About this title: Thomas J. Stanley destroys the myth that the majority of wealthy Americans have gained their fortunes through inheritance or lottery winnings. Instead, Stanley shows how hard work, savings, and smart investing have brought true financial success to average Americans.
Note: This is a general synopsis. Each listing is described below.
Description: Very Good. Great condition for a used book! Minimal wear. Shipped to over one million happy customers. Your purchase benefits world literacy! read more
Binding: Trade paperback
Publisher: Aladdin Paperbacks
Date Published: 1999
ISBN-13:9780671775308ISBN:0671775308
Description: Good in new dust jacket. Pages are clean and unmarked, but 30% are wavy. New slip case. No remainder mark. Ships from MN with Care. Customer satisfaction is my #1 priority. read more
Description: Fine. 0671775308 THIS BOOK IS INSCRIBED BY THE AUTHOR WILLIAM DANKO. THE BOOK IS IN NEW CONDITION. NO DEFECTS, INSIDE OR OUT. UNUSED. SLIPCASE IN NEW CONDITION. read more
Description: Good. Only lightly used. Book has minimal wear to cover and binding. A few pages may have small creases and minimal underlining. Book selection as BIG as Texas. read more
Binding: Paperback
Publisher: Pocket
Date Published: 1999-11-01
ISBN-13:9780671775308ISBN:0671775308
Description: Very Good. Hardcovers are previously owned. They are all in readable condition. They may have previous owners stamps, labels or names written or on them. The dust jacket may have edge wear The corners may be bumped and there may be a small number of bent pages. Older books may have fading/discoloration due to light exposure. read more
Binding: Trade paperback
Publisher: Aladdin Paperbacks
Date Published: 1999
ISBN-13:9780671775308ISBN:0671775308
Description: Fine in fine dust jacket. Fine book in Special Collector's edition slipcase. Trade paperback (US). Glued binding. Product in slip-sleeve. Audience: General/trade. read more
Edition: Tenth Printing
Binding: Hardcover
Publisher: Longstreeet Press, Atlanta
Date Published: 1997
Description: Hardcover with dustjacket. Good condition. This is the never-before-unearthed story about America's rich-and how they got that way. read more
Binding: Softcover
Publisher: HarperCollins Publishers (Australia) Pty Ltd, Australia
ISBN-13:9780732267537ISBN:0732267536
Description: New. Please note that deliveries to addresses in the UK and Europe will be in 4-14 business days. Other countries should refer to Alibris standard times. ISBN10: 0732267536. read more
Binding: Softcover
Publisher: HarperCollins Publishers (Australia) Pty Ltd, Australia
ISBN-13:9780732267537ISBN:0732267536
Description: New. PLEASE NOTE that we do not offer expedited shipping. Orders placed with the priority shipping option will automatically be canceled. ISBN10: 0732267536. read more
"I loved this book. A bit long but really intriguing. The research presented here indicates that those who are truly wealthy appear middle class in their cars, homes, cloths and activities. And those who appear wealthy with fancy cars, homes, etc have no real wealth. Why? because you can't save and invest effectively if you constantly spend all you have and more. So which is the way to live? Live lavishly and enjoy life, or live modestly and grow wealthy? Most in our society would say, live it up, have fun, impress your neighbors. Personally, I'd rather live quietly, not spoil my kids, have a reserve in case of hard times, and enjoy the peace knowing that if something happened to my job or my health, my family and I would be just fine. Besides, enjoying a good book by the fire with a cup of hot chocolate is better than a trip to the Bahamas!"
"A seriously great book. Makes you realize that the people who have a lot of things, are usually the people that don't have very much money and are generally living on credit cards, buying too many things. The people who you would never expect to have money, are usually the millionaires. It has a lot of statistics, which both of us "numbers" people loved!"
"Main message is: Be Frugal, invest. One driving a Benz is quite likely less worth than one driving a Ford F150 (since the Benz owner has already spent money). Max price paid by 75% millionaires for: Suit $600, Shoes: $200, watch $235 (50%)! JCPenney has toughest quality control amongst all stores. Millionaires' wives are all frugal too. They save coupons etc... 1. All have annual household budget 2. All have accountant 3. All have investments in stocks, real estate, business etc 4. Shopping method and principles (i.e. car purchase) VIMP: It takes only one fancy item to start the snowball effect. i.e. Rolls Royce as a gift was denied by a millionaire because all his accessories, clothes etc things would needed an upgrade to match that status symbol. Millionaires don't care about status symbols. The author calls them artifacts. They own, Ford (F150), Cadillac, Lincoln Town cars, Jeep, Lexus, Mercedes,, Oldsmobile, Chevy, Toyota, Buick, Nissan, Volvo, Chrysler, Jaguar. They tend to go for more weight per dollar criteria subconciously (comforts, reliability, safety).
The book gives distribution of folks per their ancesterial origin, job function, inheritance. Frugal millionaires have less worries in general. Doctors & Lawyers typically earn a lot and spend a lot.
