Author Topic: The Millionaire Next Door, anyone?  (Read 35491 times)

Spork

  • Walrus Stache
  • *******
  • Posts: 5730
    • Spork In The Eye
Re: The Millionaire Next Door, anyone?
« Reply #50 on: March 21, 2014, 10:15:32 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?

If I remember correctly, it wasn't even so much that Grey Goose isn't special, it's that (in general) vodka is pretty much an industrial alcohol.  It's colorless, tasteless, odorless.   The differences are likely to be in how it was filtered and what city's water supply was used to water it down to 40%.  (And if you can taste the water... it ain't tasteless.)

...and most folks I know that buy foofoo vodka don't exactly drink it straight (where there is maybe a teeny chance the most discriminating palate might know the difference).  They do things like mix it with Diet Sprite and ice (which sounds vile).

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

lifejoy

  • Magnum Stache
  • ******
  • Posts: 2908
  • Age: 28
  • Location: Canada, eh
  • Lovin' the Mustachian life!
    • Not Buying This
Re: The Millionaire Next Door, anyone?
« Reply #51 on: March 21, 2014, 10:58:38 AM »
Spork, with all due respect, I have a suspicion that you might be drinking the koolaid along with the grey goose ;)

I got the impression that any taste preference was the effect of perception = reality.

soccerluvof4

  • Handlebar Stache
  • *****
  • Posts: 2484
  • Location: Artic Midwest
  • Retired at 50
Re: The Millionaire Next Door, anyone?
« Reply #52 on: March 27, 2014, 01:38:27 PM »
Its for the most part all the same alcohol and in most cases being bought from Archer Daniels. The funny thing is it was the one Vodka i did like the most and I never saw a commercial. But it really is now about selling the bottles and the infused taste. I had a cucumber Vodka and it was delicious.

Anyhow, I just finished " I will teach you to be Rich" by Ramit Sethi and though really designed for young people (at least alot younger than me) i found some good laughs in it and thought it to be a good read.  Even though I own my home mortgage free I agree totally with him about a house not being an investment especially in the days. I have never had a mortgage so basically updating it offsets the difference I would pay if I did have interest payments. I also really liked just getting everything automatic deposits. I gotta do a better job on that.
" In life you don't get what you deserve you get what you negotiate"

lifejoy

  • Magnum Stache
  • ******
  • Posts: 2908
  • Age: 28
  • Location: Canada, eh
  • Lovin' the Mustachian life!
    • Not Buying This
Re: The Millionaire Next Door, anyone?
« Reply #53 on: March 27, 2014, 03:04:26 PM »
Its for the most part all the same alcohol and in most cases being bought from Archer Daniels. The funny thing is it was the one Vodka i did like the most and I never saw a commercial. But it really is now about selling the bottles and the infused taste. I had a cucumber Vodka and it was delicious.

Anyhow, I just finished " I will teach you to be Rich" by Ramit Sethi and though really designed for young people (at least alot younger than me) i found some good laughs in it and thought it to be a good read.  Even though I own my home mortgage free I agree totally with him about a house not being an investment especially in the days. I have never had a mortgage so basically updating it offsets the difference I would pay if I did have interest payments. I also really liked just getting everything automatic deposits. I gotta do a better job on that.

Cooooool! So overall, would you recommend it?

Squirrel away

  • Handlebar Stache
  • *****
  • Posts: 1040
  • Location: United Kingdom
Re: The Millionaire Next Door, anyone?
« Reply #54 on: March 28, 2014, 04:11:17 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..."

That is what I got from the book too.:)

Some of it wasn't that relevant to the UK so I skimmed through some parts but overall it made a good point.

soccerluvof4

  • Handlebar Stache
  • *****
  • Posts: 2484
  • Location: Artic Midwest
  • Retired at 50
Re: The Millionaire Next Door, anyone?
« Reply #55 on: March 28, 2014, 07:16:50 AM »
Its for the most part all the same alcohol and in most cases being bought from Archer Daniels. The funny thing is it was the one Vodka i did like the most and I never saw a commercial. But it really is now about selling the bottles and the infused taste. I had a cucumber Vodka and it was delicious.

