Author Topic: The Millionaire Next Door, anyone?  (Read 35557 times)

Bigote

  • Bristles
  • ***
  • Posts: 278
The Millionaire Next Door, anyone?
« on: March 20, 2013, 03:42:52 PM »
Has anyone read this book?

I've heard it mentioned, especially on Early Retirement.org.  I finally read it.  Interesting enough, though not too much to teach people here - most of it is LBYM and don't get caught up in the consumerist cycle. 

It also suffers from the same problem that every 'self-help' book does - it really has a small amount of advice to convey (however important it may be) so they stretch what should be a 20pp pamphlet into a 200 pp book.  And they all do that the same way, through loads of repetitive hypothetical case studies - thus for each little bit of wisdom you have to wade through examples of Jonny DidEverythingRight and Billy FuckedItAllUp. 

Having said that, there were interesting statistics presented (however dated they might be) and the chapter on raising children was interesting - as they put it, how to avoid having your kids become 'economic outpatients'.   

fimoc

  • 5 O'Clock Shadow
  • *
  • Posts: 8
  • Location: Seattle, WA
Re: The Millionaire Next Door, anyone?
« Reply #1 on: March 20, 2013, 10:43:09 PM »
Ironically I'm finishing it up right now since it was only $3.  There are a lot of good things, but I definitely skimmed a lot of it since it's not very information-dense and has a great deal of repetition.  Then again, contrast it with Gladwell, and you'll see there are sociologists that waste an order of magnitude more space with repetition and general puffery =P

Skinnyneo

  • 5 O'Clock Shadow
  • *
  • Posts: 97
  • Location: Yokoahama, Japan
    • Tsumashiku Kurashii - Living Frugally in Japan
Re: The Millionaire Next Door, anyone?
« Reply #2 on: March 21, 2013, 04:49:09 AM »
I would actually say the opposite in that it is VERY information dense.  They seem to smatter every page with statistics and and findings over their ten year (or more?) study.  If you mean by "applicable to real life" information then I suppose it is lacking.  But I'm not sure the authors ever intended to write a self help book.  Instead I think they were looking at the habits that people who have obtained over $1,000,000 share and publish those findings. 

All in all I enjoyed reading it (although I did skip over some of the charts, graphs, etc.).  It really brakes the mold about what and who we think are millionaires.  I'm sure there were a few millionaires on my old street now that I think about it.

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 25245
  • Age: -999
  • Location: Traveling the World
Re: The Millionaire Next Door, anyone?
« Reply #3 on: March 21, 2013, 07:24:36 AM »
Agreed with it being very basic for most of us, but I'm sure it blows some people's minds.

The biggest thing I got out of it was the whole section on kids.

You think you're helping kids by giving them money (For example, "I want their new business to start off right, so I'll give them seed money" or "I don't want them to start their adult life in debt, so I'll pay for their college, books, dorm, food, etc. etc."), but you aren't.  Every time you do this, rather than making them independent, you do the opposite and make them dependent on you.

Very powerful, IMO.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with a kid.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

Spork

  • Walrus Stache
  • *******
  • Posts: 5741
    • Spork In The Eye
Re: The Millionaire Next Door, anyone?
« Reply #4 on: March 21, 2013, 08:08:40 AM »

I read this many years ago... and quite honestly, it was part of my "aha moment."  It was how I realized that Hollywood Rich is statistically insignificant that that there are really LOTS of wealthy folks (and I mean truly wealthy) in the USA -- and that they were just "average people that lived within their means."

What this book seems to have that others like it don't have is that Mr Dideverythingright and Mr Fuckeditallup are not just made up illustrative people, but are real statistical compilations of real people.

Probably folks that are here have already had the same moment (possibly from actually reading MMM).
Some will sell their dreams for small desires
Or lose the race to rats
Get caught in ticking traps
And start to dream of somewhere
To relax their restless flight

unplugged

  • Stubble
  • **
  • Posts: 136
Re: The Millionaire Next Door, anyone?
« Reply #5 on: March 21, 2013, 08:34:39 AM »
I love that book! I wish more people would read it. Like a required course in school even. My son is taking an economics class and he is the only student that's read the books the teacher mentions. This book was one of them. I wish my son would tell the teacher about Jacobs book and even Possum Living LOL. I say read them all! At some point my son is going to tell the teacher and class about MMM.

