Skip to comments.Book Review: ‘The Next Millionaire Next Door’
Posted on 09/11/2020 6:58:58 PM PDT by tbw2
The Next Millionaire Next Door is a repeat of the landmark study from the classic book The Millionaire Next Door. Written by Thomas J. Stanley and his daughter Dr. Sarah Stanley Fallaw, it provides insight into the original work, addresses criticisms of it and a whole new data set.
Yet the next millionaire next door book is not just an analysis of the original. It contains new information, and it builds on related works by others that borrow from the original millionaire next door book.
(Excerpt) Read more at owlcation.com ...
We were on a good path the first few years. Money in the bank, a modest home, college fund for our first born child, 3 retirement accounts started.
Then came the catastrophic medical debt, years of medical bills, a miscarriage, two rounds of cancer, another child, jobs changes. In short..life.
At one point, we had less than 1k in savings and 30k in medical debt.
It was brutal.
Now we are in a great house in a beautiful neighborhood, 50k in savings, 200k in retirement, one halfway through college and another coming up.
We survived by living lean and mean for years. Shopped good will and salvation army, bought gently used cars and drove them till they dropped, learned how to cut my family’s hair to save money, fixed my own house and roof. Took cheap vacations that included museums and national parks. Found free or inexpensive things for the kids to do.
Lived clean and gave to the church, even when we were struggling.
I will never achieve millionaire status and will never retire, but I am proud of how far we have come given everything life threw our way.
I read the combo of the millionaire next door, and rich dad poor dad, while I was still in college in the early 90’s and it changed my life.
The most important things I learned from them was to UN-LEARN what I thought I “knew” about wealth, who was wealthy, how they got wealthy, how the wealthy lived, ect.
Everything I “thought” I knew, was wrong in that regards.
a) when you started investing
b) how you invested it
Good on ya mate.
Too many of today’s websites are literal children of 27 or so “How we reached $1 million net worth”
and it turns out their parents paid all their way through college, and got them in the door at good company; or they happened to start out at Amazon or similar.
They take it for granted.
The friend told her, the people who "looked" the most successful, with multiple new cars, the nicest clothes, and so forth -- were the ones begging for a few more days grace to pay their bills every month.
The ones who drove older cars and clothes, and weren't flashy, often had surprising amounts of wealth: because they weren't spending it.
MOST people can not get rich....its just a fact....
I find it interesting that the Rich dad guy and Ramsey really started doing well ONLY after they started selling their books....IIRC....
“Taxes on small business make it extremely difficult to hire additional workers and accumulate wealth.”
In other words, the small business is operating at/close to the point where a dollar of cost (including taxes) gives the greatest return/profit on that dollar. Any additional business expansion using a dollar of profit earned would give a lower return if the business were expanded. Therefore, it would seem easier to take some of that profit and invest elsewhere for a better return rather put it back into the existing business at a lower rate of return, until the taxes are lowered.
A bigger more immediate concern for all is the ability of the government executive branches unilaterally to shut down small businesses indefinitely for “public safety”. Taxes is a lesser concern now, since the business isn’t operating. And what faith does one put in the government won’t do it again in the future. Small business needs to rethink its business plan on how to stay alive during these things.
My kids are going to appreciate being able to go to college without having to even think about student loans.
I had student loans. I *paid them off*
And if your kids go to a State school they should be modest. Assuming they do not want to try to get the literally millions of dollars in scholarships avsilable. But that takes work.
And I grew up extremely poor. I did not begin wealth building until mid adulthood.
I’m sorry that’s what you took from the book. I was personally inspired. And I do believe that with the proper techniques that anyone can become rich with time.
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