OMG I loooooove this book.
Here's a snippet for a review I did on my site of The Millionaire Next Door...
What I liked:
The basics: There’s something inspiring about a book that sticks to the basics while delivering high-quality money advice. Sometimes a book that is too basic gets boring or isn’t very helpful. And some books that get too complex are boring in a different way because you can’t relate, understand, or implement its teachings. The Millionaire Next Door is a perfect blend of the basics with great advice that you can actually implement into your money plan. The next point will explain what I mean a little more…
Facts: Almost the entire book is based on case studies, polls, and interviews. The authors interview several self-made millionaires and then study the findings to explain how these people became millionaires. They use un-filtered facts to draw conclusions on how people accumulate (or don’t!) wealth. No guessing or personal opinions. The authors aren’t trying to sell you on anything, they just present the case studies, draw some conclusions and let the reader take it from there.
Anti-hyper-consumption: One of my favorite phrases in all the world. Say it out loud, it’s like a beautiful poem… Anti-hyper-consumption… I don’t think they use this actual phrase in the book, but one of the main points is that the difference between those who accumulate wealth and those that don’t has everything to do with how much materialistic crap they consume. Basically, it doesn’t matter how much you earn if you spend it all. What I really like about this part of the book is that it is again based on case studies (facts) and not on any anti-consumerist lifestyle philosophy propaganda. Or again, just someones personal preferences or opinions. The book simple states that the number one reason people become wealthy is because they don’t fall into the consumerism trap. I know, right!?
Hope: The book states that roughly 9 out of 10 millionaires are first generation rich. The idea that most rich people are born rich or inherit most of their wealth simply isn’t true. In fact, the authors warn against the dangers of receiving too much financial aid. Often, financial help isn’t helping at all, it’s hurting. When this sinks in you can see why I find this part of the book encouraging and full of hope.