Seriously MMM you should do some public speaking in public schools. The budget is tight here or I would have already asked them to fly you out! I don't feel like Dave Ramsey and others are getting the kids before they even get a start on life. Someone has to reach them early  or they will think payment plans and zero interests are the norm. These kids don't even get retirement much less starting early on it. Even the AP kids are not learning about finance.
Too long in the subdivision

Spork

  • Walrus Stache
  • *******
  • Posts: 5741
    • Spork In The Eye
Re: The Millionaire Next Door, anyone?
« Reply #6 on: March 21, 2013, 08:39:35 AM »

Seriously MMM you should do some public speaking in public schools. The budget is tight here or I would have already asked them to fly you out! I don't feel like Dave Ramsey and others are getting the kids before they even get a start on life. Someone has to reach them early  or they will think payment plans and zero interests are the norm. These kids don't even get retirement much less starting early on it. Even the AP kids are not learning about finance.

The wife and I were just talking about that....  Someone that has a bit of motivational speaker in them needs to talk to the 18-24 year olds with a "Who here wants to be REALLY RICH" talk.  At 18, even very minor MMM principles will create a pretty darn huge stash over time.
Some will sell their dreams for small desires
Or lose the race to rats
Get caught in ticking traps
And start to dream of somewhere
To relax their restless flight

WageSlave

  • Stubble
  • **
  • Posts: 178
  • Location: Chicago, IL, USA
Re: The Millionaire Next Door, anyone?
« Reply #7 on: March 21, 2013, 10:30:27 AM »
I think the book challenges the definition of "rich" kind of like how MMM challenges the definition of "retired".  Until a few years ago, rich to me was, as someone said above, "Hollywood Rich": exotic cars, big fancy house, country club memberships, designer clothes, exclusive private schools, etc.  I suspect that this perception is not uncommon.  In fact, one of my close friends recently said, "...the guy must be rich, he drives a brand new BMW, has nice clothes..."

In general, I enjoyed the book, although, I'd like to see more profiles of different types of people.  I already know and understand the message of the book---I knew it before I read it.  But, personally, I really enjoy Reader Case Studies here on MMM; I'd like to see a whole book filled with profiles.  I just find it interesting to read about how other people live.

MrMoneyMullet

  • 5 O'Clock Shadow
  • *
  • Posts: 40
  • Not actually a picture of me.
Re: The Millionaire Next Door, anyone?
« Reply #8 on: March 25, 2013, 02:03:30 PM »
TMND was the book that sparked my entire interest in personal finance. I read it while in college, and had never really been taught anything about money by my parents, so when I read it I was almost a clean slate as far as money goes. My parents didn't give me any psychological problems towards money (that I know of), so when I read The Millionaire Next Door and started learning about personal finance, I didn't have to overcome any huge hurdles. Also, before I had read the book, I got the Army to pay for my undergrad, so I didn't have student loans to overcome.

It is definitely not a perfect book, but the whole idea that "Maybe the people driving the BMWs are really just pretending to be rich. Maybe the people who have money are the people who aren't spending it all" is an incredible eye-opener for a typical middle-class American.

CNM

  • Bristles
  • ***
  • Posts: 289
Re: The Millionaire Next Door, anyone?
« Reply #9 on: March 25, 2013, 03:33:18 PM »
TMND was also one of the first books on personal finance I read.  The very first was Your Money or Your Life.  But TMND struck a bigger chord with me, I think.  Probably for the same reason cited by MrMoneyMullet- that the people who look rich are really just pretending to be rich.  It also lit a fire under me to kill my debt asap (at that time, I still had a student loan) so I could start accumulating real wealth.

Mr. Minsc

  • Stubble
  • **
  • Posts: 162
  • Location: PEI, Canada
    • ThriftyHamster
Re: The Millionaire Next Door, anyone?
« Reply #10 on: May 09, 2013, 06:08:21 PM »
I haven't read TMND yet but it's on my queue to pick up at the library.  It may not have the same effect on me as it would have a few months ago but I'll still give it a whirl.
My budding blog: thriftyhamster.com

iamsoners

  • Stubble
  • **
  • Posts: 173
Re: The Millionaire Next Door, anyone?
« Reply #11 on: May 09, 2013, 09:04:59 PM »
I like the book but in following his other books and writings I've found that he basically promotes the save, save, save, work for 40 years lifestyle--just get rich doing it.  Not bad, but still a little overly consumerist focused for my tastes. 