Anyhow, I just finished " I will teach you to be Rich" by Ramit Sethi and though really designed for young people (at least alot younger than me) i found some good laughs in it and thought it to be a good read.  Even though I own my home mortgage free I agree totally with him about a house not being an investment especially in the days. I have never had a mortgage so basically updating it offsets the difference I would pay if I did have interest payments. I also really liked just getting everything automatic deposits. I gotta do a better job on that.

Cooooool! So overall, would you recommend it?

Yes, For sure , especially if your in your 20's early 30's.
" 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 #56 on: March 28, 2014, 07:22:50 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..."

That is what I got from the book too.:)

Some of it wasn't that relevant to the UK so I skimmed through some parts but overall it made a good point.


Totally agree!
" 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 #57 on: March 30, 2014, 08:18:37 AM »
Just finished reading the book "Building Real Estate Wealth in a changing Market" by John W Schaub. Good beginner book /easy read if you have any real estate desires.
" In life you don't get what you deserve you get what you negotiate"

frugalparagon

  • Magnum Stache
  • ******
  • Posts: 2714
    • The Frugal Paragon
Re: The Millionaire Next Door, anyone?
« Reply #58 on: March 30, 2014, 11:19:00 AM »
Is Millionaire Next Door worth reading if you're already been reading MMM and other frugality blogs?
I blog about Mustachianism during the child-raising years at frugalparagon.com.

And I tell the real story in my journal, https://forum.mrmoneymustache.com/journals/still-living-well-in-the-living-room-but-what's-my-next-move/

Spork

  • Walrus Stache
  • *******
  • Posts: 5730
    • Spork In The Eye
Re: The Millionaire Next Door, anyone?
« Reply #59 on: March 30, 2014, 12:34:53 PM »
Is Millionaire Next Door worth reading if you're already been reading MMM and other frugality blogs?

It depends...  It's not much of a "how to" book.  It is more a list of statistics of millionaires.  We all know correlation is not necessarily causation... but I personally find it illustrative anyway.

It drives across (using examples and statistics) that the vast majority of millionaires are just normal folks that live beneath their means.  They don't use high cost consumer gimmicky stuff.  They drive regular cars.  Etc.

It's sort of a fun book.  It sort of gave me an "Aha moment".... but if you've already had that "aha moment" ... it might not mean as much.
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

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 25315
  • Age: -999
  • Location: Traveling the World
Re: The Millionaire Next Door, anyone?
« Reply #60 on: March 30, 2014, 01:16:58 PM »
Is Millionaire Next Door worth reading if you're already been reading MMM and other frugality blogs?

It'll click some things in and reaffirm things, but for me it was well worth reading for the research on raising kids.  It literally changed how I will approach kids and money.
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."

Nords

  • Magnum Stache
  • ******
  • Posts: 2991
  • Age: 56
  • Location: Oahu
    • Military Retirement & Financial Independence blog
Re: The Millionaire Next Door, anyone?
« Reply #61 on: March 30, 2014, 02:02:27 PM »
Is Millionaire Next Door worth reading if you're already been reading MMM and other frugality blogs?
Yes.  Read a library copy of everything he's written, and sign up for his RSS feed too.

