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The Millionaire Next Door Summary – Thomas J. Stanley

Arthur Worsley
by Arthur Worsley
M.A. Psychology, Oxford. McKinsey Alum. Founder & Editor at TAoL.
2 MINUTE READ
The Millionaire Next Door (1995)
The Surprising Secrets of America's Wealthy

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One-Sentence Summary

The Millionaire Next Door is a fascinating study of the work and personal habits of America's surprisingly abundant blue-collar millionaires and PAW's (prodigious accumulator's of wealth) - by marketing professor, author and business theorist, Thomas J. Stanley. (258 pages)

Note: This The Millionaire Next Door summary is part of an ongoing project to summarise the Best Personal Finance Books and Best Self Help Books of all time.

Note: This The Millionaire Next Door summary is a stub. I'll write a full summary later. For now, you'll find enough meta-data here to help you decide if it's worth reading the book.

The Millionaire Next Door Summary

This The Millionaire Next Door publisher’s blurb comes from the Taylor Trade paperback edition of the book…

“‘Why aren’t I as wealthy as I should be?’ Many people ask this question of themselves. Often they are hard-working, well-educated, middle- to high-income people. Why, then, are so few affluent? For nearly two decades the answer has been found in the best-selling The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, reissued with a new preface for the twenty-first century by Dr. Thomas J. Stanley.

According to the authors, most people have it all wrong about how you become wealthy in America. Wealth in America is more often the result of hard work, diligent savings, and living below your means than it is about inheritance, advanced degrees, or even intelligence. The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. You will learn, for example, that millionaires bargain shop for used cars, pay a tiny fraction of their wealth in income tax, raise children who are often unaware of their family’s wealth until they are adults, and, above all, reject the big-spending lifestyles most of us associate with rich people. Most of the truly wealthy in this country don’t live in Beverly Hills or on Park Avenue — they live next door.”

The Millionaire Next Door Contents

The Millionaire Next Door has 8 main chapters…

Introduction

  1. Meet the Millionaire Next Door
  2. Frugal Frugal Frugal
  3. Time, Energy, and Money
  4. You Aren’t What You Drive
  5. Economic Outpatient Care
  6. Affirmative Action, Family Style
  7. Find Your Niche
  8. Jobs: Millionaires versus Heirs

The Millionaire Next Door is data heavy. It contains 31 tables as indexed below…

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Arthur Worsley
I founded TAoL to discover and share the best wisdom on how to live long and prosper. Before that I studied Psychology, Philosophy & Physiology at Oxford and consulted at McKinsey. Still curious? Learn more or take my FREE productivity quiz.

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