Why did I love this book?
This book breaks down illusions about wealth and gives it to ‘em straight.
Just because you think a person has money, it doesn’t mean that they have money. In fact, those who flaunt their wealth could actually be headed for disaster, as they spend their dollars on an endless effort to impress, one-up, and reward themselves. And because they are spending money they are not saving money. So while their bank account plateaus (or worse, depletes), the account of the unassuming, unflashy neighbor next-door flourishes, as he invests, saves, and plans—placing the max amount of $ into his 401K—until he eventually becomes, the “millionaire next door”… The save vs. spend principle seems obvious here, but the psychology of spending is not. It is curious and complicated, fascinating and (sometimes) hard to fathom… So it's good there is a book out there that examines wealth and de-bunks perception, so that people can uncover the truth and place themselves on a path to financial success, rather than waste their funds, trying to keep up with the Joneses.
3 authors picked The Millionaire Next Door as one of their favorite books, and they share why you should read it.
The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.