The Next Millionaire Next Door: Enduring Strategies for Building Wealth

4.5 | 849 ratings

Price: 18.39

Last update: 09-07-2024

About this item

Over the past 40 years, Tom Stanley and his daughter Sarah Stanley Fallaw have been involved in research examining how self-made, economically successful Americans became that way.

Despite the publication of The Millionaire Next Door, The Millionaire Mind, and others, myths about wealth in America still abound. Government officials, journalists, and many Americans still tend to confuse income with wealth. A new generation of household financial managers are hearing from so-called experts in personal financial management due to the proliferation of the cottage industry of financial blogs, podcasts, and the like. In many cases, these outlets are simply experiences shared without science and case studies without data based on broader populations. Therefore, the authors decided to take another look at millionaires in the United States to examine what changes could be seen 20 years after the original publication of The Millionaire Next Door.

In this audiobook, the authors highlight how specific decisions, behaviors, and characteristics align with the discipline of wealth building, covering areas such as consumption, budgeting, careers, investing, and financial management in general. They include results from quantitative studies of wealth as well as case studies of individuals who have been successful in building wealth. They discuss general paths to building wealth on your own, focusing specifically on careers and lifestyles associated with each path, and what it takes to be successful in each.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

Philip Greer

Fantastic Book

Reviewed in the United States on November 19, 2023

I never read the original but I see how many reputable financial minds have recommended it. I figured I would just read this one and it is excellent. Must read for persons interested in becoming wealthy and not simply appearing wealthy.

JPShopper

It’s a proven method that works!

Reviewed in the United States on October 15, 2018

If you read the first book (The Millionaire Next Door), this new one provides a valuable update with new research to help understand a few things that have changed over the past 20 years as well as what has stayed the same. This book will “FIRE” you up (pun intended) and will continue to reinforce the LBYM (live below your means) mantra. To that end, you won’t find the Millionaires in this updated sample driving Jaguars, Range Rovers and Porches! However, there were new interesting tidbits as it relates to investing with this Millionaire sample. They are human and make mistakes which makes for interesting discussion points of “how does this set of people have the drive, determination, control…etc. to go against the grain and accumulate a millionaire net worth, yet still fall into some of the traps (market timing for instance) that a lot of other people fall into?”

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.

DaveB

Great book

Reviewed in the United States on November 20, 2022

Great book, so many myths and perceptions about how to build wealth. I was surprised that this is a part 2 to the Millionaire next door, I thought it was just an updated version. I recommend to read the first book first which does a better job explaining how to calculate your personal wealth assessment (i.e. how much should your net worth be at each stage in life).

James E Z East

Wisdom & Insight

Reviewed in the United States on June 20, 2024

The arts of frugality, discipline and planning are presented as key characteristics of wealth builders. Shows the difference between income and wealth and the many paths taken to convert income into wealth.

Tate3441

Stick with the original instead

Reviewed in the United States on November 16, 2023

The original Millionaire Next Door
remains at the top of my favorites and served as the primary motivation for the last decades of our financial growth. But this updated version falls far short—I was hoping for some new or profound epiphanies based on current data because some misinformed critics complained that the success of self-made millionaires in the first book was due to the dot-com growth. Those critiques were unfounded, and in one short chapter the new book validates with more data that the lessons of the first book still remain 100% in effect. I wish she had just issued an updated version of the original with the new data. This new one is just poorly written and tedious. If you have read the first book and live its tenets like I do, then this revision will BORE you. Just know that his daughter did all the research and updated the data, and all the findings of the original classic are still true today, then go back and read only the original, and don’t waste your time (or money) with The Millionaire Mind or this The Next Millionaire Next Door.

20 years later, the affluent have changed, a tiny bit but are way more self-deluded

Reviewed in the United States on October 5, 2018

This book is still shot though with the be-thrifty-keep-it-hidden advice from the original, indispensable 'The Millionaire Next Door.'

But this extensively re-researched followup is more valuable as a snapshot of how our rich neighbors have changed emerging brick-by-brick in the Authors' comparison of survey data on millionaires comparing 1996 to 2016.

Our national apostle of thrift, Dave Ramsey, has bragged insufferably of late about the virtuous averageness of millionaires reflected in his new survey but this perspective here adds more depth.

The data here (although not necessarily the text) point to ways that rich has become the province of the self-entitled creative class, tracking many of the points that Richard Reeves makes in his indictment of the affluent middle class in 'Dream Hoarders.'

In the Drs. Stanley's telling, advanced degrees are now much more common in the affluent than 1996 but yet the rich are much much _less_ likely to claim that success requires "attending a top-rated college" or "having a great teacher/mentor."

Yeah, right.

This is the rank dishonesty that now pervades the creative class whose path in life has been heavily greased by both of these essential elements to top-level success.

It is the NPR-smart but utterly un-self-reflective hypocrisy that Trump brilliantly savages in his every utterance. A much needed ridiculing of the Burning Man boomers who haven't realized that Obama's admonishment, 'you didn't build that' is properly aimed at them and not the Monopoly Millionaire.

But social criticism aside, for those who aspire to be the richest secret millionaire on their street, the Eightfold path to wealth here is timeless. Right livelihood, right focus and right effort get the most play. Along with don't buy too much house or too much car.

The Authors have importantly modernized to talk about the (nefarious) influence of social media noting that "today we carry the influence of others around with us in our pockets." It is a perfect image of the diffuse and insipid externalization of our collective minds that is worthy of William James.

But let's hope that 20 years from now the thrifty rich are still everywhere hidden in this country and another edition of this Puritan Bible is in the works.

R&TY Haupt

fascinating addition to the ongoing Stanley series

Reviewed in the United States on August 9, 2020

It has been many years since I began reading Thomas Stanley and I am pleased to see his daughter Sarah Stanley Farraw has taken on and moved forward with his study and writings. Throughout the book, she presents new research and blends in anecdotes from previous research to show how the behavior of millionaires next door has changed or not. I found it all very interesting. I highly recommend this book to folks like me who have an interest in personal financial behavior and how people and groups of change over time or not.

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