He's put out a couple of similar books and I thought the Millionaire Mind was interesting--it takes the upper echelon of the wealthy people he's studied ($5m+ I think is the threshhold) and compares their career and big purchase decisions.  I found it fairly interesting to see what types of business these people are creating (usually a niche specialty company that fills a local void (scrap recycler, trade magazine publisher, etc.)) and his commentary on what people attribute their success to (hard work more than good grades) is predictable but still interesting.  I think that's his book where he spends a whole chapter on how the really rich get great real estate deals--working with premiere high volume agents, waiting to negotiate with someone in a jam (particularly divorcing couples), buying low maintenance brick/stone houses, etc.--which I also found super interesting.

iris lily

  • Handlebar Stache
  • *****
  • Posts: 2340
Re: The Millionaire Next Door, anyone?
« Reply #12 on: May 17, 2013, 09:39:29 PM »
This is my favorite book about money because it just tells stories, backed up by stats, about how the wealthy keep their money.
"Economic Outpatient help" is a term DH and I've been tossing around in conversations about neighbors who have a giant old house, a bunch of kids, and low visible means of support. We think there must be parental Economic Outpatient help there.

Today I was just thinking about another neighbor, a very nice young man who is graduating form medical school this weekend. I remember the profile of doctors: they don't have a lot of money because they are very generous with donations and people expect them to spend big and donate big. I don't believe that TMND talked about school debt, but these days that's a big thing, too.

From TMND a cardinal lesson is "it's not how much you make, it's how much you keep that counts."

The ethnic breakdown of millionaires was interesting. Greeks were very high, tops; the Scots were near the top.

Yep, a lot from that book stuck in my brain, I think about those lessons often.
« Last Edit: October 05, 2014, 10:48:55 AM by iris lily »

Grigory

  • Stubble
  • **
  • Posts: 228
  • Location: Seattle, WA
  • (rhymes with "story")
    • my attempt at blogging
Re: The Millionaire Next Door, anyone?
« Reply #13 on: June 01, 2013, 01:37:53 PM »
Ironically I'm finishing it up right now since it was only $3.
Doesn't the book advise you to get books from your local library instead of paying $3 for them? ;) Tsk tsk...
Author of Buffett's Biggest Blunders and Go to college without going broke - now available on Kindle! :)

oldtoyota

  • Magnum Stache
  • ******
  • Posts: 2954
  • FIRE 2019
Re: The Millionaire Next Door, anyone?
« Reply #14 on: June 01, 2013, 08:13:31 PM »
Ironically I'm finishing it up right now since it was only $3.  There are a lot of good things, but I definitely skimmed a lot of it since it's not very information-dense and has a great deal of repetition.  Then again, contrast it with Gladwell, and you'll see there are sociologists that waste an order of magnitude more space with repetition and general puffery =P

OMG! So true about Gladwell. Lots of puff and little substance.

oldtoyota

  • Magnum Stache
  • ******
  • Posts: 2954
  • FIRE 2019
Re: The Millionaire Next Door, anyone?
« Reply #15 on: June 01, 2013, 08:15:19 PM »
I love that book! I wish more people would read it. Like a required course in school even. My son is taking an economics class and he is the only student that's read the books the teacher mentions. This book was one of them. I wish my son would tell the teacher about Jacobs book and even Possum Living LOL. I say read them all! At some point my son is going to tell the teacher and class about MMM.

Seriously MMM you should do some public speaking in public schools. The budget is tight here or I would have already asked them to fly you out! I don't feel like Dave Ramsey and others are getting the kids before they even get a start on life. Someone has to reach them early  or they will think payment plans and zero interests are the norm. These kids don't even get retirement much less starting early on it. Even the AP kids are not learning about finance.

Sounds like *you* could speak to the kids--and then the school district doesn't have to pay for a flight! =-)

meadpointofview

  • Guest
Re: The Millionaire Next Door, anyone?
« Reply #16 on: June 07, 2013, 02:52:16 PM »
This is one of the best books I have ever read.  A must read for Mustachians.

LizzyBee

  • 5 O'Clock Shadow
  • *
  • Posts: 66
Re: The Millionaire Next Door, anyone?
« Reply #17 on: June 07, 2013, 05:05:34 PM »
I really loved this book. I liked reading the case studies because I love being frugal, but sometimes I just want "nice" things. Whenever I get that lustful feeling after fancy stuff (audi, big house, designer purse, etc.), I just think of this book and about all of the people who have that fancy stuff, but can't really afford it or buy it at the expense of their own financial freedom. Even though I would only buy fancy stuff with cash while being debt free, I now associate those things with somewhat foolish people who spend everything they earn (and often more) and it makes me automatically not want to be associated with those things at all. It kills the desire instantly.

