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The Millionaire Next Door, by Thomas Stanley and William Danko.    The large majority of millionaires have not inherited their wealth.  Indeed, Stanley and Danko maintain that "economic outpatient care" (referring to generous parental financial support) typically does more harm than good in creating millionaires.  On the other hand, the authors' research indicates that for most millionaires, hard work, self discipline and sacrifice, combined with common sense and patience, have been the most instrumental in accumulating their wealth.  Further, most millionaires don't lead extravagant lifestyles of conspicuous consumption--more commonly they live right next door to many middle income Americans.  This 1996 best seller, written by two college professors who have made careers of studying America's wealthy, does a commendable job of explaining the most common attributes of millionaires, and it debunks a number of popular myths.  In the myth category, the authors reveal that high incomes frequently do not lead to high wealth, especially when consumers value spending over saving.  In a similar vein, the reader learns that many frugal people of modest incomes have been able to amass considerable wealth.  This easy reading book would be an ideal gift for young people who are forming their spending and saving habits.  It is filled with the common sense wisdom that many parents would want their children to know and appreciate.  Buy it for a favorite young person.

ISBN: 1567315682
Format: Hardcover, 258pp
Pub. Date: Sept 2002
Publisher: Fine Communications

 

 

 

 

"How do you become wealthy? ... It is seldom luck or inheritance or advanced degrees or even intelligence ... Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline."

Introduction by the authors