Book Review

I am trying to get better at writing more complete book reviews. I have reviewed one of the latest books I have read below. If you have any thoughts about the book or my reviewing feel free to let me know.

Book Review: The Millionaire Next Door

The Millionaire Next Door by Thomas Stanley and William D. Danko does not provide promised steps to financial success. Instead it shows through years of statistical evidence what the millionaires have done to find monetary accomplishment.

The answers the millionaires provided are simple. The driving theme of the book can be summed "FRUGAL, FRUGAL, FRUGAL... Being frugal is the cornerstone of wealth-building... The affluent tend to answer "yes" to three questions: 1) Were your parents very frugal? 2) Are you frugal? 3) Is your spouse more frugal than you are?"

In short the authors very plainly show the findings that having a high income does not guarantee wealth. Spending more than one has still means you are broke no matter what tax bracket you are in.

The Millionaire Next Door is like a junk yard. There are treasures of information to be found, but they are sometimes lost amidst the heaping amounts of statistics. It was fun to listen to the simple habits of the nations wealthy and find the fascinating nuggets of truth. The book helped confirm other financial advice, such as that found in The Total Money Makeover. I found phrases such as “Fewer than 20% inherited more than 10% of their wealth, and more than half never received a penny of inheritance” leaving me confused and needing to re-read (or in my case re-listen to) the section to follow the string of continuing statistics. Other sections, such as car buying, seemed to contain a mountain of information that the authors decided to completely explore. This seemed a little tedious at times due to the often repetitious feel of the section.

The book may have been more enjoyable if I had actually read the text instead of listening to the CDs. I would recommend the book in conjunction with others such as The Total Money Makeover. I thought the fascinating bits did surmount the downsides of the book. Overall I give the book a grade of “C”.