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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Millionaire Next Door summary
Thomas J. Stanley and William D. Danko
The Surprising Secrets of America’s Wealthy
13 mins
Brief summary
The Millionaire Next Door by Thomas J. Stanley and William D. Danko reveals the habits and traits that lead to financial success and wealth accumulation.
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The Millionaire Next Door
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Key idea 1 of 5
Many millionaires don’t live the high life. They budget wisely to maintain their affluence.
If you were a millionaire, you wouldn’t hesitate to wear Prada and drink Champagne every day for breakfast, right? But despite the stereotypes, many actual millionaires purchase fewer expensive items than you do – and they are happy doing so.
If you want to become a millionaire, you’ve got to learn to save responsibly at the moment when you first start to earn more money than you need to live on.
The majority of self-made millionaires have modest backgrounds and achieved great wealth by saving their monthly earnings and avoiding spending cash on stuff they didn’t need. This simple rule is one way you too could become a millionaire, without ever actually making a million dollars a year.
People become millionaires by controlling their budget and maintaining their affluence in the same way. They’re also practiced at thinking long term and planning for the future.
A survey of millionaires found that for every 100 millionaires who weren't budgeting and thinking about their financial future, there were 120 millionaires who certainly were.
Planning and structuring expenses is key if you want to become a millionaire. To start, set a goal, such as having a certain amount of cash tucked away for retirement. Then budget your expenses, living costs and investments.
Mrs. and Mr. Rule are millionaires, and their main goal is to be financially independent when they’re ready to retire. By this time, they want to have saved some $5 million.
To make this happen, the couple cleverly allocates their time and money so that they can continue to invest in their business while earning and saving money that can be used toward real estate purchases or home renovation projects.
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What is The Millionaire Next Door about?
Drawing from personal interviews, The Millionaire Next Door (1996) reveals that many millionaires’ daily lives are a far cry from the stereotype of luxury cars, mansions and private jets. Yet this book also disproves the belief that becoming a millionaire is difficult – anyone can learn not only how to become rich but also stay rich.
The Millionaire Next Door Review
The Millionaire Next Door (1996) uncovers the secrets of America's wealthy. Here's why you should read it:
- It provides insightful research into the habits and behaviors of the truly affluent.
- The book debunks common misconceptions about wealth and challenges stereotypes of the rich.
- It offers practical advice on achieving financial success and building long-lasting wealth.
Best quote from The Millionaire Next Door
America is still the land of opportunity...80 to 85 percent of millionaires are self-made.
—Thomas J. Stanley and William D. Danko
Who should read The Millionaire Next Door?
- People who want to become wealthy
- Millionaires struggling to hold on to their cash
- Social scientists studying the habits of affluent people
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The Millionaire Next Door FAQs
What is the main message of The Millionaire Next Door?
The main message of The Millionaire Next Door is to adopt the habits and traits that lead to wealth accumulation.
How long does it take to read The Millionaire Next Door?
Reading The Millionaire Next Door takes around 7-8 hours, while the Blinkist summary can be read in about 15 minutes.
Is The Millionaire Next Door a good book? Is it worth reading?
Yes, The Millionaire Next Door is an insightful book that offers valuable advice on achieving financial success.
Who is the author of The Millionaire Next Door?
The authors of The Millionaire Next Door are Thomas J. Stanley and William D. Danko.
How many chapters are in The Millionaire Next Door?
The Millionaire Next Door by Thomas J. Stanley and William D. Danko has 8 chapters.
How many pages are in The Millionaire Next Door?
There are 272 pages in The Millionaire Next Door.
When was The Millionaire Next Door published?
The Millionaire Next Door was published in 1996.
What to read after The Millionaire Next Door?
If you're wondering what to read next after The Millionaire Next Door, here are some recommendations we suggest:
- Secrets of the Millionaire Mind by T. Harv Eker
- Everyday Millionaires by Chris Hogan
- I Will Teach You To Be Rich by Ramit Sethi
- The Richest Man in Babylon by George S. Clason
- The Only Game In Town by Mohamed A. El-Erian
- Capitalism, Socialism and Democracy by Joseph Schumpeter
- The Millionaire Fastlane by MJ DeMarco
- Millennial Money by Patrick O’Shaughnessy
- The Psychology of Money by Morgan Housel
- The Six Disciplines of Strategic Thinking by Michael D. Watkins
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