Here's a partial bibliography:  http://the-military-guide.com/2011/10/26/book-review-stop-acting-rich/

His blog:  http://www.thomasjstanley.com/blog.php
Author of "The Military Guide to Financial Independence and Retirement".   All royalties (and writing revenue) donated to military charities.
I don't read every post, so please PM or e-mail me to get my attention...

bikebum

  • Pencil Stache
  • ****
  • Posts: 562
  • Location: Nor Cal
Re: The Millionaire Next Door, anyone?
« Reply #62 on: March 30, 2014, 03:32:25 PM »
I loved the first half of the book, and stopped reading around there as it was getting repetitive. Although I do this with a lot of books, so maybe I have a short attention span, haha.

frugalparagon

  • Magnum Stache
  • ******
  • Posts: 2714
    • The Frugal Paragon
Re: The Millionaire Next Door, anyone?
« Reply #63 on: March 30, 2014, 05:53:06 PM »
Is Millionaire Next Door worth reading if you're already been reading MMM and other frugality blogs?
Yes.  Read a library copy of everything he's written, and sign up for his RSS feed too.

Here's a partial bibliography:  http://the-military-guide.com/2011/10/26/book-review-stop-acting-rich/

His blog:  http://www.thomasjstanley.com/blog.php

Strong words! All right, I will put MND on hold and go from there.
I blog about Mustachianism during the child-raising years at frugalparagon.com.

And I tell the real story in my journal, https://forum.mrmoneymustache.com/journals/still-living-well-in-the-living-room-but-what's-my-next-move/

homehandymum

  • Pencil Stache
  • ****
  • Posts: 564
  • Location: New Zealand
Re: The Millionaire Next Door, anyone?
« Reply #64 on: March 30, 2014, 06:41:05 PM »
And i had to just suggest it to my library.  Although they own two of his other books, this one is not in their collection.

Now waiting to see if they'll buy it for me :)
Parenting 4 kids while keeping costs under control.

Visit my journal:  http://forum.mrmoneymustache.com/journals/4-kids-in-new-zealand-let%27s-see-how-this-goes/

innerscorecard

  • Pencil Stache
  • ****
  • Posts: 590
    • Inner Scorecard - Where financial independence, value investing and life meet
Re: The Millionaire Next Door, anyone?
« Reply #65 on: April 06, 2014, 09:28:42 PM »
I will echo what others have said; this book was also basically my wake up call. It lead me to MMM, actually.

For me, the key epiphany is that high income does not necessarily mean high wealth, if your spending habits are incorrect. MMM (Joshua Kennon, too) was really good at hammering home the opposite, that low income does not doom you to failure.

I do think an update or a new introduction is in order. If I were writing it, I would put some attention on the high cost of premier education (from expensive preschools to the astronomical cost of college and graduate school tuition) and how that is not really a necessary precondition to building wealth. That was one of my biggest misconceptions as a young person.

Maybe something on health care costs, too? Education and health care costs seem disproportionally expensive these days in a way that was maybe not true when Stanley first started writing.



Inner Scorecard - Where financial independence, value investing and life meet: http://www.innerscorecard.co/

frugalparagon

  • Magnum Stache
  • ******
  • Posts: 2714
    • The Frugal Paragon
Re: The Millionaire Next Door, anyone?
« Reply #66 on: April 07, 2014, 06:01:48 AM »
Made me think more about my role as an adult child with a millionaire grandfather and parents who are NOT millionaires, but a lot more affluent than me.
I blog about Mustachianism during the child-raising years at frugalparagon.com.

And I tell the real story in my journal, https://forum.mrmoneymustache.com/journals/still-living-well-in-the-living-room-but-what's-my-next-move/

libertarian4321

  • Handlebar Stache
  • *****
  • Posts: 1149
Re: The Millionaire Next Door, anyone?
« Reply #67 on: April 12, 2014, 04:22:03 AM »
The book is a bit dated, but one of the best books ever about the way millionaires really live, work, and spend (as opposed to the way most Americans think millionaires live).  At the time it came out, it shattered the illusion that millionaires were glitzy spenders who inherited their money and blew it on fancy cars, McMansions, diamonds, blow, and Krystal (or whatever it is that rich people allegedly lavishly spend their money on).

I first read the book in the late '90s, just before we hit our first million. 