Purple

  • 5 O'Clock Shadow
  • *
  • Posts: 37
Re: The Millionaire Next Door, anyone?
« Reply #18 on: June 07, 2013, 11:26:02 PM »
This is a fantastic book and I am not aware of any other study like it (please post if you are).

I love the scenario the authors paint when the try-hard millionaire comes to one of their group discussions with a bunch of real millionaires who don't give two hoots about flaunting status items. Remembering the contrast they paint in the book really helps when confronted in real life with the BS of a try-hard millionaire. Particularly when they try to build an impression of their own virtue through high expense, status driven items and holidays.

Also, this is one of the only books I have ever come across before MMM talking about the importance of a frugal spouse. As I recall, in the book it was shown that a frugal spouse is the most important correlate with being an actual millionaire .... maybe not, but there were powerful points in there that can reinforce frugality by the family not just one individual.
 

Grigory

  • Stubble
  • **
  • Posts: 228
  • Location: Seattle, WA
  • (rhymes with "story")
    • my attempt at blogging
Re: The Millionaire Next Door, anyone?
« Reply #19 on: June 08, 2013, 03:26:38 PM »
As always, Dilbert's 26-year archive has something to say on this issue. ;)



and

Author of Buffett's Biggest Blunders and Go to college without going broke - now available on Kindle! :)

George_PA

  • Guest
Re: The Millionaire Next Door, anyone?
« Reply #20 on: June 19, 2013, 10:39:37 PM »
I am like most people here in that we read the book before finding out about MMM.  Basically, the book provides a good independent source to verify that MMM is in fact giving good advice.  For a time, it was one of my all-time favorite books.

One mistake I made was that one of the authors Thomas Stanley, kept coming out with new books.  I thought the sequels would be just as earth-shattering as the original however I was disappointed every time.  Yet I kept coming back for 2 or 3 more rounds of sequels before giving up on him.  He just keeps rehashing the same original stuff into new books without guilt and tries to get everyone excited about it again and again. 

He is the master of the never ending sequels (i.e. there is the millionaire mind, stop acting rich and start living like a millionaire, the millionaire women next door, etc).  In the next 5 to 10 years, we can probably look forward to following titles: the Millionaire who used to live next door, the Millionaire living in a van under a bridge, The millionaire Dog next door, etc. I mean it could go on and on.

   

Spork

  • Walrus Stache
  • *******
  • Posts: 5741
    • Spork In The Eye
Re: The Millionaire Next Door, anyone?
« Reply #21 on: June 20, 2013, 07:39:50 PM »
I think the sequels are as good as the original... BUT... don't provide anything new.  I read a second one... and it was ok.  Had I read it first, I would probably have liked it.  It was effectively "same style, same type of statistics... only slightly different topics". 
Some will sell their dreams for small desires
Or lose the race to rats
Get caught in ticking traps
And start to dream of somewhere
To relax their restless flight

BZB

  • Stubble
  • **
  • Posts: 225
  • Location: Houston, Texas
Re: The Millionaire Next Door, anyone?
« Reply #22 on: June 21, 2013, 07:19:54 PM »
The theme that was enlightening to me when I first read it was that living in a lower income neighborhood means you and your kids don't feel the pressure to keep up with the Joneses. Now when I consider a neighborhood to move into I think about not just the quality of the schools but also the social pressure of the neighborhood.

sheepstache

  • Handlebar Stache
  • *****
  • Posts: 2429
Re: The Millionaire Next Door, anyone?
« Reply #23 on: June 22, 2013, 10:50:55 AM »
Maybe it's the life experience I had going into the book but when I read it in college (my mother had just finished it and I borrowed her copy), I didn't pick up on much emphasis on the fact that a lot of these people had their own businesses.  Like, capitalizing your labor so that you are building a business that has a value and that in some cases could be sold, was mentioned but given short shrift considering what a big difference it makes to an individual's worth.  Or maybe it just wasn't emphasized enough to get it through my thick skull.  To be fair, the focus of the book seemed to be on those things that everyone could do to emulate the millionaire-next-door type and that behavior isn't risk-free like the others.

