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Summary of The Millionaire Next Door 

4.6 . 11696 reviews

Short summary

Have you ever wondered how the millionaires of the world make and manage their money? Would you like to know what it’s like in the millionaire world, and how you can become a part of that league? Tom Stanley, Ph.D. and William Danko, Ph.D. will provide answers to the questions in your heart. Thomas J. Stanley, Ph.D. is an American writer, researcher, and lecturer who dedicated most of his adult life to studying the affluent and how they live. William D. Danko, Ph.D. is an associate professor of marketing in the School of Business, University at Albany, State University of New York. “The Millionaire Next Door” is a product of over 20 years of research on the lives of America’s wealthiest households. Surprising facts and myths concerning wealth creation will be unveiled in the summary you're about to read. “The implication of The Millionaire Next Door...is that nearly anybody with a steady job can amass a tidy fortune.” ~ Forbes

Table of content

  • Summary of The Millionaire Next Door
  • About the author
  • What is The Millionaire Next Door about?
  • Who should read The Millionaire Next Door
  • Topics in The Millionaire Next Door
first key point

Anyone can create wealth

Listen the first key point
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Wealth creation is the result of doing a set of things right. There's the place of luck and opportunity but we all encounter those two from time to time. Especially when you're in the right place doing the right thing.

In this summary, you'll learn that wealth creation is not rocket science. You may not come from a wealthy home, live in a high-brow city, or have the same opportunities as the rich people you admire, but if you want it, wealth can be yours.

It sounds cheeky to say ‘if you want it’ because all humans want wealth, freedom, and comfort among other things. However, the proof that you want something is not just that you vocalize it but work at it, stopping at nothing until you achieve your goals. Most people are not like that, but that's the sort of mindset you need to have if you want to be wealthy. And if you're ready to imbibe it all the days of your life, then this summary is for you.
Action is the proof of desire, if you want something, let it show in your actions.
In the pages that follow, you'll learn that rich people think and act differently. You'll learn what these differences are as well as how you can apply the mindset to your life to produce similar results. Next up, you'll learn how to plan your life, budget your money, and raise children who can create wealth for themselves.
second key point

More often than not, millionaires are more frugal than non-millionaires

Frugality is the secret to wealth. This is especially true for millionaires who acquired their wealth in their lifetime. This truth may come as a surprise to many people, because of how the media is always painting the millionaire lifestyle as a lavish one. But in reality, only those who inherited their wealth tend to lavish money as close to what Hollywood and the rest of the media world is making us believe.
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third key point

One of the ways millionaires practice frugality is through budgeting and planning

fourth key point

Time, energy, and money: everyone has them, but people use them differently, and the results show

fifth key point

Why affluent parents need to rethink economic outpatient care (EOC)

sixth key point

Find your niche, become a specialist, and increase your income!

seventh key point

What jobs and businesses make millionaires out of people?

eighth key point

Conclusion

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What is The Millionaire Next Door about?

Who should read The Millionaire Next Door

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Do you find yourself staring at your computer for long minutes, unaware of time slipping by? Do you enter a room and suddenly cannot remember why you stepped in the first place? Is it a herculean task for you to sit through ten pages of a book without reaching for your phone? If yes, your focus needs some work and fast.

Actually, yours is not a unique situation. Many adults like you have issues concentrating on a given task. However, in this fast-paced world of ours, you can’t afford to be not focused at all times. Thankfully, this article comes to your rescue! With the tips and tricks from Hyperfocus by Chris Bailey, you will get in the top percent of folks who have mastered the art of concentration.