Author Topic: The Millionaire Next Door, anyone?  (Read 31332 times)

Acastus

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Re: The Millionaire Next Door, anyone?
« Reply #100 on: January 03, 2017, 09:52:19 AM »
This is a fun, short book, and you will get a lot out of it if you only read the first half. The 2nd half is just additional stories that duplicate the first part.

Synopsis:  Most people think millionaires live like rock stars and the rich and shameless that you see on TV. There are about 5 million millionaire households, and most of them are not that flashy. Most of them are middle managers, scientists, engineers, tradesmen with successful businesses (plumbers, electricians), and truly small businessmen (accountants, doctors). They reach digit 7 in early 50's. They drive decent, older cars, and they live in your neighborhood. They saved money by living a modest lifestyle and investing the rest.

Drew0311

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Re: The Millionaire Next Door, anyone?
« Reply #101 on: February 07, 2017, 07:45:08 PM »
This is a classic...must read!

YoungGranny

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Re: The Millionaire Next Door, anyone?
« Reply #102 on: March 15, 2017, 12:36:45 PM »
About half-way through this right now and since it's been it's been over 20 years since this book has been published a lot of these details/facts/case studies have made it into my realm of knowledge so I haven't found the book to be life changing. Then again that's likely the case for most mustachians. I do think it would be interesting to have some of the data refreshed to see how it's changed over time.

 On the brightside I've mentioned this book to a few friends and they seemed interested in reading it. Revealing the Million dollar "secret" to non-mustachians is always worth it and I think this is a good book to get people interested in a more frugal life.

YoungGranny

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Re: The Millionaire Next Door, anyone?
« Reply #103 on: March 22, 2017, 06:51:13 AM »
About half-way through this right now and since it's been it's been over 20 years since this book has been published a lot of these details/facts/case studies have made it into my realm of knowledge so I haven't found the book to be life changing. Then again that's likely the case for most mustachians. I do think it would be interesting to have some of the data refreshed to see how it's changed over time.

 On the brightside I've mentioned this book to a few friends and they seemed interested in reading it. Revealing the Million dollar "secret" to non-mustachians is always worth it and I think this is a good book to get people interested in a more frugal life.

Finished this book. I think one of the big take-aways is that people in high income professions have an idea of what their image *should* be and so they spend loads of money to live up to the standard they created. It seems far more important to define who you are and what type of life YOU want instead of living a certain way because society tells you to. I truly feel this a lot - we cut cable over 2 years ago and so I'm never tempted to buy random things because they just don't come into my environment. I'm not tempted to replace my 4 year old vehicle because I never put myself in a position to be sold a new vehicle. While this book never stated that specifically since it just presented case studies I think it's easy to see that if you think outside the box, and stop giving a shit what everyone else thinks it's not that hard to accrue wealth. Even in lower paying jobs, if you live within your means and PLAN it's very easy to get ahead.

 I saw a lot of complaints on Good Reads about this book and mostly it was people complaining that this author was delusional and didn't want people to have nice things. One person was even like "It makes me happy to buy a $1,000 watch so why shouldn't I?" and that's a decent point. If that's what TRULY makes you happy go for it but then don't complain when you have $0 savings. Some people don't care about having savings or retiring early/ever and that's perfectly fine but make sure to define your goals so you're not upset.

So those are my final thoughts on this book. Decent read but pretty surface level stuff, nothing new for most mustachians but interesting to see how spendypants live.

Mezzie

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Re: The Millionaire Next Door, anyone?
« Reply #104 on: March 22, 2017, 07:10:16 AM »
I read this several months ago, and, like others said, there wasn't much in it new to me at this point. I did enjoy the section on economic outpatient care as it confirmed some of my own thoughts. I added it to the list of books I recommend to my high school students; for them, I think quite a lot would be eye-opening.
http://forum.mrmoneymustache.com/journals/preparing-for-forced-early-retirement-due-to-disability/

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