It described me and my wife perfectly.  We have good incomes, and a large net worth, but are still frugal and live modest lives.  Our middle class neighbors and upper middle class (often broke-ass) co-workers have no idea we are multimillionaires (or, at least, most of them don't- I think a few have figured it out).  We proudly "fit in" at Walmart :)  Well, okay, that's not completely true, now that we are multi-millionaires, we've become "snobs" and shot at Tarjay- but only because Walmart is too darned crowded.

mpg350

  • Stubble
  • **
  • Posts: 146
Re: The Millionaire Next Door, anyone?
« Reply #68 on: June 24, 2014, 12:30:30 PM »
Very good book that my dad loaned me when I was in my mid to early 20s.   

I agree with others this should be required reading for people in late teen years.

lifejoy

  • Magnum Stache
  • ******
  • Posts: 2908
  • Age: 28
  • Location: Canada, eh
  • Lovin' the Mustachian life!
    • Not Buying This
Re: The Millionaire Next Door, anyone?
« Reply #69 on: June 24, 2014, 12:50:55 PM »
The book is a bit dated, but one of the best books ever about the way millionaires really live, work, and spend (as opposed to the way most Americans think millionaires live).  At the time it came out, it shattered the illusion that millionaires were glitzy spenders who inherited their money and blew it on fancy cars, McMansions, diamonds, blow, and Krystal (or whatever it is that rich people allegedly lavishly spend their money on).

I first read the book in the late '90s, just before we hit our first million. 

It described me and my wife perfectly.  We have good incomes, and a large net worth, but are still frugal and live modest lives.  Our middle class neighbors and upper middle class (often broke-ass) co-workers have no idea we are multimillionaires (or, at least, most of them don't- I think a few have figured it out).  We proudly "fit in" at Walmart :)  Well, okay, that's not completely true, now that we are multi-millionaires, we've become "snobs" and shot at Tarjay- but only because Walmart is too darned crowded.

Lol! Nice upgrade to Tarjay ;)

Frugal Father

  • 5 O'Clock Shadow
  • *
  • Posts: 86
  • Age: 29
Re: The Millionaire Next Door, anyone?
« Reply #70 on: June 30, 2014, 02:25:52 PM »
Loved this book. It was basically my "a-ha!" moment as well, which was shortly followed by the discovery of MMM. Understanding the profile of a typical millionaire was very enlightening and changed so much about the way I look at the world (and other people). The chapter of raising children was also excellent for me as a soon-to-be father.

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 25315
  • Age: -999
  • Location: Traveling the World
Re: The Millionaire Next Door, anyone?
« Reply #71 on: June 30, 2014, 02:51:16 PM »
The chapter of raising children was also excellent for me as a soon-to-be father.

That part was, literally, a life changer for me.

The rest I was already pretty much on board with, so it didn't make much of a difference for me (though I could see how it could for others).  But the kid thing, wow.
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."

jkitiara

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Location: San Francisco
Re: The Millionaire Next Door, anyone?
« Reply #72 on: June 30, 2014, 04:19:14 PM »
I started with Suze Orman's Rich, Fabulous and Broke when I was straight out of college, which is a great time to do so. That got me to set up my own IRA. Once that was done, I wondered what else was out there, read TMND, which was mind blowing at the time. Rich people don't look rich? Probably true! I don't have to inherit it or become a lawyer.
And then the next thing and the next, until I found MMM. If you're already a MMM disciple, it would certainly seem a bit thin to you.

lizzzi

  • Handlebar Stache
  • *****
  • Posts: 1706
Re: The Millionaire Next Door, anyone?
« Reply #73 on: June 30, 2014, 09:32:08 PM »
I skimmed through it, because it pretty much was just confirming what I thought about things anyway. The part that really modified a trend in my life was the part about not giving money to your kids. I've done more for mine than I probably should have--too much too soon, I realize now. Well, it's never too late--I don't begrudge what I've spread around, but they're not getting any more. Thanks, MND!

frugalparagon

  • Magnum Stache
  • ******
  • Posts: 2714
    • The Frugal Paragon
Re: The Millionaire Next Door, anyone?
« Reply #74 on: June 30, 2014, 09:38:51 PM »
I skimmed through it, because it pretty much was just confirming what I thought about things anyway. The part that really modified a trend in my life was the part about not giving money to your kids. I've done more for mine than I probably should have--too much too soon, I realize now. Well, it's never too late--I don't begrudge what I've spread around, but they're not getting any more. Thanks, MND!

