Welcome to another book review! This one is about The Millionaire Next Door, by Stanly and Danko.

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The average millionaire wears expensive suits, drives German luxury cars during the week and an Italian sports car in the weekend. They live in large houses, and go on holidays four times per year.

If the above is your mental image of a millionaire, this book is for you! In the book, the authors describe the results from their research to who the average millionaire really is. After years of research, they conclude the millionaire next door is someone who doesn’t stand out, doesn’t show he’s rich, and hangs out with people that are less wealthy than himself.

So Who Is This Millionaire Next Door?

Stanly and Danko write how the average millionaire behaves. It turns out, they are people just like you and me! The authors have found seven attributes of common millionaires:

1. Millionaires live on less than they could
2. They are efficient in using their time, energy, and money to build wealth
3. Social status is deemed less important than financial health
4. Millionaires have not received financial care from their parents, rather they built their wealth on their own
5. Adult children of millionaires are financially savvy
6. Millionaires are very proficient in finding and using opportunities
7. They chose the right careers, usually as entrepreneurs

These seven attributes are introduced early in the book. Afterwards, the authors go into details on all seven.

Data Driven

The book is very data driven, and sometimes reads as a scientific paper. The authors have done a lot of research, and they present the facts. The book contains interviews, data tables, graphs.

Sometimes this makes the book hard to read. However, if you take the time and concentrate, it’s not hard to follow the storyline and you will learn a ton!

The data tells a story that you shouldn’t let society decide how you live. Rather, model your live after these millionaires and be yourself.

My Recommendation

Read the book! It is really eye-opening. For me, it was a book that showed me that hard work, discipline, and being “normal” leads to success. Of course, you already know this, but when you see it pointed out here everything clicks.

I didn’t like the pace of the book. It wasn’t exactly a fluent read. You won’t read the entire book on a lazy Sunday. As pointed out earlier, it is data heavy so take the time to concentrate.

Nevertheless, the data paints a very clear picture of the millionaire next door being a regular person just like you and me. If anything, you should read it to recalibrate your sense of wealth. You will learn a lot!

Also read my review on Dave Ramsey’s Totale Money Makeover.