living spendthrifts. ― U.S. News and World Report

I love the book, The Millionaire Next Door. It talks about how it is a myth that most millionaires in America have inherited their money. The fact is, we have created such a great country over 250 years. We have actually found the way for poor people to go from nothing to huge wealth and to create a life-changing opportunity for their children and grandchildren. We celebrate it, write movies about it, and our libraries are full of books about it. There is nothing wrong with that. -- Bernie Sanders

The authors mine reams of data to show the surprisingly frugal traits millionaires have in common. "The main lesson provided is that high income does not equal wealth," said J.R. Rosskamp, managing director of Veritas Partners, Inc., a business consulting firm. Rosskamp calls "Millionaire Next Door" a "must read, and the earlier the better." ― Chicago Tribune

The authors mine reams of data to show the surprisingly frugal traits millionaires have in common. "The main lesson provided is that high income does not equal wealth," said J.R. Rosskamp, managing director of Veritas Partners, Inc., a business consulting firm. Rosskamp calls "Millionaire Next Door" a "must read, and the earlier the better."
― Chicago Tribune

About the Author

Thomas J. Stanley is an author, lecturer, and researcher who has studied the affluent since 1973. He lives in Atlanta, Georgia.

William D. Danko is associate professor of marketing in the School of Business, University at Albany, State University of New York.

Product details

  • Publisher ‏ : ‎ Taylor Trade Publishing; Reissue edition (November 16, 2010)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 272 pages
  • ISBN-10 ‏ : ‎ 1589795474
  • ISBN-13 ‏ : ‎ 978-1589795471
  • Reading age ‏ : ‎ 5 years and up
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 5.88 x 0.79 x 9.06 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 15,033 ratings

About the authors

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  1. William D. Danko

    William D. Danko

    Brief content visible, double tap to read full content.
    Full content visible, double tap to read brief content.

    New York Times best selling author, Dr. William Danko has coauthored a new book with Dr. Richard Van Ness. Richer Than A Millionaire ~ A Pathway to True Prosperity. It is written for the 2020's environment.

    ~~~

    The book is based on primary and secondary research of millionaires and those who are en route to that status.

    ~~~

    The authors answer such questions as, “What does it take to be rich?” “How can I be financially secure?” “What does it take to be prosperous?”

    ~~~

    Order your copy now... https://www.amazon.com/Richer-Than-Millionaire-Pathway-Prosperity/dp/0692912711/ref=asap_bc?ie=UTF8

    ~~~

    ~ "Richer Than A Millionaire" is a timely book which embraces traditional values.

    ~ William D. Danko, Ph.D. is coauthor of The Millionaire Next Door, a research-based book about wealth in America that has been ranked as a bestseller by the New York Times for more than three years.

    ~ Richard J. Van Ness, Ph.D. is an author and for 28 years, professor of finance, accounting and management. His research includes wealth building and economic sustainability for microenterprises.

    See more on the author's page
  2. Thomas J. Stanley

    Thomas J. Stanley

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    Full content visible, double tap to read brief content.

    Dr. Thomas J. Stanley (1944-2015) was the author of seven award winning books concentrating on America's wealthy population and was the foremost authority on the affluent. His last book, The Next Millionaire Next Door, was published posthumously in October 2018 and co-authored by Dr. Sarah Stanley Fallaw.

    He began studying the affluent in 1973. Dr. Stanley's first book, Marketing to the Affluent, was selected as a top ten outstanding business book in America by the editors of Best of Business Quarterly. Dr. Stanley wrote The Millionaire Next Door in 1996. Over 4,000,000 copies of this New York Times bestseller have been sold. In 2000, he published The Millionaire Mind, which explored America's financial elite and how they became so. The Millionaire Mind debuted at #2 on the New York Times bestseller list. His other works included Selling to the Affluent, Networking with the Affluent, Millionaire Women Next Door, and Stop Acting Rich.

    The author lived in Atlanta, held a doctorate of business administration from the University of Georgia in Athens and was formerly a professor of marketing at Georgia State University. Visit Dr. Stanley's website at www.thomasjstanley.com for more information on his life and work.