I think whether it's dangerous to support your kids depends on how you do it.  When I graduated college I intended to move permanently to the city and assumed I would be able to take the necessary first month's expenses out of the joint bank account I had with my mother.  (It was her primary checking account that she added me to and I deposited my paychecks into it in addition to using it for my expenses.)  She objected.  I had already based plans around the move so I was surprised.  My dad offered me my first three month's rent to get started and it worked out well.  I think a key thing is that he made what he was willing to contribute clear. 

On the other hand, the friend I lived with that first year had a trust fund from her grandparents that she had recently become old enough to access.  However, her parents obfuscated how she could gain access and she didn't want to go over their heads if she could avoid it.  Basically, she was holding out for a particular job position and had gone through the savings she had from working in college.  Then she started to apply for anything and in the meantime wanted to tap into the trust fund but her parents thought this was a bad reason to do that.  So they offered to support her instead.  However, they sort of supported her in dribs and drabs.  It was never clear how much she could expect or for how long.  So she couldn't plan on exactly how long any of her plans could take or even how long her groceries needed to hold out.

Maybe the implication that you're supporting someone who is in trouble and can't manage is already in the term "outpatient care," but I think that's a key distinction.  There are other pitfalls as well.  For example, had my friend been given access to the trust fund, she might not only have not handled it disastrously but might have done even better than she did with the parent's support.  As in my case with my dad, giving someone money doesn't always deprive them of responsibility for themselves.   I'm not sure the book's studies made these distinctions.

AlmostIndependent

  • Pencil Stache
  • ****
  • Posts: 521
  • Age: 36
  • Location: Anchorage, AK
Re: The Millionaire Next Door, anyone?
« Reply #24 on: July 21, 2013, 11:37:09 AM »
This was a beginning personal finance book for me. I liked it a lot and recommend it regularly.
In the path of our happiness shall we find the learning for which we have chosen this lifetime.

superhero

  • 5 O'Clock Shadow
  • *
  • Posts: 31
Re: The Millionaire Next Door, anyone?
« Reply #25 on: August 08, 2013, 11:27:56 AM »
This was a beginning personal finance book for me. I liked it a lot and recommend it regularly.

Same here. I read it about 2 years ago when I first started reading MMM. Since it was early on in my FI journey it provided a lot of insight. To the people years down the FI road, you might just flip through the book and read some of the statistics. They're pretty neat.

lentilman

  • Stubble
  • **
  • Posts: 175
    • the Independent Penguin
Re: The Millionaire Next Door, anyone?
« Reply #26 on: September 28, 2013, 05:49:39 PM »
I read it about 15 years ago - it was a real eye opener to me.

My family growing up was always running with a spend ratio of 100% (all cash in was spent).  I knew some people lived differently, but this book really showed me how much.

I think the book is pretty information rich compared to most stuff out there.  Even today I tend to orient my thoughts on spending around it: what is the max. value of car to have (3% net worth), what percent of your net worth should you aim to live below (8%), do cash gifts tend to help or hurt kids (hurt), etc.

My favorite story from the book was the business owner who was given an expensive luxury car as a gift from his employees.  He ended up giving it back and keeping his beater, because he liked to fish on the weekends and didn't want to throw his catch in the trunk of such an expensive vehicle.  The workers wanted to make him happy by giving him an expensive gift, but he was already happy and the gift ended up decreasing his happiness.  Now that is a man that knew himself! 
Personal thoughts located at:   www.independentpenguin.com

rogersbilly

  • Guest
Re: The Millionaire Next Door, anyone?
« Reply #27 on: September 28, 2013, 09:46:05 PM »
I first read this in the 90's and it really changed my perception of how people become wealthy.  It was all kind of a mystery before.  It taught me not to waste money on new cars and to live below my means. 

Silvie

  • Stubble
  • **
  • Posts: 212
  • Age: 31
  • Location: the Netherlands
Re: The Millionaire Next Door, anyone?
« Reply #28 on: October 21, 2013, 02:45:35 PM »
Reading it right now. So far, so good. I like the style of writing.
I am not weird, I am a limited edition.

aj_yooper

  • Handlebar Stache
  • *****
  • Posts: 1092
  • Age: 6
  • Location: Chicagoland
Re: The Millionaire Next Door, anyone?
« Reply #29 on: October 21, 2013, 04:26:34 PM »
The Millionaire Next Door is a quick way to understand how wealth is created by ordinary people.  Our, at that time, teenage son liked it too.  Way better than Rich Dad, Poor Dad
The constant lesson of history is the dominant role played by surprise. Just when we are most comfortable with an environment and come to believe we finally understand it, the ground shifts under our feet.  Peter Bernstein

''It's not so much what folks don't know that causes problems, it's what they do know that ain't so.''   Artemus Ward

HamhockHammock

  • 5 O'Clock Shadow
  • *
  • Posts: 25
Re: The Millionaire Next Door, anyone?
« Reply #30 on: October 21, 2013, 05:06:43 PM »
Nassim Taleb pointed out, in Fooled by Randomness, that the conclusions are flawed due to survivorship bias. But I think you can still learn a bit about the value of living within your means, not wasting money trying to keep up with the Joneses, etc.  I dug it.