If you've given them money in the past, then you've seen how they've handled it. When I get five hundred dollars from my mother or grandfather, I sock it away or do something equally sensible. But MND did make me think more about those gifts and whether they change how I think about my need to work/budget/save/etc.
I blog about Mustachianism during the child-raising years at frugalparagon.com.

And I tell the real story in my journal, https://forum.mrmoneymustache.com/journals/still-living-well-in-the-living-room-but-what's-my-next-move/

Frugal Father

  • 5 O'Clock Shadow
  • *
  • Posts: 86
  • Age: 29
Re: The Millionaire Next Door, anyone?
« Reply #75 on: July 01, 2014, 09:14:24 AM »
The chapter of raising children was also excellent for me as a soon-to-be father.

That part was, literally, a life changer for me.

The rest I was already pretty much on board with, so it didn't make much of a difference for me (though I could see how it could for others).  But the kid thing, wow.
I think it'll be the same for us as well. Before reading it, I had mentally debated over and over things like paying for my children's college, etc., but that chapter was really persuasive, and while I might still supplement some of my children's needs, it will be only as we deem necessary.

Icecreamarsenal

  • Bristles
  • ***
  • Posts: 455
  • Location: New Jersey
  • Set me free
Re: The Millionaire Next Door, anyone?
« Reply #76 on: July 01, 2014, 10:14:34 AM »

I loved the first half of the book, and stopped reading around there as it was getting repetitive. Although I do this with a lot of books, so maybe I have a short attention span, haha.

Hey me too! Its not available at my library so I try to get a couple of chapters in between operations at different hospitals.

AlmostIndependent

  • Pencil Stache
  • ****
  • Posts: 521
  • Age: 36
  • Location: Anchorage, AK
Re: The Millionaire Next Door, anyone?
« Reply #77 on: July 01, 2014, 10:31:19 AM »
The chapter of raising children was also excellent for me as a soon-to-be father.

That part was, literally, a life changer for me.

The rest I was already pretty much on board with, so it didn't make much of a difference for me (though I could see how it could for others).  But the kid thing, wow.

I don't even remember what he said about raising kids. Since they're not really on my radar right now I probably didn't pay much attention. I suppose that means I'll have to go back and do a little rereading.
In the path of our happiness shall we find the learning for which we have chosen this lifetime.

lizzzi

  • Handlebar Stache
  • *****
  • Posts: 1706
Re: The Millionaire Next Door, anyone?
« Reply #78 on: July 01, 2014, 02:40:07 PM »
Both my adult children handle money well; it isn't that I gave them funds that they frittered away. It seemed to me that since I was doing well, maybe I should spread it around a little so that bright, successful, deserving young women could have a step up and do even better. I remember how in 1999 I lucked into an inheritance that I had not expected, and what an incredible boost it was to my FIRE journey. But I do think that the girls appreciate things more that they earn themselves, and as long as neither are in dire need of anything--obviously I would help if something horrendous was going on--I will keep my net worth in my own pocket, and just enjoy the future. My parents were not remotely interested in helping my siblings and myself--past age 18, we were on our own. I suppose my attitudes to my children have been colored by that. I truly believe that if you have a dollar in your pocket, and your family needs help, you help your family. My parents saw absolutely no reason to do that. It was, "OK, you're out of high school…so good luck Jack." The whole subject can get complex, I know, and everybody's situation is different. So I feel good that I've helped the kids up front when they were trying to buy homes and raise young families. But from now on, especially with DH on Hospice and much older than I (i.e. I will be left alone, most likely pretty soon) I'm going to use the stash for myself, and my heirs can have it after I go to Sto-vo-Kor.

