Author: Thomas J. Stanley and William D. Danko Published by Pocket Books
In ‘The Millionaire Next Door,’ Stanley and Danko summarise findings from their research into the primary determinants that explain how the elite club of millionaires have become ‘wealthy.’ Focusing on those with a net worth of at least $1 million, their results show qualities of this group that are opposed to today’s earn and consume culture. This includes living below their means, allocating funds efficiently in ways that build wealth, ignoring conspicuous consumption, being proficient in targeting marketing opportunities, and choosing the ‘right’ occupation. It is evident that anyone can accumulate wealth, if they are disciplined enough, determined to persevere, and have the merest of luck.
In The Millionaire Mind, an excellent follow-up to the highly successful first analysis of how ordinary folks can accumulate wealth, the authors interview many more participants in a much more comprehensive study of the characteristics of those in this economic situation. The author structures these deeper details into categories that include the key success factors which define this group, the relationship of education to their success, their approach to balancing risk, how they located themselves in their work, their choice of spouse, how they live their daily lives, and the significant differences in the truth about this group versus the misplaced image of high spenders.
