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Ugo Okonkwo

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The Millionaire Next Door

Book Description
The incredible national bestseller that is changing people's lives -- and increasing their net worth!

CAN YOU SPOT THE MILLIONAIRE NEXT DOOR?

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...

“If only my family would read this book ...”, December 8, 1997

Reviewer: czipper@ibm.net from Bloomingdale, IL

I finished this book in one weekend -- I have to admit the topic had me absolutely mesmerized from the start! I've finally got the answer to the key financial question I've been contemplating for some time: Am I really headed in the right direction financially? And how do I compare to the folks who have already accomplished the same goals I'm pursuing?

I found that the case studies of the Prodigious Accumulators of Wealth (PAWs) -- folks who've achieved a net worth of $1M or more -- to be quite fascinating. These people are by and large "just regular folks" -- except that they haven't concentrated on accumulating the external trappings of so-called wealth that many of the assumed "well-to-do" Americans (the vast universe of Underachievers of Wealth, or UAWs) have been chasing . The authors' message? If you work relatively hard, live below your means, and use the compounding power of time as your ally, you will eventually accumulate extensive wealth. Nothing our parents or grandparents haven't already told us -- but now, here's definite proof their soothsaying had and still has merit.

And this isn't all just some fancy economists' theory. It's backed up by extensive research provided by the selfsame folks who have accomplished their financial goals, including reams of statistics and some interesting interpretations (like buying a car "by the pound").

Unmentioned in most other reviews: The two authors have also provided an equation based on statistics gleaned from the PAWS. The equation allows a reader to find out what side of the UAW/PAW paradigm they're on.

Are these folks happy? I'm not sure. And who cares? This book lays out a roadmap to financial success; it's not SUPPOSED to be a weighty Aristotlean tome on how we're supposed to live. If you want principle-based living, read Steven Covey and the like.

I'm getting this book for my brother for the Yule. I just hope it helps him get his head out of his arse financially, stop gambling on the riverboats, and halt economic aid to his ungrateful (and unworthy) kids.

Another great gift suggestion: Send this to your friends and family members in Amway and other direct marketing "businesses." Ask them why no Amway distributors made the list of millionaires!

An intriguing insight into the reality of creating wealth, January 16, 2002

Reviewer: Richard S Tadman (richard.tadman@ntlworld.com) from West Yorkshire, U.K.

This book exposes the truth behind the great wealth generators of America. Its message however has universal application. Contrary to expectation, real accumulators of wealth don't do any of the things that popular perception would have us believe. They don't have expensive tastes, live in plush houses, drive executive cars or wear the trappings of success. Instead, they budget very carefully and live well within their means, setting aside a sizeable proportion of their income for investment. This book explodes the myth of high earners necessarily becoming rich and supports its assertions with a wealth of detailed statistics. Most millionaires are apparently frugal, well-disciplined in handling their finances and frankly, downright dull! Not the sort of people that warrant a second glance.
Easy to read and enlightening, it may not be too late to change your behaviour and to embark on becoming a Prodigious Accumulator of Wealth (PAW)

A wise man once said, "If you want to be wealthy, you need to study wealth." That is exactly what best-selling authors, Stanley and Danko, have done for the last twenty years. I would like to congratulate these two authors for their clear and entertaining way of presenting their findings. The message they share in their book The Millionaire Next Door is one of hope and homey wisdom: the 3,500,000 millionaire households in the US have certain common traits, and you can learn the "secrets" that they live by if you desire personal wealth. What is notable is what didn't make the list of traits.

Expensive clothes, flashy cars, or high-consumption lifestyles are not the domain of the typical millionaire; they are more characteristic of the chronically over-extended! A key distinction in this book is the difference between income and wealth. Even people with a modest income, by following prudent principles, can enjoy great wealth over time. On the other hand, top income-earners often spend their money as fast as they earn it, leaving them with few accumulated assets over the years.

This insight is particularly useful to young couples like my husband and I. It is very comforting to know that one is really able to become financially independent and hence free in every sense of the word in this country. A few puzzling things though:

1) I wonder about the totally neglected mention of the ethnic Chinese( or any other Asian group for that matter)successes in the book. This calls into question the thoroughness of their research.

2) I was expecting an insighful elaboration of two of the denominators mentioned, ie, "They are proficient in targeting market opportunities" and "They chose the right occupation." The authors didn't really do justice to their assertions.

3) I cannot but help wonder about the quality of life these ordinary millionaires have. While it is a great feeling to have much financial surplus, are they generally happy folks who have used their best potential in life. Are they like Andrew Carnegie who devoted much of his life accumulating wealth and then spent the rest GIVING IT AWAY happily? --This text refers to an out of print or unavailable edition of this title.

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