RapmasterD

  • Pencil Stache
  • ****
  • Posts: 589
  • Location: SF Peninsula
Re: The Millionaire Next Door, anyone?
« Reply #79 on: July 12, 2014, 06:42:38 PM »
Nearly 20 years ago when I fell asleep in a mountain of expensive cocaine, I woke up the next morning. The cocaine was all over my face.

And on my desk was a copy of this book. I read it instantly and it changed my life. I got clean and now I'm a semi-MMM'er except when I make stupid moves, which I do frequently.

Alright! The whole cocaine shit is a fake. I've got Scarface on the brain. But everything else is true. THIS BOOK IS FOUNDATIONAL.

Caveat: 18 years have transpired since this book came out. Inflation has made some of the dollar figures mentioned in the book a bit dated, but the underlying themes are so relevant!
"Whatever the mind CAN conceive and believe, the mind CAN achieve." - N.H.

JetBlast

  • Stubble
  • **
  • Posts: 241
Re: The Millionaire Next Door, anyone?
« Reply #80 on: August 09, 2014, 12:41:48 PM »
I read The Millionaire Mind first. I was already inclined toward that mindset, but there was still a lot that I learned from the case studies.

If you've given them money in the past, then you've seen how they've handled it. When I get five hundred dollars from my mother or grandfather, I sock it away or do something equally sensible.

I agree with this when it comes to children and money. My brother and I are examples of this. Both of us received support that allowed us to enter adulthood with an education and no debt (so did my wife).  It's a huge jump start toward FI.

He has largely squandered it. He drives a grossly inefficient sports car (though a big improvement over the 600hp Ram he used to drive), blows a couple thousand a year partying in Vegas, and while he doesn't have credit card debt he's living paycheck to paycheck and still has his cellphone on my parent's plan. A little less support would have probably been good for him. 

It would probably drive him nuts to know that my wife and I crossed six figures net worth before age 30.


Public Hermit

  • 5 O'Clock Shadow
  • *
  • Posts: 85
  • Age: 28
  • Location: New Hampshire
Re: The Millionaire Next Door, anyone?
« Reply #81 on: September 10, 2014, 09:09:31 AM »
Just picked this up at the library yesterday. Already read almost 200 pages after work.
So I was sitting in my cubicle today, and I realized, ever since I started working, every single day of my life has been worse than the day before it. So that means that every single day that you see me, that's on the worst day of my life. -Office Space

clarkfan1979

  • Handlebar Stache
  • *****
  • Posts: 1411
  • Age: 38
  • Location: Kauai & Denver
Re: The Millionaire Next Door, anyone?
« Reply #82 on: October 05, 2014, 09:10:18 AM »
I listened this this on youtube. I really liked the section on how millionaires buy their cars. I bought my last car "new" and drove it for 14 years. I thought I was doing well. I was wrong. I don't think I will ever buy another car new again.

MoneyCat

  • Handlebar Stache
  • *****
  • Posts: 1758
  • Location: New Jersey
Re: The Millionaire Next Door, anyone?
« Reply #83 on: October 05, 2014, 12:35:20 PM »
I borrowed this book from the library and while it was okay it was very repetitive.  The entire thing could have been 100 pages long.

resy

  • Bristles
  • ***
  • Posts: 350
  • Location: West Coast
Re: The Millionaire Next Door, anyone?
« Reply #84 on: October 27, 2014, 11:19:47 PM »

