The Millionaire Next Door Book Summary

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy

Authored by – Thomas J. Stanley and William D. Danko

Published – October 28th, 1995

The Millionaire Next Door Book Summary was done with love by the Booknized Team

Many of us ask ourselves many times why we are not wealthy as we should be…

And yes, those of us who ask this question to ourselves are well educated, middle to high-income earners, and very hardworking.

The truth of the matter and from reliable data is, that only a few amongst us are affluent or wealthy indeed.

Well, I found the answer to this question above after stumbling upon a small book – The Millionaire Next Door.

You will be surprised by the secrets of the world’s wealthy citizens.

Most of us have it wrong when it comes to wealth and how to actually become wealthy.

The truth of the matter is that wealth is more often the result of working hard, diligent savings, and yes, living below your means.

On the contrary, it’s very rare that you can achieve and maintain wealth via inheritance, advanced education, or even being the most intelligent person.

Can you spot the millionaire next door?

If not, ask yourself these questions:

  • Who are the wealthy in this country?
  • What do they do?
  • Where do they shop?
  • What do they drive?
  • How do they invest?
  • Where did their ancestors come from?
  • How did they get wealthy?
  • Can I ever become one of them?

The Millionaire Next Door Book identifies seven common traits that show up again and again among those who have accumulated wealth.

  1. The wealthy bargain for what they need – they will buy used cars, cheap property, and much more
  2. You will find that they pay a small fraction of their wealth in income tax
  3. Their children grow up not knowing about their family wealth and only learn this when they are grown up
  4. They are cautious of their spending and hate big spending associated with the rich
  5. Most of them do not live in the flashy and affluent places in the country – they are your next-door neighbors
  6. They are great savers – they have formulated a saving routine that they follow
  7. The wealthy seldom get to this status via an inheritance or any advance – they grow their wealth over time

Book Lessons

  1. High income is not equal to high wealth
  2. You need a budget
  3. Record and know where the pennies go
  4. Know your goal/goals
  5. Time is money – value it and utilize it well
  6. Learn and get accustomed to loving your house
  7. Becoming wealthy takes teamwork
  8. Don’t drive away your wealth
  9. Being wealthy can bring happiness

The truth of the matter is that if you are financially secure and independent, you will be a lot happier.

You will have peace of mind knowing that you are living within your means and do have some savings.

This incredible book has changed my life and can change yours too – to indeed increase your net worth.

Get the answers in The Millionaire Next Door, the never-before-told story about wealth in the world.

You’ll be surprised at what you find out…

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