Review The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
by THOMAS J. STANLEY & WILLIAM D. DANKO
“Don’t judge the book by its cover.” This is an old adage that best applies to The Millionaire Next Door written by Stanley and Danko. Upon reading the title, the book seems like just like any other finance book that will teach readers how to become a millionaire. But this particular book goes beyond that and banks on research showing statistics and case studies. The book is devoid of empty promises that usual finance books give readers. Instead, the book presents millionaires and their secrets to financial success.
Moreover, the book presents its readers with a simple, yet powerful wealth equation: spending less or earning more. The book goes on to explain that both are essential to succeed in our financial life. The book also presents its theorized or observed key characteristics of successful millionaires which include:
- Living below their means
- Allocating time, energy, and money efficiently
- Believers of the fact that financial independence is more important than high social status display
- Proficient in targeting market opportunities, etc.
About the Authors
Thomas Stanley is a business theorist and divulges his theories by writing books. He has written books that were recognized by several award-giving bodies. He formerly worked for Data Points as the chief advisor. He also served as a professor at the State University of New York.
William Danko served as a professor of marketing for nine years. He published several academic articles that appeared in different journals, including the Journal of Advertising Research and the Journal of Business Research. Danko spoke in conferences and forums and co-wrote a book with Thomas Stanley.
Table of Contents
The book contains the following topics:
1: Meet the Millionaire Next Door
2: Frugal Frugal Frugal
3: Time, Energy, and Money
4: You Aren’t What You Drive
5: Economic Outpatient Care
6: Affirmative Action, Family Style
7: Find Your Niche
8: Jobs: Millionaires versus Heirs