    See more on the author's page
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Customer reviews

4.6 out of 5 stars
4.6 out of 5
15,033 global ratings
great Book!!
5 Stars
great Book!!
Easy to read, helps you understand investing budgeting, and accumulating wealth! Gives realistic examples and scenarios. Definitely recommend
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Top reviews from the United States

Sal S
5.0 out of 5 stars One of three books everyone should read regarding personal finance
Reviewed in the United States on May 4, 2024
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Great book, very practical knowledge and absolutely data driven for the data oriented technical/analytical people out there.
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Alysha
5.0 out of 5 stars Informative and Eye Opening
Reviewed in the United States on March 25, 2024
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This was such an interesting read and I frequently recommend it to others. It includes data behind a study group of self made millionaires, what they have in common, and how they did it. This is a great read for anyone who would like to follow in their path and learn "the secrets to success". My favorite parts were when they talked about what car the average millionaire drives, how much they typically spend on new clothes each year, and their choice of spouse. Very informative and eye opening.
3 people found this helpful
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MattyR.
4.0 out of 5 stars Helpful Information
Reviewed in the United States on January 26, 2024
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This book is very good for those seeking basic knowledge and understanding of building wealth. I will say that there is nothing groundbreaking in this book but it does give insight on how to manage money for long term wealth. This book is very helpful for younger adults looking to understand what it means to save money and not spend on frivolous things that don’t benefit them in the long term. To the older generations this book just reinforces what most of already should know, wealth is built over time and not overnight.
5 people found this helpful
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Zachary Slayback
5.0 out of 5 stars Sears, Not Brooks Brothers
Reviewed in the United States on December 2, 2015
Verified Purchase
This is an excellent, data-backed look at what the wealthy look like in the United States. Contrary to popular belief, most wealthy people do not drive Teslas and eat caviar. They are not tech CEOs or Wall Street financiers. They are small business owners and self-employed professionals who probably drive a 3-year old BMW or a Ford pickup truck or SUV. They probably wear a Seiko watch, not a Rolex. They probably wear a suit bought from Men's Wearhouse, not Brooks Brothers. They probably have a run-of-the-mill Visa credit card, not something from Sak's Fifth Ave.

Some of the many useful insights and takeaways from this book:

A Useful Definition of Wealth -- Wealth is much more than how much money you pull in every year and how much your house costs. It's more a reflection of your investments and how much money you save. Not how much you spend. There are a lot of people who pull in a ton of money every year but live paycheck-to-paycheck.

Wealth and income are not the same thing -- Not all wealthy people pull in a hefty income. In fact, many purposely pull in relatively low incomes in order to reduce their tax obligations. Ross Perot is a great example of this (when the book is written). Perot pays millions in taxes, but is worth billions. Even your neighbor next door might be a millionaire, but maybe the household only brings in $79,000 a year.

Most Millionaires Are Self-Made -- While children of millionaires are more likely to become millionaires, very few millionaires (less than 20%) are not self-made millionaires. In fact, regular handouts from parents make it less likely that an individual will become a millionaire someday. Most millionaires worked for their money and were not constantly given Economic Outpatient Care (EOC) from their parents.

Frugality Reigns Supreme -- The authors give a great analogy about building wealth. You can play a great offensive (i.e. pulling in money) and you can make a great defensive (i.e. saving your money and preserving your wealth). Playing a great offensive is wonderful, but it is really only useful for building wealth if you don't play a great defensive too (some people are capable of playing such a great offensive that the defensive really isn't important, but this is very few people). They buy discount suits, discounted new cars or used cars, they rely on very, very little credit, and status symbols aren't all that important to them.

Mindset Matters -- Most millionaires are not worry-warts. The only things they really worry about are government policies that will destroy their livelihoods, but even then, they know that they can't really control the outcome of these issues directly, so they only give so much effort and so much weight to these decisions.

My only quasi-criticism of this book is that the data are from 1992-1996 and the book was written in 1996. This obviously isn't the fault of the authors, and some of the conclusions are reinforced in a 2010 preface, but just take some of the data with a grain of salt. Take inflation and general industrial changes into account.

Well worth the read, especially if you are looking to join the ranks of the Prodigious Accumulators of Wealth or work with them.
16 people found this helpful
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Jill Paul
5.0 out of 5 stars Highly recommend
Reviewed in the United States on March 25, 2024
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I've given this book to my nephew and niece. Really good advice for everyone. It's a great book about delayed gratification.
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Rasih Bensan
5.0 out of 5 stars A book / audio CD that overthrows common misconceptions about millionaires
Reviewed in the United States on January 26, 2009
Verified Purchase
Ask anyone about the lifestyle of millionaires not just in America but in any country in the world, he / she will most likely tell you about yachts, luxury travels, expensive cars, dream homes, heavy consumption, expensive jewelry etc. Very few people are likely to talk about frugality and a modest lifestyle as the characteristic lifestyle of millionaires. After all who spends all the money on luxuries if not millionaires ? Do you think the answer is millionaires ? Wrong : it is high income generating and / or high debt hyperconsumers. But aren't high income generators also millionaires ? Answer : not most of the time. In this book the authors Thomas J. Stanley and William D. Danko explain with examples that most millionaires are self made ; they are not necessarily inheritors of wealth. In fact inheritors of wealth are usually hyperconsumers who spend it all away and do not end up becoming millionaires like their parents. The number one characteristic of the millionaire lifestyle is frugality ; living below their means and investing the surplus wisely. Many people do not know the difference between income and wealth. High income is good in building wealth if it is not all spent away but some of it is invested. The problem is that this requires delayed gratification which requires self discipline that most high income people don't have. So following years of upper middle class standard of life characterized by hyperspending they end up retiring with no wealth.