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 25245
  • Age: -999
  • Location: Traveling the World
Re: The Millionaire Next Door, anyone?
« Reply #31 on: October 21, 2013, 05:52:46 PM »
Nassim Taleb pointed out, in Fooled by Randomness, that the conclusions are flawed due to survivorship bias. But I think you can still learn a bit about the value of living within your means, not wasting money trying to keep up with the Joneses, etc.  I dug it.

Well sure, but the ones who survived had that stuff in common...

;)
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with a kid.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

HamhockHammock

  • 5 O'Clock Shadow
  • *
  • Posts: 25
Re: The Millionaire Next Door, anyone?
« Reply #32 on: October 22, 2013, 05:18:55 PM »
hrmmmmmm.........................................................................................:)

PKFFW

  • Bristles
  • ***
  • Posts: 293
Re: The Millionaire Next Door, anyone?
« Reply #33 on: October 27, 2013, 07:12:09 PM »
Nassim Taleb pointed out, in Fooled by Randomness, that the conclusions are flawed due to survivorship bias. But I think you can still learn a bit about the value of living within your means, not wasting money trying to keep up with the Joneses, etc.  I dug it.

Well sure, but the ones who survived had that stuff in common...

;)
There are also many many that didn't survive or thrive that had that in common.

It's an interesting read and you can learn a bit from it and implementing the lessons is not going to have a negative impact on your FI.  However it is no guarantee that if you do what is written in the book you will automatically become wealthy over time either.

mamagoose

  • Bristles
  • ***
  • Posts: 340
  • Location: FL
Re: The Millionaire Next Door, anyone?
« Reply #34 on: January 25, 2014, 07:51:48 AM »
I read this during senior year of college and wish I had read it during senior year of high school. It was interesting to learn that a million bucks isn't all that hard to come by if you work hard and save often. I especially liked the example about how the most common car among millionaires was the Jeep Grand Cherokee and how it was the cheapest "dollar per weight of car" available, as opposed to paying out the butt for a tiny BMW Z4 and not getting a lot of materials. I used to work at the BMW Z4 manufacturing plant, and I drive a Jeep ;)
The person who says it cannot be done should not interrupt the person doing it.

Wanderer

  • 5 O'Clock Shadow
  • *
  • Posts: 44
Re: The Millionaire Next Door, anyone?
« Reply #35 on: January 25, 2014, 09:56:46 AM »
I especially liked the example about how the most common car among millionaires was the Jeep Grand Cherokee and how it was the cheapest "dollar per weight of car" available, as opposed to paying out the butt for a tiny BMW Z4 and not getting a lot of materials. I used to work at the BMW Z4 manufacturing plant, and I drive a Jeep ;)

Wait, is that the criteria for buying a car?  Like buying a chicken, but bigger? 

Grateful Stache

  • Stubble
  • **
  • Posts: 196
Re: The Millionaire Next Door, anyone?
« Reply #36 on: February 01, 2014, 09:32:41 AM »
Is there a big difference between the various editions? Prices range from $2 to $13 at Barnes and Noble, where I have a gift card.

I got it from the library. Despite the many positive reviews, I would recommend borrowing it (it's more mustachian anyways).

The book is nice, but it's repetitive and relatively 'thin' on useful information. That being said, it's a nice reminder about living within your means and limiting your purchases.

Cheers. 

iris lily

  • Handlebar Stache
  • *****
  • Posts: 2340
Re: The Millionaire Next Door, anyone?
« Reply #37 on: February 01, 2014, 11:54:25 AM »
...The book is nice, but it's repetitive and relatively 'thin' on useful information. That being said, it's a nice reminder about living within your means and limiting your purchases.

Cheers.

I love this book. I've said that elsewhere on this website on another thread about it.

