The Next Millionaire Next Door Book Summary - The Next Millionaire Next Door Book explained in key points
Listen to the Intro

The Next Millionaire Next Door summary

Thomas J. Stanley & Sarah Stanley Fallaw

Enduring Strategies for Building Wealth

4.2 (20 ratings)
17 mins
Table of Contents

    The Next Millionaire Next Door
    Summary of 4 key ideas

    Audio & text in the Blinkist app
    Key idea 1 of 4

    Bust wealth-related myths

    Do you think of yourself as the kind of person who will never become wealthy, or even achieve a net worth in the seven digits? Well, if you do, it’s time to change how you think. The engrained ideas you have about who can and can’t be wealthy, and how wealth can and can’t be accumulated, may be holding you back. Let’s bust some common misconceptions around wealth.

    Your wealth isn’t simply a function of your income – the numbers on your paycheck don’t necessarily translate to your true net worth or financial security. Too often, people equate a high income with being wealthy, when in reality, wealth is all about your assets versus your liabilities. Someone earning $1 million per year but spending $1.2 million has a negative net worth, despite their impressive salary. Conversely, someone earning a more modest $100,000 salary but living well below their means, and diligently saving and investing can steadily increase substantial wealth over time. Earned income is fleeting, while building lasting wealth through prudent money management, savings, and investments is the true path to financial independence.

    There’s no single route to becoming affluent. Millionaires come in diverse forms – the average earner who lives frugally, the high-income professional who invests wisely, the successful small business owner, and the “stealth wealthy” who supplement their income through side hustles. What unites these millionaires is a shared discipline around spending and a relentless focus on growing their net worth, rather than indulging in luxury. The key lesson here is that the road to affluence can take many different forms.

    Perhaps most importantly, outward displays of wealth are remarkably poor indicators of someone’s true financial standing. The quintessential millionaire next door often lives in a modest home, drives an unassuming car, and avoids conspicuous consumption. Meanwhile, the “pseudo-affluent” may desperately try to project an image of wealth through luxury goods, while actually having a relatively low net worth.

    Ultimately, wealth isn’t about exorbitant incomes or lavish lifestyles, but rather about cultivating the habits of discipline, frugality, and smart investing over the long haul. By challenging the pervasive myths about wealth, you can focus on the behaviors and practices that truly lead to financial security and independence.

    Want to see all full key ideas from The Next Millionaire Next Door?

    Key ideas in The Next Millionaire Next Door

    More knowledge in less time
    Read or listen
    Read or listen
    Get the key ideas from nonfiction bestsellers in minutes, not hours.
    Find your next read
    Find your next read
    Get book lists curated by experts and personalized recommendations.
    Shortcasts New
    We’ve teamed up with podcast creators to bring you key insights from podcasts.

    What is The Next Millionaire Next Door about?

    The Next Millionaire Next Door (2018) inspires readers of all backgrounds and income levels to build substantial wealth through frugal living and smart investing. Clear, simple strategies for living within your means and patiently growing assets show that economic success is truly accessible for all.

    The Next Millionaire Next Door Review

    The Next Millionaire Next Door (2018) sheds light on the habits and strategies of millionaires, offering valuable insights into achieving financial success. Here's why you should dive into this book:

    • It unveils key characteristics of millionaires, revealing their mindset and behaviors that set them apart.
    • By presenting data-driven research and practical advice, it equips readers with tangible tools for building wealth.
    • The book challenges common misconceptions and provides a fascinating look into the lives of the wealthy, keeping readers captivated throughout.

    Who should read The Next Millionaire Next Door?

    • Average earners who feel like lasting wealth is out of their reach
    • Above average earners who struggle to grow their wealth, rather than spend it
    • Anyone who longs for the flexibility and financial freedom that comes with true wealth

    About the Author

    Thomas J. Stanley was an American author and researcher who specialized in studying the habits and behaviors of America’s wealthy population. He is best known as the co-author of the 1996 bestselling book The Millionaire Next Door, which challenged common stereotypes about the lifestyles of millionaires. 

    Sarah Stanley Fallaw is an author and researcher who has continued her father’s work studying the attitudes and behaviors of the affluent in America.

    Categories with The Next Millionaire Next Door

    Book summaries like The Next Millionaire Next Door

    People ❤️ Blinkist 
    Sven O.

    It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.

    Thi Viet Quynh N.

    Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.

    Jonathan A.

    Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.

    Renee D.

    Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.

    People also liked these summaries

    4.7 Stars
    Average ratings on iOS and Google Play
    31 Million
    Downloads on all platforms
    10+ years
    Experience igniting personal growth
    Powerful ideas from top nonfiction

    Try Blinkist to get the key ideas from 7,000+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.

    Start your free trial

    The Next Millionaire Next Door FAQs 

    What is the main message of The Next Millionaire Next Door?

    The main message of The Next Millionaire Next Door is how ordinary people can grow wealth with smart habits.

    How long does it take to read The Next Millionaire Next Door?

    To read The Next Millionaire Next Door takes a few hours; the Blinkist summary can be read in a short time.

    Is The Next Millionaire Next Door a good book? Is it worth reading?

    The Next Millionaire Next Door is a must-read for its practical insights on building wealth in today's world.

    Who is the author of The Next Millionaire Next Door?

    The authors of The Next Millionaire Next Door are Thomas J. Stanley & Sarah Stanley Fallaw.

    What to read after The Next Millionaire Next Door?

    If you're wondering what to read next after The Next Millionaire Next Door, here are some recommendations we suggest:
    • 101 Questions to Ask Before You Get Engaged by H. Norman Wright
    • You Need a Budget by Jesse Mecham
    • Elon Musk by Walter Isaacson
    • Mostly What God Does by Savannah Guthrie
    • Walmart by Natalie Berg and Bryan Roberts
    • The Education of Millionaires by Michael Ellsberg
    • The Bogleheads' Guide to Investing by Mel Lindauer
    • The Zone of Interest by Martin Amis
    • Third Millennium Thinking by Saul Perlmutter
    • Uptime by Laura Mae Martin