- Hardcover: 272 pages
- Publisher: Lyons Press (October 1, 2018)
- Language: English
- ISBN-10: 1493035355
- ISBN-13: 978-1493035359
- Product Dimensions: 6.3 x 1 x 9.3 inches
- Shipping Weight: 1.2 pounds (View shipping rates and policies)
- Average Customer Review: 41 customer reviews
- Amazon Best Sellers Rank: #17,296 in Books (See Top 100 in Books)
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The Next Millionaire Next Door: Enduring Strategies for Building Wealth Hardcover – October 1, 2018
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About the Author
Thomas J. Stanley was an author, lecturer, and researcher who started studying the affluent in 1973. He died in 2015. Sarah Stanley Fallaw, Ph. D. is president of DataPoints, a company that provides assessments based on the research data of her father, Thomas J. Stanley. She lives in Marietta, Georgia.
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In the original book, a clear path ahead was laid out to becoming wealthy by spending less that you earn and investing savings in appreciating assets. These findings have been echoed by many others since the original book was published. If you haven't read the original Millionaire Next Door, then I would suggest that you do so, even though some of the data are out of date. I did follow the advice in the original book (and advice in other books) and I am now a multi-millionaire so I can vouch for the validity of the ideas in the original Millionaire Next Door.
Dr. Stanley was tragically killed in an auto accident and his daughter has now undertaken to carry on her fathers work and has published this book.
Sadly this book does little to advance the themes of the original Millionaire Next Door. There have been a number of potentially significant changes since the original book was published including the increasing concentration of wealth into the top few percent, the stagnant or decreasing wages of those without a college degree, and the increasing college debt of younger people. How has all this affected how ordinary working Americans can achieve wealth? Few new ideas are presented. Consequently I am unable to recommend spending the money on it. Perhaps if we follow the advice of the original Millionaire Next Door of being frugal, frugal, frugal then maybe borrow it from you local library and put the money saved in appreciating assets.
If you’ve never read the first book and are unfamiliar with Dr. Stanley’s work, this book will become one of the more important books you will read. Do you want to become financially secure? Well, who better to learn from than the folks that have actually done it. You will learn that a few small decisions can make a profound impact in wealth building over time and it does take time…building financial independence for those of us that didn’t win the lottery or receive a large inheritance takes discipline and occurs in what feels like slow motion, but it is a proven method that works again and again.
I think the biggest problem with this book that it is too jumbled and written in two voices. On the one hand we have Dr. Stanley's daughter writing large chunks of it, and on the other hand, we have far too many directly taken pieces from the Dr.'s blog. Making things worse, the daughter is always trying to give credit to the father, so throughout she writes in the plural "we did....", "we think...", etc. I wish she had just written the whole book herself in her own voice and omitted all the blog posts. It seemed to me that she had a lot of raw data such as letters from people over the years, and numerous surrveys, but she was not able to put all the information together in a way to glean insights. As a result, I got far less from this book than I could have, it does not have a clear framework or set of takeaways, at least not different or thought-provoking enough compared to the original.