The book is inspirational to me, it's wasn't a  "how to" for me so much as a confirmation and expansion of what I already knew to be true. I was in my 40's when I read it so was well into Mustachian living. It confirmed for me the principle "it's not how much you make, it's how much you keep" that matters.

lifejoy

  • Magnum Stache
  • ******
  • Posts: 2922
  • Age: 28
  • Location: Canada, eh
  • Lovin' the Mustachian life!
    • Not Buying This
Re: The Millionaire Next Door, anyone?
« Reply #38 on: February 01, 2014, 11:56:17 AM »
I love the book too! I am now reading "Stop Acting Rich and Start Living Like a Real Millionaire"

It's totally repetitive but a little bit modernized and still totally interesting to me :)

Also, I would strongly recommend "The Overspent American" by Juliet B. Schor. FANTASTIC.

soccerluvof4

  • Handlebar Stache
  • *****
  • Posts: 2484
  • Location: Artic Midwest
  • Retired at 50
Re: The Millionaire Next Door, anyone?
« Reply #39 on: March 12, 2014, 08:54:10 AM »
Finally got "The Millionaire Next Door" from the Library and couldn't put it down (read 117 pages) till I had for Dinner. Love it!
" In life you don't get what you deserve you get what you negotiate"

soccerluvof4

  • Handlebar Stache
  • *****
  • Posts: 2484
  • Location: Artic Midwest
  • Retired at 50
Re: The Millionaire Next Door, anyone?
« Reply #40 on: March 14, 2014, 11:14:01 AM »
Just finished it. Loved it. Going to knock out The Overspent American next.!
" In life you don't get what you deserve you get what you negotiate"

lifejoy

  • Magnum Stache
  • ******
  • Posts: 2922
  • Age: 28
  • Location: Canada, eh
  • Lovin' the Mustachian life!
    • Not Buying This
Re: The Millionaire Next Door, anyone?
« Reply #41 on: March 14, 2014, 12:46:08 PM »
Just finished it. Loved it. Going to knock out The Overspent American next.!

I'm reading another book by that author, "Born to Buy", and it's awesome. I also enjoyed her book "The Overworked American". She is easily one of my favourite authors. Gotta love Juliet B. Schor!!!!!

MrCash

  • Stubble
  • **
  • Posts: 239
    • OurCashHouse
Re: The Millionaire Next Door, anyone?
« Reply #42 on: March 14, 2014, 12:47:59 PM »
I am currently reading this, so I'll find out soon!
Our Cash House - Our No-Mortgage Journey Toward Financial Independence

soccerluvof4

  • Handlebar Stache
  • *****
  • Posts: 2484
  • Location: Artic Midwest
  • Retired at 50
Re: The Millionaire Next Door, anyone?
« Reply #43 on: March 15, 2014, 06:38:54 AM »
Just finished it. Loved it. Going to knock out The Overspent American next.!

I'm reading another book by that author, "Born to Buy", and it's awesome. I also enjoyed her book "The Overworked American". She is easily one of my favourite authors. Gotta love Juliet B. Schor!!!!!

I finished the Overspent American in 2 days. I am going to try and get "your money or your life" and then try the Overworked American next.  2 books for me in 5 days not to shabby! lol
" In life you don't get what you deserve you get what you negotiate"

soccerluvof4

  • Handlebar Stache
  • *****
  • Posts: 2484
  • Location: Artic Midwest
  • Retired at 50
Re: The Millionaire Next Door, anyone?
« Reply #44 on: March 19, 2014, 08:38:49 AM »
Finally got "Stop Acting Rich". Flying through it. Another easy but good read!
" In life you don't get what you deserve you get what you negotiate"

lifejoy

  • Magnum Stache
  • ******
  • Posts: 2922
  • Age: 28
  • Location: Canada, eh
  • Lovin' the Mustachian life!
    • Not Buying This
Re: The Millionaire Next Door, anyone?
« Reply #45 on: March 19, 2014, 12:23:30 PM »
Finally got "Stop Acting Rich". Flying through it. Another easy but good read!

I liked it! A little repetitive if you've read The MND, but still very good.

soccerluvof4

  • Handlebar Stache
  • *****
  • Posts: 2484
  • Location: Artic Midwest
  • Retired at 50
Re: The Millionaire Next Door, anyone?
« Reply #46 on: March 20, 2014, 07:05:36 AM »
Finally got "Stop Acting Rich". Flying through it. Another easy but good read!

