The Millionaire Next Door Summary

In the book “My Life Next Door” written by Huntley Fitzpatrick, Samantha Reed is forced to construct a decision that may be straightforward to you but is ambitious for others. She has to pick between the boy next door, Jase, who she has passionately fallen in love with and her family. At all times, family should be a top priority because they always have your back and you’re stuck with them till forever.

I always believed that you are considered wealthy when you make a high income. According to the authors, most high income earners are not rich, which surprised me. Most people with high incomes fail to accumulate any lasting wealth. They live hyper-consumer lifestyles, they spend their money as fast as they earn it. I always perceived millionaires as living the lavish life with their big sport utility vehicles and huge mansions. Well I was wrong, in

According to Carnegie, “The contrast between the palace of the millionaire and the cottage of the laborer with us today measures the change witch has come with civilization.” Mr. Carnegie is expressing his belief that the “millionaire” should have a house that is much greater than that of his laborer, because of the difference in wealth. If one works hard enough for their money they should be allowed to spend it as they please, not dial it down to fit with the world around them. Also, “Without wealth there can be no Maecenas,” (Carnegie). He is saying that without a difference in wealth there will not be any patrons- no one to give financial aid to others. Carnegie is a man that many do not agree with, but as Aristotle states, “With regard to what happiness is (men)

Interestingly, Carnegie drew a distinction between how one gains wealth, and the effect this may have on how he spends his money. There are those who inherit wealth; they are the most likely to spend frivolously. To the contrary, those who earn money through hard work, develop a greater appreciation for money. He further encouraged those with great wealth to “set an example of modest, unostentatious living, shunning display or extravagance” (Carnegie, 1901). Facets of today’s society can be seen praising pretension, and encouraging flashiness or frivolity. As cultural values change, the

People will not remember how many cars you owned or how big your house was, they will remember you by the person you were. Maybe the reason I oppose millionaires is because my family was never rich. I would sometimes wish that my parents could afford more things, but as long as I had a roof over my head and three meals on the table, I was grateful for their hard work. If tomorrow I suddenly became a millionaire, I would not know what to do with all of the money, since I’m used to limiting myself to the necessary items. The right people will be drawn to you no matter how rich or poor you are, because a person’s worth is much more than just their

Wealthier people are often those who work hard and put in a huge amount of effort into achieving their goals.

The book of “The Millionaire Next Door” is written by Thomas Stanley and William Danko, and it uses lots of case studies and statistic data to tell us how the actual millionaires live in the society and how can normal people become millionaires. The book shows a unique insight of millionaires and base on the authors’ research in last twenty years, thus the result is convincing. The authors try to tell us two things: wealth is what you accumulate but not what you spend; and there are some ways you can use to get wealth. For me, this book is interesting and useful.

Tom is the type of millionaire that is anchored in a solid tradition of socially acceptable wealth. This wealth was inherited along with the power it brings. This shows no failure or determination to achieve something. He was born into the “Dream” and he did not have to work hard or sacrifice to achieve it. In the past, “it was an essential part of the American Dream to believe that the most fit sons in the race were sired by fathers who had failed” (Lena, 21).

First-generation millionaires make up 80% of the millionaire group, while 20% are retired and 50% own a business. I have always assumed that if you make 250K a year, then you are wealthy. To be classified as a millionaire you have to consider their net worth. A person who earns 100K a year as a contractor, but saves, invests and is frugal with their money will have a higher net worth in comparison to a surgeon who earns 250K and spends his money on new cars, expensive house and clothing. The surgeon is living above his means while the contractor is investing in appreciable assets and living below his means.

These individuals cannot be millionaires!!! Because their appearance doesn’t look like millionaires, they do not act like millionaires, they do not eat like millionaires, neither do they dress like millionaires, and they do not even have millionaire names. Then where are the millionaires who look like millionaires then? Being wealthy, affluent, or being prosperous is not defined in terms of physical properties. On the contrary, those people we term as being affluent get much more longing from possessing sizeable quantities of significant properties, than from showing a high-ingesting way of life.

This is not to say that people with less money will always throw out their inhibitions in order to achieve great financial wealth. People must be told that it is ok to venture outside of their safe zone and know that what they are doing is right.

The Millionaire Next Door comprises a series of studies and research performed by author Thomas J. Stanley with the assistance of William D. Danko which profiles the behaviors and economic habits of millionaires. In this instance the definition of “millionaire” is meant to refer to US households which possess net worth in excess of one million US dollars. Specifically, the authors seek to catalog and define the behaviors of two groups; one which they define as Under Accumulators of Wealth (UAWs), and compare such individuals to Prodigious Accumulators of Wealth (PAWs).

The typical millionaires portrayed in the book were not the jet setting, high profile, luxury car driving executive that most would equate with affluence. In fact, the typical millionaire is a 57 year old male, self-employed, with an average income of $247,000. They are fairly well educated, wear inexpensive suits, and drive late model American made cars. On average, these millionaires live in modest homes and work in occupations such as: contractors, auctioneers, farmers, owners of mobile home parks, and stamp and coin dealers. These individuals are organized, live within a budget, and spend considerable time and energy investing. These individuals are also self-described tight wads. In lieu of receiving money directly for their time, the authors offered to donate money in the interviewee’s name to a favorite charity. The reply of most of the millionaires was “I am my own favorite charity,” and kept the money for themselves.

*This article is excerpted with permission from Within the Millionaire Mind, by Jim Bellacera. Jim Bellacera

How would be your life if you were a millionaire? I am completely sure; you would live in a deluxe villa in the center of the city. You won’t only be disquieted for your safety needs; but also, be able to meet your luxury needs. You would spend your holidays in best places in the world. If you have lots of money, you would provide the best facilities for your family and try to make a pleasant life for them. Money can solve almost all of our problems and help us for having a happy life. With money, we can live in a deluxe house, drive a brand new car, and have a prepossessing life. Although some people believe money doesn’t bring happiness, I believe it does.