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.
I say we start a petition and collect signatures from all of the forum members. MMM cannot refuse! Lol
seriously though, I actually googled "financial seminars for kids" after reading this post! I teach him for sure through every day life/examples/conversations but kids sometimes just listen more when its someonr other than their parents giving the message :)

resy

  • Bristles
  • ***
  • Posts: 350
  • Location: West Coast
Re: The Millionaire Next Door, anyone?
« Reply #85 on: October 28, 2014, 11:43:03 PM »
I finally picked it up. I had stumbled upon it TWICE in the book section of two different goodwills and the third time I took it as a sign lol. Best $1 I have spent in a long time.
So I echo what other have said about it bring common sense stuff and things we already know but it has given me a second aha moment and that extra push I needed.
I am only half way through anf CANNOT wait to get to the chapter relevant to kids from what ppl have been posting on here.
Read it, defenately worth it :)
ps. It also has me thinking about the different career options and the associated "costs" of the expected lifestyles (i.e. financial planners tend to "need" to look ritzier to fit in with desired clients), perfect timing as I have returned to school to finish my education and is a great thing to consider that hadnt even crossed my mind!

RFAAOATB

  • Pencil Stache
  • ****
  • Posts: 509
Re: The Millionaire Next Door, anyone?
« Reply #86 on: October 29, 2014, 03:29:00 PM »
I just finished "Stop Acting Rich" after reading TMND.  I personally identify as an aspirational and dream of the days my consumption can match the decamillionaires.  A healthy fear after escaping from debt keeps most of my spending in check.  It is a different feeling spending less because you can instead of because you have to.  When I get a handle on passive income and financial independence, I might go on a spending binge and see where it takes me.

BaldingStoic

  • 5 O'Clock Shadow
  • *
  • Posts: 83
Re: The Millionaire Next Door, anyone?
« Reply #87 on: February 11, 2015, 02:30:10 PM »
I tend to oscillate back and forth between the easy reads like "Millionaire Next Door" (MND) and more quantitative investment & economic books.   MND was a fun read, and while obvious upon reflection, I found it eye opening that many of the people who appear affluent are not, and vice versa.  Also interesting was the damage that too much financial support from parents causes grown-up kids.  After reading this book, I shared these finding with my 9 yr old, and emphasized the importance of her developing strong independent financial skills.  In summary, enjoyable read that should be part of the standard Mustachian lexicon. 
Striving to live simply in San Diego

AlwaysBeenASaver

  • Bristles
  • ***
  • Posts: 418
Re: The Millionaire Next Door, anyone?
« Reply #88 on: February 16, 2015, 01:36:22 PM »
I just picked this up at the library Saturday, so I'm not very far into it. So far it's mainly a bunch of statistics, some are interesting, but nothing shocking to me so far. Quite a few "hey, that's me" statistics, which is kinda fun.


Blindsquirrel

  • Pencil Stache
  • ****
  • Posts: 508
Re: The Millionaire Next Door, anyone?
« Reply #89 on: March 01, 2015, 09:02:23 PM »
  Really a great book IMO. I was a millionaire next door in training before the book came out and am happy to say that his advice is correct. His later books are kinda a rehash and not as good.
Even a blind squirrel finds a nut once in awhile.

Another Reader

  • Magnum Stache
  • ******
  • Posts: 3988
Re: The Millionaire Next Door, anyone?
« Reply #90 on: March 01, 2015, 09:25:07 PM »
The author was apparently killed in a car crash today in Georgia.  He was driving a Corvette, not a MND car.

http://www.wsbtv.com/news/news/millionaire-blockbuster-author-dies-in-crash/nkLxS/

Joan-eh?

  • Bristles
  • ***
  • Posts: 287
  • Location: Toronto
Re: The Millionaire Next Door, anyone?
« Reply #91 on: March 01, 2015, 09:26:21 PM »
I read it when it first came out in 1996. It is an important book book because it hints at research, not just someone's life story. And it's important to recognize the times what it was published in. Perhaps it is more an artifact or an icon,  than a self help book.  For 10 years before this was the yuppie spenidng ethos. The first "reality show" Lifestyles of the rich and famous ran for 10 years! Cancelled around this time. Branding of wealth began in earnest (read: no logo for this history.) millionaire next door interrupted the portrayal of wealth as exemplified by the show "Dallas"   Your money or your life was 1992.

