The Millionaire Next Door By Thomas J. Stanley
These are my personal book notes of The Millionaire Next Door by the author Thomas J. Stanley.
Let’s dive in.
Facts
- Title: The Millionaire Next
- Subtitle: The Surprising Secrets of America’s Wealthy
- Author: Thomas J. Stanley with William D. Danko
- Author’s website: themillionairenextdoor.com
- First published: 1996
- Type: non fiction
- Genre: success / mindset
- Rating: 4/5
- Recommended: Yes
The character of the business owner is more important in predicting his level of wealth than the classification of his business.
- Thomas J. Stanley
Table Of Contents Of The Book
- Tables
- Preface
- 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
- Acknowledgments
- Appendix
Key Concepts & Ideas
One of the reasons that millionaires are economically successful is that they think differently.
The large majority was keenly interested in being financially independent.
That’s why they lived below their means.
The advertising industry and Hollywood have done a wonderful job conditioning us to believe that wealth and hyperconsumption go hand in hand.
80 to 85 percent of millionaires are self-made.
There is great pride, joy and satisfaction to be derived from building one’s own fortune.
Countless millionaires have told me that the journey to wealth is much more satisfying than the destination.
They recall constantly setting economic goals and the great happiness gained from achieving them.
Wealth is what you accumulate, not what you spend.
It is seldom luck or inheritance or advanced degrees or even intelligence that enables people to amass fortunes.
Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline.
They did it slowly, steadily, without signing a multimillion-dollar contract with the Yankees, without winning the lottery, without becoming the next Mick Jagger.
7 Common Denominators
In the course of our investigations, we discovered seven common denominators among those who successfully build wealth.
- They live well below their means.
- They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
- They believe that financial independence is more important than displaying high social status.
- Their parents did not provide economic outpatient care.
- Their adult children are economically self-sufficient.
- They are proficient in targeting market opportunities.
- They chose the right occupation.
Building wealth takes
- discipline,
- sacrifice,
- and hard work.
Do you really want to become financially independent?
Are you and your family willing to reorient your lifestyle to achieve this goal?
Many will likely conclude they are not.
If you are willing to make the necessary trade-offs of your time, energy, and consumption habits, however, you can begin building wealth and achieving financial independence.
Most of the affluent in America are business owners, including self-employed professionals.
The character of the business owner is more important in predicting his level of wealth than the classification of his business.
Closing Thoughts
My book notes only cover small parts of the book.
So if you like what you read, please consider buying the book from the author.
Thank you for reading and stay awesome,
Tim for Online Business Dude
PS: Start And Grow Your Own, Profitable Online Business From Scratch, Step-by-Step, Today!