The Millionaire Next Door

The Millionaire Next Door

The Millionaire Next Door

By Thomas J. Stanley

Book overview

The Millionaire Next Door: The Surprising Secrets of America's Wealthy (ISBN 0-671-01520-6) is a 1996 book by Thomas J. Stanley and William D. Danko.

This book is a compilation of research done by the two authors in the profiles of 'millionaires'. In this case they used the term 'millionaire' to denote U.S. households with net-worths exceeding one million dollars (USD).

The Millionaire Next Door quotes

1.The foundation stone of wealth accumulation is defense, and this defense should be anchored by budgeting and planning.
Thomas J. Stanley
2.Great offense and poor defense translate into under accumulation of wealth.
Thomas J. Stanley
3.Most people will never become wealthy in one generation if they are married to people who are wasteful. A couple cannot accumulate wealth if one of its members is a hyperconsumer.
Thomas J. Stanley
4.Net worth is defined as the current value of one's assets less liabilities (exclude the principle in trust accounts).
Thomas J. Stanley
5.Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be.
Thomas J. Stanley
6.How much money is required to maintain the middle-class or even blue-collar lifestyle of a mobile-home dealer and his family?
Thomas J. Stanley
7.It’s easier to accumulate wealth if you don’t live in a high-status neighborhood.
Thomas J. Stanley
8.If you’re not yet wealthy but want to be someday, never purchase a home that requires a mortgage that is more than twice your household’s total annual realized income.
Thomas J. Stanley
9.Money should never change one’s values…. Making money is only a report card. It’s a way to tell how you’re doing.
Thomas J. Stanley
10.It matters less how much more you make than what you do with what you already have.
Thomas J. Stanley
11.How can well-educated, high-income people be so naive about money? Because being a well-educated, high-income earner does not automatically translate into financial independence. It takes planning and sacrificing.
Thomas J. Stanley
12.FEARS AND WORRIES What do you spend time worrying about? Are your concerns congruent with wealth accumulation? Or do you spend time thinking about issues that are impediments to becoming affluent?
Thomas J. Stanley
13.Whatever your income, always live below your means.
Thomas J. Stanley
14.Good health, longevity, happiness, a loving family, self-reliance, fine friends … if you [have] five, you’re a rich man….
Thomas J. Stanley
15.Education plus high income does not equal financial independence. Need planning & sacrifice
Thomas J. Stanley
16.Whatever your income, always live below your means.
Thomas J. Stanley
17.Good health, longevity, happiness, a loving family, self-reliance, fine friends … if you [have] five, you’re a rich man….
Thomas J. Stanley
18.If your goal is to become financially secure, you’ll likely attain it…. But if your motive is to make money to spend money on the good life,… you’re never gonna make it.
Thomas J. Stanley
19.Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline.
Thomas J. Stanley

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