The wealthy on the other hand delay luxurious consumption and invest a certain percentage of their incomes into income generating assets. When their accumulated wealth reaches a certain level they purchase luxuries without endangering their wealth. So most of the people you see on yachts, wearing expensive watches and jewelry are high income generators who will most probably end up with no wealth in their older years. The people in the process of becoming millionaires which could take 30 years or even more live in modest neighborhoods, drive ordinary sometimes even second hand cars, dress and in short live modestly in everyway. Some of them may have high incomes but a vast majority of them have learned to get by on a modest income and generate wealth from that average income by saving and investing about 10 % of their income every month for about 30 years or so. It doesn't matter where they invest ; stocks, Treasury Bills etc. Compounding small income streams over 30 years buids enormous wealths.

One very striking thing that the authors mention is how adults receiving financial support from their affluent parents develop weak characters in terms of wealth building ability. They are in fact adult children, because they haven't developed the self discipline to be frugal and build wealth. Their well meaning parents unknowingly make them weaker by supporting them financially. Their children are often adults in their 30's, 40's and sometimes even 50's and surprisingly many of them have careers ; some are professors, doctors, lawyers etc. Their common trait is that they enjoy an upper middle class lifestyle through hyperconsumption financed in part by their own incomes but to a great extent by financial support provided by their wealthy parents who may be in their 80's by now. They think their parents' wealth is their income. In reality their parents are wealthy but they are not. What is even worse is that their children also get accustomed to the upper middle class living standard. But once the financial support and / or inheritance from the grandparents is all consumed away the grand children risk falling into a poor lifestyle. Because nobody other than the grandparents knew how to build wealth. In fact, many of these adult children are aware that they can not generate wealth and therefore worry and are very anxious about their future. In summary, when the affluent provide for " financial outpatient care" by financially supporting their adult children they prevent the development of the character qualities such as frugality in them. So their children and or their grandchildren are often doomed to a poor lifestyle following an irresponsible hyperconsumptive life funded by parental financial help. Although the authors have written these for the USA I would like to add that this is the situation in many countries including the USA. I just didn't know that it was as prevalent as the authors explain.

We can learn a lot from this book / CD but the sad thing is that it is probably difficult to change our lifestyles and habits if it turns out that our present consumption / saving habits are not making us millionaires ; if for example your family's lifestyle is hyperconsumptive and there is no frugality, you may have a hard time after reading this book in changing the habits of all the family members so that everybody will become frugal and thereby increase the chances of you and your family becoming millionaries.
52 people found this helpful
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Top reviews from other countries

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Vances
5.0 out of 5 stars You must Read!
Reviewed in Canada on February 23, 2024
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"The Millionaire Next Door" by Thomas J. Stanley and William D. Danko examines the habits and characteristics of millionaires in America. The book reveals that many millionaires are ordinary people who accumulate wealth through disciplined saving, frugal living, and smart financial decisions rather than flashy spending.live below your means. Awesome book. Highly recommended!
One person found this helpful
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Rafael Ladeira
5.0 out of 5 stars Recomendo totalmente a leitura desse livro
Reviewed in Brazil on November 15, 2022
Verified Purchase
Atualmente comprar um livro com material de qualidade é difícil, esse possui capa dura verdadeira, folhas e impressão de qualidade. Certamente o que mais importa é o conteúdo e ele foi muito bem elaborado, traz muitas sugestões e experiências reais de pessoas bem sucedidas, detalhado o que fazer e não fazer de acordo com o histórico de diversas pessoas. Não é preciso ser ou querer ser um milionário para que esse livro seja de grande valor para você, ele pode te ajudar a ser ter uma vida mais tranquila financeiramente ou apenas te ajudar a ser uma pessoa melhor, o que já valeria a leitura.
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Armando Guzmán
5.0 out of 5 stars FRUGAL Y DISCIPLINADO
Reviewed in Mexico on September 23, 2022
Verified Purchase
Me encantó la manera de demostrar como millonarios no son lo que nos venden en la televisión, de gente despilfarradora y lúcida, sino de gente frugal y con un negocio propio
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LFJ
5.0 out of 5 stars Fantastic guide to financial stability
Reviewed in Sweden on September 9, 2023
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Yes, read 141 out of 250 pages so far but I am so impressed with the financial advise. Great book. Recommended to everyone with any sort of income.
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Ben Pardo Garcia
5.0 out of 5 stars Most millionaires are actually self made
Reviewed in Spain on November 6, 2022
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Frugality, planning and humbleness can make you a millionaire. Exactly the opposite of what we are told.
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