The Millionaire Next Door by Thomas J Stanley and William D Danko

This book fascinated me; I couldn’t put it down.

Stanley and Danko set out to study wealthy people and their spending habits, and what they found astonished them: most millionaires achieved their wealth through frugality and strong financial planning & management.

And most millionaires are indistinguishable from anyone else.

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Description

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 don't live in Beverly Hills or on Park Avenue: they live next door.

Stanley and Danko set out to study wealthy people and their spending habits, so they spoke to people whose net worth defined them as millionaires along with those whose salaries and age defined them as likely millionaires. Using this data, they created a detailed profile of a typical millionaire along with their spending habits.

What they found astonished them and changed the whole direction of their study.

Rather than the popular image that millionaires are people who buy the best of everything, top model cars, designer clothes, big houses, what they actually found was that most millionaires are ordinary people living ordinary lives.

They discovered that most millionaires achieved their wealth through frugality and strong financial planning & management.

And most millionaires are indistinguishable from anyone else.

This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.