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The Millionaire Next Door Stanley, T., & Danko, W. A Book Report.

935 words - 4 pages

The Millionaire Next DoorWhen you think of the rich people in this country who do you think of? It may be the movie stars, pop divas or the lawyers, doctors and politicians. You may be shocked to find out that many times these people aren't even worth their yearly income, not even coming close to being a millionaire. You could be even more shocked to find that your very own neighbor, the one who drives seven year old cars and wears the same clothes all the time, could in fact be a real life millionaire. In this book you are shown why these people are millionaires more often than the genres of people mentioned earlier, and how you could become a millionaire through your own personal financing.The majority of millionaires in America do not make tons of money each year. So how do they do it? When the authors asked them each one replied that they were frugal. They did not buy luxury cars; rather, many had six or seven years old work trucks. These millionaires were not accustomed to the perceived "millionaire lifestyle" or caviar, champagne, and leather interior vehicles. Most millionaires interviewed by the authors were entrepreneurs who came from humble backgrounds of poverty and immigrant families. Through the lessons taught them when they were children, they learned the importance of saving and investing. Due to these financial habits, many millionaires live well below their means. One great example of this is the answer one decamillionaire said to the authors in response to, "Mr. Bud , may I pour you a glass of 1970 Bordeaux?" He replied, "I drink scotch and two kinds of beer- free and Budweiser!"The next topic spoken of in detail is how millionaires allocate their time, energy and money so as to make the greatest financial benefits from them. It was found that the wealthy of America spend almost twice the amount of time planning their finances per month than those who are not wealthy. It was shown through many case studies that it did not matter how large your annual income is. Rather, it was more important how you dealt with and planned your money usage. The more budgeting, investing, and planning done with your capital, the larger your reward will be.The next big idea expressed in the book is "Economic Outpatient Care," or when a rich parent gives out monetary gifts to children, relatives, and friends. While the givers may believe they are helping the receiver become financially stable, it is this type of care which inhibits this type of independence. The receivers will learn to expect the gifts and put them to use right away instead of creating a budget to live by...

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