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Summary: Sage advice for the young that some parents fail to teach
Review: After reading the book, I became a lot more enlightened about the difference between having a high income versus a high level of wealth. I am a 1.5 generation Korean-American and my smalll business owning parents were PAWs who wanted they children to have a UAW lifestyle like some of their customers. Plus, having recently graduating from top five MBA school, I wanted the "good life" and believed that owning a luxury German import was an important visible symbol. However, after reading the book, I started listening to that nagging feeling and came to the quick realization that I wanted a lifestyle that I can control and not a lifestyle where I'm being controlled. So I reallocated my "car" money into some nice investments instead and will probably end up with a used SUV. Great read especially for somone like myself who is just starting to become a productive member of society and wants to retire early.
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Summary: This is how the rich become rich
Review: Creating wealth is sort of like dieting.Everybody wants the end result but the discipline to achieve that result is usually lacking.Oh, if only there were a magic pill that you could take to lose weight or to create wealth without changing your habits. We would all be rich.FRUGALITY...FRUGALITY...FRUGALITY. It takes discipline.Contrary to certain opinions i.e. revews posted here, you don't need "a wad" to do this.However, by following these concepts, you will soon have a wad.There is no level of income that you can't outspend and yet most of us feel that we have an unlimited supply of cash.You would think that considering the ever increasing number of bankruptcies and mortgage foreclosures not to mention company downsizings that people would have learned by now. Peer pressure...keeping up with the Jone's drives many people to live beyond their means. Remember this: when your outgo exceeds your income, your upkeep will become your downfall.DELAY GRATIFICATION. Pay yourself first. Invest and then buy toys with the profits.Another good book to read is Rich Dad Poor Dad and Cash Flow Quadrant. Robert . Kiyosaki has a different strategy than Stanley and Danko in certain areas but is in agreement in other areas. The authors work compliments each other and I highly recommend these books to all would be financial achievers.Another book that is popular right now and says some of the same things is The Automatic Millionaire by David Bach.Read and grow rich.
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Summary: Great Book....Let's Add A Chapter.
Review: I highly recommend this book. By the authors' criteria, my wife an I are considered wealthy at age 36 and 33. We got that way by virtually mirroring the book's advice. It was great to read the book and find out that our approach to life and wealth has now been validated. I would add one more chapter, however: on the defensive side of wealth accumulation, one should do things around the home for themselves rather than calling professional repairmen (plumbers, electricians, painters) or other craftsman (deck builders, roofers, concrete guys) at every juncture. This type of work is not really all that hard or complicated once you understand the basics ( I knew nothing about any home improvement project when I bought my first home, but I've learned!)....but the cost savings, learning experience, and personal satisfaction from doing a project yourself are well worth the effort. I have saved a lot of money this way, and increased the value of and improved my home. In addition, I'm spending my spare time productively, teaching my son the value of hard work and to be self-reliant, and spending time with him....and that part is priceless!
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Summary: An Entertaining, Insightful and Helpful Book
Review: The Millionaire Next Door is a book that will completely change a person's way of viewing the wealthy who reside in the US. It paints an accurate and indepth picture of the true millionaires of our country and how they became that way. The book is very straight forward with lots of statistics, which at times can be tedious, and anecdotes that help explain the different concepts presented in the book. Anyone who reads this book will take a lot away from it and will want to explore the area of affluency and economics in general in greater depth. There were times I could not and did not want to put the book down just because I wanted to learn more and see what it is was I could do to get myself on the path to financial independence. The book is wonderful in the sense that it is well-organized, repeats the most important ideas so that you do not forget them, and makes a very important note that anyone who is dedicated, hardworking, and plays both "offense and defense" has the ability to become financially independent and truely wealthy. Overall this book is brilliant and I recommend it to anyone who wants to learn what it takes to become an affluent member of our community. I would definitely recommend this book to teens and young adults since it will have the most influence on them and interest them greatly since they want to know how to make the most money possible. Anyone who reads this book will not be disappointed and will learn a lot from it.
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Summary: 250 pages of useful TRUTH
Review: This book is a priceless research document. Its findings in several areas are enlightening - such as how successful wealth builders think about money (a vehicle for achieving the comfort of financial independence, not a tool for satisfying consumer cravings or amassing "symbols" of wealth and status) and how affluent parents raise productive children (stress achievement, teach frugality and saving by example, and do not provide ridiculous amounts of "economic outpatient care" - doing so cripples the recipients). Those already well-disciplined and well-versed in money matters find this book redundant and light. For the rest of us, which is most of us, this book changes the way we think about money and guides us towards wiser decisions that will positively affect our lives and those of our children. Whether or not you agree with the lifestyle and philosophy championed by this book, the truth it offers about wealth cannot be ignored. One of the five most important books I have ever read.
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Summary: Very good book--A classic that still rocks!
Review: With great authors like Dave Bach who has written an excellent book "The Automatic Millionaire", sometimes classics like The Millionaire Next Door get shoved aside and forgotten. The Millionaire Next Door should be read in addition to The Automatic Millionaire. I also recommend More Wealth Without Risk by the late, great Charles Givens. The Millionaire Next Door shows how the wealthy became wealthy. It wasn't due to luck, politics, inheriting a fortune or help from the government. It was by developing and applying a few simple disciplines. This book will show you how too.
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