Review: The Millionaire Next Door

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The Millionaire Next Door is the New York Times Best Selling Book.

I have personally read this Book for at least 3-4 times. The authors of the Book Stanely & Danko have spend almost 20 years in interviewing and analyzing the life style of Wealthy/Millionaires people of USA. And they came up with shocking results.

According to their research, Millionaires & Wealthy people of USA are not those who wear RADO watches & drive a Mercedes Car but wealthy people of USA are those who drive 3-4 years old second hand car and wear a cheap watch.

True Millionaires of America are those who Live below their means, low profile and stay away from the heavy consumer life style.

The Book “The Millionaire Next Door” is around the following basic questions -

Who are the rich in this country?
What do they do?
Where do they shop?
What do they drive?
How do they invest?
Where did their ancestors come from?
How did they get rich?
Can I ever become one of them?

There is a common myth about Rich people. According to the authors Rich people are not those who earn more, spend more and live a lavish life style. But Rich people are those who spend less than they earn, live below their means, invest wisely and build Assets.

Here are the Characters of a Typical Millionaire -

01) They live well below their means

02) They allocate their time, energy, and money efficiently, in ways conducive to building wealth

03) They believe that financial independence is more important than displaying high social status

04) Their parents did not provide economic outpatient care

05) Their adult children are economically self-sufficient

06) They are proficient in targeting market opportunities

07) They chose the right occupation

Criticism -

Some Finance Gurus don’t believe the fundas of this book. They say that live below your means will demoralize you and your spirit. Instead of that you should focus on building Assets and more passive Income so that you can afford any luxuries of your life. These Finance Gurus say that why to focus your mind energy on to live below your means especially you can spend that mind energy to develop more Assets and thus Passive Income.

Buy or Don’t Buy? -

At a first look the name of the book looks like some book on being an over night millionaire. But the reality is different. The book is fully packed of financial advises and life styles of a True Millionaire. If you really want to know that how to be wealthy & rich than this is a MUST read book for you.

This is not the over night millionaire book. In fact, this is the book about changing your consumer mindset. Believe me after reading this book, your mindset will be totally changed and your Financial IQ will increase a lot.

If you are searching for some being a millionaire over night book than this book is not for you. This is a book for those who really want to change their mindset.