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August 09, 2005


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TMND is one of my favorite financial books, too. Even after I started getting my finances in order, I still didn't get the idea that the best way to build wealth wasn't necessarily to just earn more, but to build a life-long habit of saving more and living frugally.

The book doesn't have so many practical steps as examples of how wealthy people got to where they are. Still, there's plenty to model your own habits after.

Am I the only one who isn't head over heels for this book? I am beginning to think that when people read this they either see a how-to-guide on becoming a millionaire or validation that their current spending habits will make them a millionaire. I honestly cannot account for this book's popularity. It's a book that studies the habits of some people who have been diligent about saving and are currently well-off, which is admirable, and it has some statistics, which is interesting, but what else is there? On the subject of hardships, courage, innovation, finances, business, you name it, there's a better book.

I may be biased though because I don't have a lot in common with the millionaires identified in this book (not that that will keep me from becoming one :) but I think people who are always quoting this book may be subconsciously trying to reinforce their own beliefs.

Hell. I'm trying to reinforce my beliefs. (My beliefs have helped me build a pretty decent net worth for my age) This is the book that really opened my eyes. (Okay, one other event when I was 19 and learned about the rule of 72 helped as well).

What this taught me was to get a grip and quit trying to look rich, and get with it and start building wealth. I think the quote, "Big hat, no cattle" really struck me because it's so dang true. That was when I realized all the people I was trying to keep up with, were hollow. They were just in debt up to their eyeballs.


Oh, in case you couldn't tell, The Millionaire Next Door was the best financial book I've ever read........


Yes... That book is eye opening that's for sure.
I wrote a review on it myself.
It's down to earth and well researched.

On the over all I was interested to know that millionaires looked like the people next door. They aren't glitzy for the most part. They are hard working careful people.

Show me a person who has every toy imaginable and looks like a millionaire, and probably that person IS NOT a millionaire.

I liked The Millionaire Next Door, but I really *didn't* like The Millionaire Mind (written only by Stanley, with no Danko).

TMND is definitely at the top of the list. Why?

- Demystifies the idea that Millionaires spend gobs of cash
- Shows that your balance sheet is more important than your income statement
- Outlines that experiences can be more valuable than stuff
- Highlights how parents can mess up their kids by giving too much help
- Shows that affluent people have humility
- Finally, it explains that generally - the Jones' are broke

TMND is one of the five best books I´ve ever read. The only one on finance. Probably only one of ten books I´ve ever finished reading since I get bored with just about every other book.

I loved TMND because I could identify with it, word by word, page by page. It seemed to describe my life. My investment and spending behaviour as well as my family (one wife and three children), is so similar to that described on the book that it was almost like looking into a mirror and understanding myself better.

On the wealth formula, at age 40 I´ve achieved 6.25 times the suggested net worth to be wealthy, 95% of it created in the last 10 years. I did not realize I was financially wealthy, I just thought I was doing good. The only difference that I have experienced with respect to the book is that it describes wealthy people´s habbits as being rather boring. I have achieved my economic success while developing four very different companies, investing in different opportunities and enjoying every minute. But the book is not just a mirror to make me feel good about myself or make those who are "being left behind" feel bad. I found it extremely insightful as to how to bring up your children to be economically self-sufficient. I believe my thoughts were heading in the general direction, but the book gives very clear and concise examples making a very strong case not to subsidize your children. It also gave me very good suggestions on how to work on my Will. At my age I had just handwritten a long itemized letter to make sure if I died my wife would know all the properties, company participations, and various investments that we have... but I was sure lacking the depth suggested by the book.

For those who do not find themselves in this book and probably choose to criticize it instead of changing their own habits, I´d suggest you try to meet some wealthy people and ask them a few questions. You may start to believe that the book is onto something and that might help you change your attitude. I myself am buying several copies of the book and lending it to several family members and friends.

For those who don´t believe in the book because it does not give you investment advise and financial formulas, I would say it gives you a lot more. It gives you an insight into the right attitude to achieve wealth. I have not made my money on the stock market, nor a dot-com company. I didn´t make it because of a masters in this or that, nor did I win the lottery. I saved, invested, reinvested, left my job and took a drastic change in lifestyle to start my own business from scratch. My parents are wealthy, and so were my grandparents. Each self-made. Each not giving a penny nor subsidizing the next generation other than helping to pay for the first four years of college. One may think it is genetic; it´s not, its a matter of learned behaviour and attitude, becoming good habits over time. I´m lending the book to my brothers and sisters... I hope I can convince them to read it without the apathy or disdain they might develop. I hope they keep an open mind.

Truly a great book.

I definitely loved this book too. It confirmed a lot of things that I was already thinking and added many more ideas as well. It also points out that most people get rich by spending less than they earn and investing and building companies. Most people are not willing to endure the sacrifices of saving now and not spending more to keep up with the Jones'. It is basically delaying gratification and adjusting what that gratification is: "things" versus "financial freedom". Very good book and the path to wealth for most people.

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