I liked it! A little repetitive if you've read The MND, but still very good.

yea i agree. I ended up reading it in a day and one morning but the entire middle of the book was really the samething. Why millionaires dont by expensive booze, than same formula for cars, then same formula for etc...could of been all summed up in one or two chapters. However the beginning of the book and the last couple chapter were good.  But now i need a another book. I have a few on order for library but since i have the sudden urge to read alot I cant wait for something to come in so going to go there today with my BIG BIG list and find something! :-)
" In life you don't get what you deserve you get what you negotiate"

lifejoy

  • Magnum Stache
  • ******
  • Posts: 2922
  • Age: 28
  • Location: Canada, eh
  • Lovin' the Mustachian life!
    • Not Buying This
Re: The Millionaire Next Door, anyone?
« Reply #47 on: March 20, 2014, 10:10:00 AM »
Finally got "Stop Acting Rich". Flying through it. Another easy but good read!

I liked it! A little repetitive if you've read The MND, but still very good.

yea i agree. I ended up reading it in a day and one morning but the entire middle of the book was really the samething. Why millionaires dont by expensive booze, than same formula for cars, then same formula for etc...could of been all summed up in one or two chapters. However the beginning of the book and the last couple chapter were good.  But now i need a another book. I have a few on order for library but since i have the sudden urge to read alot I cant wait for something to come in so going to go there today with my BIG BIG list and find something! :-)

So I have to brag... I was reading that book, and was like, "Omg, Dad - what kind of truck do you have? Toyota? REALLY? HAHAHAHAHAHA!"

My dad is the ultimate millionaire next door. He fit so many profiles within the book and he has no idea. It was really very interesting.

soccerluvof4

  • Handlebar Stache
  • *****
  • Posts: 2484
  • Location: Artic Midwest
  • Retired at 50
Re: The Millionaire Next Door, anyone?
« Reply #48 on: March 20, 2014, 10:31:16 AM »
Finally got "Stop Acting Rich". Flying through it. Another easy but good read!

I liked it! A little repetitive if you've read The MND, but still very good.

yea i agree. I ended up reading it in a day and one morning but the entire middle of the book was really the samething. Why millionaires dont by expensive booze, than same formula for cars, then same formula for etc...could of been all summed up in one or two chapters. However the beginning of the book and the last couple chapter were good.  But now i need a another book. I have a few on order for library but since i have the sudden urge to read alot I cant wait for something to come in so going to go there today with my BIG BIG list and find something! :-)

So I have to brag... I was reading that book, and was like, "Omg, Dad - what kind of truck do you have? Toyota? REALLY? HAHAHAHAHAHA!"

My dad is the ultimate millionaire next door. He fit so many profiles within the book and he has no idea. It was really very interesting.


haha! it made me feel good that I own two toyotas! a minivan and a highlander BUT if i drink and i hardly ever do I do like gray goose but not from "Social pressures". I think a bottle would last me years. I could careless about expensive shoes or suits. I never understood paying so much more for a suit. So overall i fit in his catoagorys pretty good except the gray goose! lol
" In life you don't get what you deserve you get what you negotiate"

lifejoy

  • Magnum Stache
  • ******
  • Posts: 2922
  • Age: 28
  • Location: Canada, eh
  • Lovin' the Mustachian life!
    • Not Buying This
Re: The Millionaire Next Door, anyone?
« Reply #49 on: March 21, 2014, 09:59:02 AM »
Finally got "Stop Acting Rich". Flying through it. Another easy but good read!

I liked it! A little repetitive if you've read The MND, but still very good.

yea i agree. I ended up reading it in a day and one morning but the entire middle of the book was really the samething. Why millionaires dont by expensive booze, than same formula for cars, then same formula for etc...could of been all summed up in one or two chapters. However the beginning of the book and the last couple chapter were good.  But now i need a another book. I have a few on order for library but since i have the sudden urge to read alot I cant wait for something to come in so going to go there today with my BIG BIG list and find something! :-)

So I have to brag... I was reading that book, and was like, "Omg, Dad - what kind of truck do you have? Toyota? REALLY? HAHAHAHAHAHA!"

My dad is the ultimate millionaire next door. He fit so many profiles within the book and he has no idea. It was really very interesting.


haha! it made me feel good that I own two toyotas! a minivan and a highlander BUT if i drink and i hardly ever do I do like gray goose but not from "Social pressures". I think a bottle would last me years. I could careless about expensive shoes or suits. I never understood paying so much more for a suit. So overall i fit in his catoagorys pretty good except the gray goose! lol

That is so interesting! What did you think of the chapter about grey goose being nothin' special?