The book could have been a little less lengthy; however, good thing is that it has come out of a thorough statistics from numerous interviews of millionaires.
Household net worth = Household Income + Investments - expenses. Typically, one tries to maximize income but also increases expenses to either show off or to be at par with the society or because one thinks that spending = enjoying. It takes only one high-class item to start the snow-ball effect. Worth of a person should be >= Age / 10 * Annual earnings before taxes (no investment). i.e. for a 30 year old making $100k/year, his worth should be: $300k or more.
If you are rich, your kids could have less net worth if you get into a teaching of spending or supporting them financially. The question that remains unanswered for me is: What to do with all the money when I save say a few millions? - I don't end up spending it due to my habit, - If I start spending, I am doing so when I am old and can supposedly enjoy less - If there is a recession or major financial problem (heart transplant), then I have more chances of survival (assuming US doesn't adapt good strategies of Europe and Canada about healthcare). - Once I die, Govt takes most for doing nothing.
It talks about what one should do with all the money (main part is to donate and distribute and how). I shall read it when I am older or a millionaire, whichever happens first. :)
The issues with financially helping out kids and continuing the help when they are adults is well listed. (Economic Outpatient Care). We weaken the weak by helping him financially.
1. Never tell children that their parents are wealthy. 2. Teach discipline and frugality 3. Don't let them realize that you are affluent until after they have established a mature, disciplined, and adult life-style and profession. 4. Minimize discussions of the items that each child and grandchild will inherit or receive as gifts 5. Never give cash or other significant gifts to your adult children as part of a negotiation strategy. 6. Stay out of your adult children's family matters 7. Don't try to compete with your children 8. Always remember that you children are individuals 9. Emphasize your children's achievements, no matter how small, not their or your symbols of success. 10. Tell your children that there are a lot of things more valuable than money
I, however, would rather have that questions hanging over me than having worries of how to sponsor my brother's / kids' education while carrying a $500 Nokia phone and driving a 8 cylinder fancy sports car..."
"Getting rich is most often done by being frugal, not by making outrageous, Trump-like gambits. The last 10 years or so have been marked by periods of investment euphoria (tech & housing), followed by terrible hangovers that have destroyed the wealth of millions within a few years or even months. The latest bubble (George Soros actually thinks 2 bubbles popped simultaneously last year -- the housing bubble and the 20 year credit bubble) could potentially be much more devastating than the tech bubble, because the bubble was based on leverage and credit, and so participants often risked everything they owned (and more), and a mere 20% decline in home prices wiped away their entire wealth, and left them without the means to even pay the mortgage once it reset. There have been many foreclosures in the past year. Look for more, and soon a flood of bankruptcies. Bankruptcies will be especially devastating because of recent legislation modifying bankruptcy laws.
It should be noted that there are many so-called self-help finance books out there that are very dangerous for the common man, among them the "Rich Dad" series. They encourage normal people, uneducated in finance, to make such risky leveraged investments like buying second homes with no money down. Such books and advice should be avoided like the plague. Robert Kiyosaki (Rich Dad author) has absolutely no shame in not only misrepresenting himself and his so called Rich Dad (a figment of his imagination), but tickling man's inclination to gamble. Except that when people lose playing his game, they can lose literally everything.
Turning attention to the actual book being reviewed, a large part of the book is devoted to profiling the "typical" millionaire. Some common qualities are:
a) Most millionaires are married couples, never divorced. This should make sense for several reasons. First, there are no alimony/child support bills to weigh down expenses. Second, married people tend to be more emotionally stable, and thus are less prone to spending sprees or other extravagance. Third, married people don't feel they need fancy things to impress others. Although children do indeed cost a lot of money, the reality of parenthood encourages people to change their goals to be more far-sighted, which usually encourages saving.
b) Most millionaires aren't extravagant, nor do they have a desire to live like rock stars. Money provides security to them and their family, and often their tastes and needs are as simple as the rest of ours. I remember the story of the husband in the book who, after selling his business for millions of dollars, gave his wife a check for a large chunk of that money while she was clipping coupons at the kitchen table. She said "Oh thanks honey, that's very nice of you," and went right on clipping coupons.
c) It is true that a disproportionate number of millionaires are business owners. This makes sense though -- although most businesses fail, the ones that succeed are bound to rise in value (it costs much more to buy a successful business than to start a new one). So the sale of a successful business is often likely to generate a one-time windfall that blue/white collars are unlikely to experience. The main point of this section was to point out that certain cultures -- I think Irish and certain sections of Eastern Europe -- encourage members to open businesses and "make their own way". That is reflected in the statistics.
I like this book because it brings together common sense with hard data to present a convincing argument that the best way to attain wealth is to a) save, b) be frugal/tame your desires, c) work hard, d) become a self starter, and e) get married and don't divorce. Common sense all of them, and all of which have happy side effects beyond the monetary ones."
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