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[PDF] The Millionaire Next Door PDF Free Download

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Book: The Millionaire Next Door PDF Free Download

Type: Motivational Books

Size: 20MB

I learned that there are seven characteristics or common denominators among millionaires in America.

They are:

1.They live well below their means – They are frugal,frugal, frugal. They make more than they can spend. Pretty cool.

2.They allocate their time, energy, and money efficiently, in ways conducive to building wealth – How else did they get there right? Well this goes for those millionaires who didn’t inherit their wealth.

3.They believe that financial independence is more important than displaying high social status – Practical. You can display high social status all you want, but if you’re still dependent on active income then you’re one very vulnerable fella.

4.Their parents did not provide economic outpatient care – Pretty good training ground, don’t you think? They train their kids to be survivors and in the end, to be winners. This is the best legacy they can leave to their children.

5.Their adult children are economically self-sufficient -Pass on the buck right? That’s why the rich get richer and the poor get poorer.

6.They are proficient in targeting market opportunities – Now this is one handy skill I want to get my hands on.

7.They chose the right occupation – Right! To wake up everyday itching so badly to get yourself to do the things you love. Ain’t that a ball!

Learn from this. The lessons and ideas may seem repetitive, but the author is really trying so hard to drive home a point. We need to learn the lessons. He want us to. Well, we ought to. =) 

The point of this book comes through loud and clear, the people that we think are millionaires are more than likely swimming in debt. Just because you live in a fancy neighborhood and drive an expensive car does not make you rich.

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In fact it goes as far as to say that most millionaires live in less costly areas because it costs alot of money to keep up with the JONES! In fact their study showed 37 percent of their millionaires bought used cars opposed to new and paid cash of course. Now their used cars may be Mercedes but they save on the depreciation of the person that bought it new.

They reference one guy nameed W. W. Allen who is a self made MUTImillionaire. “He and his wife have lived in the same three-bedroom house in the same middle class neighborhood for nearly forty years” “Living in less costly areas can enable you to spend less and to invest more of your income.

You will pay less for your home and correspondingly less for your property taxes. Your neighbors will be less likely to drive expensive motor vehicles. You will find it easier to keep up, even ahed of the Joneses and still accumulate wealth”

Ok, makes total sense but not something that is usually pointed out by the financial world. People tend to spend more than they make making it nearly impossible to accumulate wealth. I love the message of this book and their is extensive research used to back it up. 

This book was so difficult to get through.
I have been trying to read one financial book a week. I love Suze Orman, Dave Ramsey. I enjoyed the Millionaire Mind; I found it inspiring. I did not enjoy the Millionaire Next Door.

This book is heavily recommended on so many of the financial online forums and blogs I read, so I borrowed it from my library this week.

I found the first chapter very interesting, and then they lost me. I think the premise of this book could be summarized into one chapter. But then, you can’t sell a book on one chapter!

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I do not think the writing is good. The authors are annoyingly repetitive. I think they bored their editor so much that the editor didn’t catch that they repeat sentences over, and over, and over. The book is fluffed out with tons of boring, didactic charts. The writing is not organized – at times, it seems like streams of conscientiousness writing- jumping around too much.

I think they completely lost my interest on page 75 when they write: “How else does one explain why two experts on wealth are not wealthy? in part, because they spent a combined total of nearly 20 years pursuing higher education.”

So on page 106 they tell a great story of Mr. Martin who won’t hire advisers who don’t have personal accounts of at least $200,000, because otherwise they are “full of baloney.” But back on page 75, they admit they are poor themselves! So why should I listen to their advice??

They spend a lot of time on topics that completely lose my interest. To spend pages showing how rich guys typically buy cars by the pound, and then to review how many pounds each car weighs …this really put me to sleep. They list the cars millionaires typically buy, and then to go on to list pretty much every car in existence. Or to review for pages and pages the ancestral backgrounds of the 3,000 millionaires they happened to pick from geocoded neighborhoods proves nothing to me.

But then the authors lose confidence, and slap a disclaimer- quietly- on page 228. “we have gone out of our way to emphasize that there are no sure steps one can take to become wealthy.” . But wait. Then what are the other 254 pages about? I am lost again. Because they spend a whole lot of time enumerating some pretty sound steps that millionaires take to get wealthy (1. they live well below their means. 2. they allocate…)

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Most importantly, there were 5.3 million households in America in 1997 (when the book was written) that were millionaires. Yet they only interviewed 3,000 households. To put forth statistics as “typical” based on the low percentage they interviewed can’t possibly be accepted as statistical or fact.

On page 249, they review that they chose the millionaires they surveyed based on geocoded neighborhoods- but this goes against what they spent 248 pages proclaiming! They spend the entire book professing that millionaires don’t live in certain neighborhoods, then go on to say they only know this because they surveyed certain probable high-net-worth neighborhoods.

With all this said, I am not disagreeing with any of the tenants of wealth accumulation they advocate- I follow them myself, and highly, highly recommend them! So I reluctantly recommend people read the book just to glean that bit, but with hesitance because I understand they will have to sort through boring charts, stereotyping, and bad writing to get advice. Readers would be better off reading a Ramsey book, which is captivating and not doesn’t drown out the message with boring stats.

There is some good insight in here – live below your means, don’t spend 10 years in advanced education with hundreds of thousands of dollars in student loans to hold you back, invest your money at an early age, don’t cripple your children by making them economically dependent, teach your children to fish, don’t get caught up with keeping up with Joneses, work hard, plan, pick a compatible spouse, use a budget, track your spending, etc. All of this is great advice.

According to .05% of the millionaires in America.

The Millionaire Next Door PDF Free Download

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