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This is a great peek into what it takes to acquire wealth in this day and age. The insight and tips are timeless and backed up by decades of research. Must read for those interested in acquiring and maintaining wealth.
I read and loved the original Millionaire Next Door with its ground breaking (well, at least to me) findings that ordinary Americans can achieve riches using the American way of hard work and a frugal life style (and a bit of luck too!). Finding, for example, that people who drive flashy cars may well be living paycheck to paycheck and from lease payment to lease payment, made me view conspicuous consumption in a new light. It seemed to me that Dr. Stanley was intrigued by his research into wealthy people and by the paradox he found that wealthy people often didn't give the impression that they were wealthy, frequently being particularly frugal, while people who did give the impression of being wealthy (flashy cars etc) often had very little wealth, frequently having negative net worth due to debt. In the original book, a clear path ahead was laid out to becoming wealthy by spending less that you earn and investing savings in appreciating assets. These findings have been echoed by many others since the original book was published. If you haven't read the original Millionaire Next Door, then I would suggest that you do so, even though some of the data are out of date. I did follow the advice in the original book (and advice in other books) and I am now a multi-millionaire so I can vouch for the validity of the ideas in the original Millionaire Next Door. Dr. Stanley was tragically killed in an auto accident and his daughter has now undertaken to carry on her fathers work and has published this book. Sadly this book does little to advance the themes of the original Millionaire Next Door. There have been a number of potentially significant changes since the original book was published including the increasing concentration of wealth into the top few percent, the stagnant or decreasing wages of those without a college degree, and the increasing college debt of younger people. How has all this affected how ordinary working Americans can achieve wealth? Few new ideas are presented. Consequently I am unable to recommend spending the money on it. Perhaps if we follow the advice of the original Millionaire Next Door of being frugal, frugal, frugal then maybe borrow it from you local library and put the money saved in appreciating assets.
If you read the first book (The Millionaire Next Door), this new one provides a valuable update with new research to help understand a few things that have changed over the past 20 years as well as what has stayed the same. This book will “FIRE” you up (pun intended) and will continue to reinforce the LBYM (live below your means) mantra. To that end, you won’t find the Millionaires in this updated sample driving Jaguars, Range Rovers and Porches! However, there were new interesting tidbits as it relates to investing with this Millionaire sample. They are human and make mistakes which makes for interesting discussion points of “how does this set of people have the drive, determination, control…etc. to go against the grain and accumulate a millionaire net worth, yet still fall into some of the traps (market timing for instance) that a lot of other people fall into?”
If you’ve never read the first book and are unfamiliar with Dr. Stanley’s work, this book will become one of the more important books you will read. Do you want to become financially secure? Well, who better to learn from than the folks that have actually done it. You will learn that a few small decisions can make a profound impact in wealth building over time and it does take time…building financial independence for those of us that didn’t win the lottery or receive a large inheritance takes discipline and occurs in what feels like slow motion, but it is a proven method that works again and again.
I would consider the original Millionaire Next Door written by the late Dr. Stanely to be one of the few books that has changed my life by influencing my major decisions. Over the years, I have read it again and again. I had high hopes for this brand new updated version but was disappointed.
I think the biggest problem with this book that it is too jumbled and written in two voices. On the one hand we have Dr. Stanley's daughter writing large chunks of it, and on the other hand, we have far too many directly taken pieces from the Dr.'s blog. Making things worse, the daughter is always trying to give credit to the father, so throughout she writes in the plural "we did....", "we think...", etc. I wish she had just written the whole book herself in her own voice and omitted all the blog posts. It seemed to me that she had a lot of raw data such as letters from people over the years, and numerous surrveys, but she was not able to put all the information together in a way to glean insights. As a result, I got far less from this book than I could have, it does not have a clear framework or set of takeaways, at least not different or thought-provoking enough compared to the original.
Such an excellent and timely book. The author does a great jobs of turning the raw undeniable data into easy actionable steps to financial success. It’s everything I expected from The Millionaire Next Door, but set in 2018. I originally purchased as a hardback but I hope to download on Audible soon. As a professional financial advisor, I’m recommending this book to all my clients!
It’s hard to match an original work as iconic as “The Millionaire Next Door,” and this newest version is living proof. “The Next Millionaire Next Door” struggles with an identify crisis in that Sarah Stanley Fallaw doesn’t seem certain who exactly her audience is. Is she addressing critics who say her father’s original ideas are obsolete? Is she offering a concrete path to financial independence in the 21st century? Is she providing updated research for the loyal band of Thomas Stanley followers who still believe in his treatises? Perhaps all of the above? It's never quite obvious. As a result, the data get muddled in lengthy, bland chapters.
Although one might expect a sequel written by a new author to read differently than the original, “The Next Millionaire Next Door” isn’t written with the same spirit either. Thomas Stanley delivered earth-shattering truths about what it takes to actually become a millionaire in a way that was brutally honest yet thoughtful and entertaining. He did so without shaming readers who might not be there yet, instead offering a road map for what they could do to improve. And, if anything, he punched up, chiseling away at the facade of looking rich in place of building wealth, couching his findings in comparative examples. The iconic individuals, Dr. North and Dr. South, found in the original work come to mind.
In this updated version, however, there are fewer comparative examples. This robs readers of the same thoughtful opportunity to reflect and improve and may actually squelch their confidence to take action.
Having said all that, readers who feel stuck in their careers will likely find inspiration in the refreshing chapter “Getting to Work.” And Stanley Fallaw does an excellent job of addressing how social media affect our ability to build wealth.
In the end, I suggest buying Thomas Stanley’s “The Millionaire Next Door” and keeping it close at all times. And as for this book, well, perhaps check it out from your local library first and then decide if it’s worth a purchase for your permanent collection later. And only if it fits within your budget. :)