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Book Review: ‘The Next Millionaire Next Door’
Owlcation ^ | Jan 30, 2020 | Tamara Wilhite

Posted on 09/11/2020 6:58:58 PM PDT by tbw2

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1 posted on 09/11/2020 6:58:58 PM PDT by tbw2
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To: tbw2

Book Review: ‘The Next Millionaire Next Door’
https://owlcation.com/humanities/Book-Review-The-Next-Millionaire-Next-Door


2 posted on 09/11/2020 6:59:17 PM PDT by tbw2
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To: tbw2

Kiyosaki’s book was better. The Millionaire Next Door was boring and I only read half of it. It’s because I was already following virtually all his ideas. A good book for naive wanna-be rich folks though. i’m pretty sure most freepers followed the same path as me.


3 posted on 09/11/2020 7:07:44 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: tbw2

Yep.

“The key ingredients remain living below your means and saving and investing the difference. Fewer millionaires are small business owners, and more are 401K millionaires.”


4 posted on 09/11/2020 7:11:35 PM PDT by 2banana (Common ground with islamic terrorists-they want to die for allah and we want to arrange the meeting)
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To: tbw2

If you enjoy sociology and demographics you will like this book. “Money Masters” by John Train is similar in some respects examining the habits of the most successful US investors.


5 posted on 09/11/2020 7:13:22 PM PDT by MSF BU
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To: tbw2
I imagine there are fewer millionaires among people owning and operating productive small businesses - due to increased government regulation.

But I imagine there are more millionaires among social media influencers. :)

6 posted on 09/11/2020 7:16:49 PM PDT by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
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To: tbw2

A million ain’t what it used to be. It takes 1.6-mil to buy what a mil bought in 1996.


7 posted on 09/11/2020 7:19:21 PM PDT by wny
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To: Mr. Jeeves

Taxes on small business make it extremely difficult to hire additional workers and accumulate wealth. Meanwhile mega corporations pay 0 taxes. The deck is stacked against us...


8 posted on 09/11/2020 7:24:24 PM PDT by Jan_Sobieski (Sanctification)
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To: wny

IRA’s came out in 87’. $2k limit. Today 401K’s are limited to what-$18k? Therefore we can guesstimate what the richest IRA/401k saver can have. So tell me. What is it?


9 posted on 09/11/2020 7:27:46 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: DIRTYSECRET

Which brings me to the question. Make it mandatory? SSI is mandatory. Replace/switch it? Nov. 4 will get us closer to an answer.


10 posted on 09/11/2020 7:29:39 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: DIRTYSECRET
I found Kiosaki's Book Rich Dad, Poor Dad, to be mostly silly get rich quick schemes based on nearly impossible to follow generic advice.

I think that is why it is so popular. It offers something for nothing. It gives very little practical advice. It made Kiosaki rich.

11 posted on 09/11/2020 7:29:56 PM PDT by marktwain (President Trump and his supporters are the Resistance. His opponents are the Reactionaries.)
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To: wny

That may seem like a long time ago but by that time I was more than half way though my journey to today even from the time I became an adult. Crank up the way back machine to pre-Arab oil embargo. In the 60s it meant something to be a millionaire. In the lat 70s even $40,000 a year was considered a handsome income. It would take $6.8 million to have the same buying power as $1,000,000 in 1970.

Today a million is an OK start but something most will never achieve ‘cept for by pensions and defined benefit retirement plans.


12 posted on 09/11/2020 7:37:49 PM PDT by Sequoyah101 (We are governed by the consent of the governed and we are fools for allowing it.)
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To: DIRTYSECRET

I think Kiyosaki’s a little goofy. I think Dave Ramsey gives way better advice, although I don’t agree with him 100% either.


13 posted on 09/11/2020 7:42:17 PM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: DIRTYSECRET

The followup book “The Next Millionaire Next Door” is better than the original - still a lot of data but more accessible if you aren’t a nerd.

You might like Chris Hogan’s “Everyday Millionaires”.


14 posted on 09/11/2020 7:44:08 PM PDT by tbw2
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To: Jan_Sobieski

And the Wuhan virus shutdown is gutting the small businesses that aren’t essential.


15 posted on 09/11/2020 7:44:34 PM PDT by tbw2
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To: DIRTYSECRET

Dave Ramsey’s research is finding a lot of millionaires ARE 401K millionaires. Very few have hit 10 million in a retirement account, but that will change given time.


16 posted on 09/11/2020 7:45:18 PM PDT by tbw2
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To: marktwain

“The Millionaire Next Door” is what led us to making much better decisions with money right out of college. For example, we ended up buying a smaller house than we could afford because we could afford it on one income. That was a life saver when he ended up being laid off repeatedly in the energy sector.

Dave Ramsey’s books pushed us past the million dollar net worth mark, by paying off a mortgage and avoiding debt, plus saving 15%+. But a million dollar net worth is not that big when you factor in a house you own plus moderately large 401K.


17 posted on 09/11/2020 7:47:34 PM PDT by tbw2
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To: marktwain

Especially when there isn’t much specific advice, whether owning rental real estate or intellectual property that pays royalties. You get better advice from Dave Ramsey on how much a car should be worth, how much house to own, how much to save and where.


18 posted on 09/11/2020 7:48:54 PM PDT by tbw2
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To: DIRTYSECRET

I used to assign this to my students, mainly because it contained widespread surveys of wealthy people. I also liked “The Millionaire Mind.”


19 posted on 09/11/2020 7:57:38 PM PDT by LS ("Castles made of sand, fall in the sea . . . eventually" (Hendrix))
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To: tbw2

I am just a regular guy. I was (and am) a developer, systems analyst, development manager, etc. for 40 years. Now I am at the end of my career having a great time as an independent contractor.

Hit $1M about 6 - 7 years ago. Without having read or heard Dave Ramsey we instinctively followed his teachings. Bought a $100K house when my income said I could afford 5 times that much. Still have my 2001 car and when we needed a new one paid cash for a 3 YO econobox that accomplished its objective: getting me to and from the client site.

We always keep appliances until they die. Had 8 YO TVs until last year.

Work hard, eschew debt except mortgage and double pay that (owned 2 houses, paid each off - the first one in 10 yrs, second in 5) and DO WITHOUT. Easy formula.

PS: We travel a lot to Mexico and the Bahamas and the like so it is not like we live in sack cloths!


20 posted on 09/11/2020 8:00:17 PM PDT by freedumb2003 ("Do not mistake activity for achievement." - John Wooden)
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