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I didn't read it. I'm holding off for The Millionaire in My House.
I glanced through it at the book store. Seemed like I knew most of the stuff already. I'm close to being a millionaire myself on a modest income, so I could probably write a better book.
I do think The Millionaire Next Door is a good book and not outdated at all.
One book that I think is as good or better is The Difference by Jean Chatzky. It is more current, published in 2008. It's also less preachy and in some ways more prectial in it's approach than Millionaire.
I have not read the book but understand the gist of it from threads like this. My guess is most successful people (in this context, success means having $1 Million) have figured out what works on their own. If the common sense described in the book isn't obvious, the chances of success greatly diminish. In other words, it is not so much of an instructional book as it is a list of attributes of a group of people.
I'll save you some money. Basically, the book says that to become financially secure, you should live beneath your means, save and invest, and spend wisely. It also helps to start a business too.
To tell you the truth, I don't think this book helps. I know plenty of people who live like those in the book, and none of them have ever read the book. They just grew up like that (and they're doing well now). OTOH, people with poor spending habits aren't gonna change their ways after reading this book. Basically, the book won't have much of an impact one way or the other. You were either raised by your parents to be financially disciplined, or you werent
It's a quick read and available at the library. It contains some interesting information about the habits of wealth builders and destroys the popular belief that one needs to be born into a wealthy family, have a high-income job, or get a lucky break to become wealthy.
It also shows that small businesses that are not necessarily glamorous can provide solid incomes to accumulate wealth.
It was ok, but not spectacular. Some of the advice was odd. For instance, the authors kept harping about how their millionaire subjects bought American made cars. Now when that book was written in the 1980s, American cars were in the toilet, quality-wise, and fuel economy-wise. If anything, buying an American car was a poor financial decision. Yet the authors seemed to think it was indicative of fiscal aptitude.
I'll save you some money. Basically, the book says that to become financially secure, you should live beneath your means, save and invest, and spend wisely. It also helps to start a business too.
To tell you the truth, I don't think this book helps. I know plenty of people who live like those in the book, and none of them have ever read the book. They just grew up like that (and they're doing well now). OTOH, people with poor spending habits aren't gonna change their ways after reading this book. Basically, the book won't have much of an impact one way or the other. You were either raised by your parents to be financially disciplined, or you werent
I do not think that the intent of the book The Millionaires Next Door was to be a "how to" book. Rather, it was a study trying to identify the common behaviors of those who have reached a level of wealth.
I've read The Millionaire Mind as well. A lot of it is common sense. The book contrasts the behavior and habits of people with high salaries and near zero net worth versus those of people who often have a modest salary and lifestyle but high net worth.
Whenever I think of this book I think of the commercial with the guy riding his new tractor in front of his big new house, talking about his new cars, his golf membership, etc., and he says, "I'm in debt up to my eye balls." There are a lot of people around like that.
Oh, you mean those who are "Big Hat, No Cattle" types.
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