Millionaire Next Door

[Motokid]

Has anybody read:

Millionaire Next Door: The Surprising Secrets of America’s Wealthy
By Thomas J. Stanley, William D. Danke


Thinking it might be my next purchase. Wondering if anyone has read it and what they think.

 

[jenn]

that's not the same guy who was on oprah, extraordinary wealth, ordinary people or something like that?
haven't read it, but sounds interesting.
i think you and i are in the same investment/money brain pattern.

 

[Motokid]

jenn- I don't know if he was on Oprah or not. My guess is he probably was. This book has sold millions according to what I've read.

I am totally fascinated by anyone, and everyone who has jumped from the corporate ship, and started their own business. The idea of being the boss, setting the rules, making the decisions, being the one who’s truly and totally in charge of my own destiny is very intriguing. Large gamble, high risk, huge payoff for success. Not just money, but for many other reasons too.

So when I read books, I choose the ones that might inspire me, or educate me in the direction of becoming one of those people. That’s why I read the Rich Dad/ Poor Dad books, and books about marketing, and selling, and starting your own business….

I took a break to read The Davinci Code, but I’m back on track now.

 

[jenn]

i read rdpd and was really intrigued. by what he was saying in the other thread you started ie education etc. but also about how we are educated about money. and we are so afraid of it, largely because we don't understand how it works and because we are so afraid of losing it. we are a play safe society and so we live in debt.
our first step that we took was to convert our basement into an apt. i really understood what he was saying about viewing a house as a liability and not an asset. i don't know how many times i have heard my parents say that their house is their largest investment and when i read what he said about that i said to my husband whoa we have to rethink our mortgage. so now we have a mortgage that is approx. 550$ canadian, but an apt that pays 750$. (we live in a town were a 90 000$ to 100 000$ can get you a pretty sizable house, we're not in a city) so it will take 1 1/2 years to pay the loan for the renovations and then our house will be paying for itself and making a little extra.

i also liked what he was saying about the idea of being rich and how we are so afraid to say, i want to be rich. i hear people say all the time, well i don't want to be rich i just want to be comfortable. well i want to be rich. if someone came up to me and offered a million bucks, i wouldn't turn it down because i just want to be comfortable.

 

[Motokid]

Jenn,

I am currently reading this book (Millionaire Next Door). It's got some really cool statistics and facts about how these people have accumulated and are maintaining their money. If you liked the Rich Dad books you'll like this one too. My only problem is it was published in 1996, and I'd like to know if any changes have occured since 9/11 and all that.

Check it out.

 

[jenn]

my only challenge with this book and the rdpd is they are american, and i don't know enough about money and or investing to spot differences that would arise for me, being canadian. still all good advice.

 

[Motokid]

I think the Millionaire book is more about the mind set of the financially secure type of person. There is no real direct advice on how, or what to do exactly to make money. It's just a broad overview of what these people have done. For instance most are self-employed. Most do not buy new cars every year, or even buy new cars in general. Most do not watch and trade in the stock market on a regular basis. They have stocks, but usually hold them for at least 4-6 years on average. Most do not live in large houses, or dress in expensive suits. Most have a budget. Most are first generation millionaires in this book. They did not inherit the money, they made it. Some on an income of less than $100,000 a year.

See if your library has it. At least that way you've not spent money on it if you don't find anything useful.

 

[jenn]

that soounds alot like the guy i saw on oprah a few years ago. he changed my view on money entirely. there was also a woman who i am unsure of her career, obviously in money, but her catch phrase was if it's on your ass, it's not an asset. hahah l loved that.

also another guy who was loaded, his moto was shop in stores with cement floors. he always went for the bargain, the sale , the deal, the damaged, and had a gorgeous home and was rich, but he didn't spend rich.