It served to inspire spendious-interruptus.

Tightwad Gazette, YMOYL AND MNDOOR were huge factors influencing my financial decisions in my early adult years. Also, I grew up in farm land, and back then if you were flashy with your money, it was frowned upon.... Indeed the millionaire farmers had the most beat up trucks. They were somehow a point of pride.   Somehow that changed....

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 25315
  • Age: -999
  • Location: Traveling the World
Re: The Millionaire Next Door, anyone?
« Reply #92 on: March 01, 2015, 10:59:40 PM »
The author was apparently killed in a car crash today in Georgia.  He was driving a Corvette, not a MND car.

http://www.wsbtv.com/news/news/millionaire-blockbuster-author-dies-in-crash/nkLxS/

What a shame. 

Cheers to Mr. Stanley for all the good he did.
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."

Bigote

  • Bristles
  • ***
  • Posts: 278
Re: The Millionaire Next Door, anyone?
« Reply #93 on: March 02, 2015, 05:23:02 AM »
Yep.    RIP, Mr Stanley. 

RapmasterD

  • Pencil Stache
  • ****
  • Posts: 589
  • Location: SF Peninsula
Re: The Millionaire Next Door, anyone?
« Reply #94 on: March 11, 2015, 07:06:02 PM »
So sad to have heard this. Truly a foundational thinker for me. Absolutely changed my life. RIP.
"Whatever the mind CAN conceive and believe, the mind CAN achieve." - N.H.

Choices

  • Pencil Stache
  • ****
  • Posts: 521
    • ChooseBetterLife
Re: The Millionaire Next Door, anyone?
« Reply #95 on: June 01, 2016, 02:59:10 PM »
This book is a great "gateway" book toward early retirement and financial independence. It counters the idea of keeping up with the Joneses by giving you a whole new set of Joneses. Instead of the Facebook-shiny friends up to their eyeballs in debt and in denial, these are the Joneses you want to be like--the hard-working, humble, content, generous, down-to-earth rock stars.
Live Simply. Live Well.
www.ChooseBetterLife.com

21runner

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Age: 26
  • Location: Nashville
Re: The Millionaire Next Door, anyone?
« Reply #96 on: July 02, 2016, 09:02:08 AM »
This was the book that got me started and eventually led me to this forum. Loved reading it.

GeekyGirl

  • Stubble
  • **
  • Posts: 216
  • Age: 35
  • Location: France
Re: The Millionaire Next Door, anyone?
« Reply #97 on: July 04, 2016, 02:29:57 AM »
The chapter of raising children was also excellent for me as a soon-to-be father.

That part was, literally, a life changer for me.

The rest I was already pretty much on board with, so it didn't make much of a difference for me (though I could see how it could for others).  But the kid thing, wow.
Same here. The way PAWs raise responsible children hit home. The other chapters included too much statistics for my taste, it was more like presenting the result of a survey.
Maybe if I had discovered it earlier, I might have liked it more. I did love other books even though I was reading MMM: The automatic millionnaire, Smart Women finish rich, women and money and even Rich Dad, Poor Dad. I loved the Richest man in Babylon the most.

DieHard_772

  • Bristles
  • ***
  • Posts: 268
  • Location: California
Re: The Millionaire Next Door, anyone?
« Reply #98 on: December 08, 2016, 02:05:16 PM »
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.

It definitely blew my mind.  This gave me a picture, for the first time, of how to be wealthy in a way that really makes sense for me.
I loved this book.

Icecreamarsenal

  • Bristles
  • ***
  • Posts: 455
  • Location: New Jersey
  • Set me free
Re: The Millionaire Next Door, anyone?
« Reply #99 on: December 11, 2016, 09:12:56 AM »
Mine's in the mail.  I read through the library 3x, but this one is a present.  Haven't read it in a couple of years, so I will lightly read again without creasing anything, and voila!  Refreshing the knowledge and gift, all in one.