{"id":38213,"date":"2021-06-11T11:15:54","date_gmt":"2021-06-11T15:15:54","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=38213"},"modified":"2023-04-05T15:14:48","modified_gmt":"2023-04-05T19:14:48","slug":"the-millionaire-next-door-book","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/the-millionaire-next-door-book\/","title":{"rendered":"The Millionaire Next Door Book and Wealth-Building"},"content":{"rendered":"\n<p>What is <em>The Millionaire Next Door <\/em>book about? Is <em>The Millionaire Next Door<\/em> still relevant today?<\/p>\n\n\n\n<p>William D. Danko and Thomas Stanley&#8217;s <em>Millionaire Next Door<\/em> book explains the characteristics of the everyday millionaire and shows how they make, keep, and grow their wealth. These wealth-building principles outlined in Thomas Stanley\u2019s <em>Millionaire Next Door<\/em> remain relevant today.<\/p>\n\n\n\n<p>Read on to learn how <em>The Millionaire Next Door <\/em>book can help you become wealthy too.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-is-the-millionaire-next-door\"><strong>Who Is <em>The Millionaire Next Door<\/em>?<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"jetpack-video-wrapper\"><iframe loading=\"lazy\" title=\"The Millionaire Next Door | 10-Minute Book Summary\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/yjpHyPy1BKc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p>High-income people who spend freely and ostentatiously fit the Texas description, \u201cbig hat, no cattle.\u201d In other words, they <a href=\"https:\/\/www.shortform.com\/blog\/48-laws-of-power-law-37-create-compelling-spectacles\/\">put on a show<\/a>, but lack substance\u2014they have very little accumulated wealth.<\/p>\n\n\n\n<p>In contrast, <em>The Millionaire Next Door <\/em>book shows that <strong>those who are truly wealthy typically don\u2019t flaunt it<\/strong>\u2014for instance, they don\u2019t wear expensive clothing or jewelry, or drive luxury or even late-model cars. They aren\u2019t interested in status symbols.<\/p>\n\n\n\n<p>The research in William D. Danko and Thomas Stanley&#8217;s <em>Millionaire Next Door <\/em>paints the following picture of the average millionaire:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>They didn\u2019t inherit their wealth: 80% accumulated their wealth in their lifetime.<\/li><li><strong>Many are self-employed<\/strong>. They\u2019re entrepreneurs or professionals in non-flashy fields\u2014for instance, they may be welding or paving contractors, factory owners, accountants, or auctioneers.<\/li><li><strong>They live below their means<\/strong>. For instance, they live in modest-looking, rather than showy, homes. They wear non-brand name clothing and accessories, and often <a href=\"https:\/\/www.shortform.com\/blog\/millionaire-next-door-most-popular-car\/\">drive used cars<\/a>.<\/li><li><strong>They\u2019re extremely frugal and budget their expenses.<\/strong> Their total annual realized (taxable) income is less than 7% of their wealth, meaning they spend less than 7% of their wealth a year.<\/li><li>On average,<strong> they invest 20% of their realized household income a year<\/strong>. They pay for expert financial and legal advice, but also study the markets and make their own investment decisions.<\/li><li>They\u2019ve accumulated enough to live without working for at least 10 years.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-characteristics-of-the-wealthy\"><strong>Characteristics of the Wealthy<\/strong><\/h3>\n\n\n\n<p><strong>The millionaires described in <\/strong><strong><em>The Millionaire Next Door<\/em><\/strong><strong> book could maintain their lifestyles for years without a paycheck\u2014they\u2019re financially independent<\/strong>. But they didn\u2019t inherit their wealth from their families. More than 80% of them accumulated it over their own lifetime.<\/p>\n\n\n\n<p>The typical millionaires in <em>The Millionaire Next Door<\/em> book defy stereotypes of the wealthy. They\u2019re self-made businesspeople who have lived in the same town most of their adult lives. They own a business, are married, and live in a modest neighborhood. <strong>The key to their success is they live a lifestyle that makes it possible for them to build wealth<\/strong>.<\/p>\n\n\n\n<p>The authors\u2019 research found that <strong>average millionaires share these common characteristics<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>They spend far less than they earn (live below their means).<\/li><li>They use their time and money efficiently to build wealth.<\/li><li>They prioritize attaining financial <a href=\"https:\/\/www.shortform.com\/blog\/maturity-continuum-7-habits\/\">independence<\/a> over displaying social status.<\/li><li>Their parents didn\u2019t provide them with financial support as adults.<\/li><li>Their adult children are self-supporting.<\/li><li>They\u2019re skilled at identifying <a href=\"https:\/\/www.shortform.com\/blog\/best-investment-opportunities\/\">investment opportunities<\/a>.<\/li><li>They chose the right line of work.<\/li><\/ul>\n\n\n\n<p>These findings in <em>The Millionaire Next Door<\/em> book stem from years of research, including interviews with over 500 millionaires and surveys of 11,000 high-net-worth or high-income people in the 1990s. <strong>The bottom line is that <a href=\"https:\/\/www.shortform.com\/blog\/building-wealth\/\">building wealth<\/a> and <a href=\"https:\/\/www.shortform.com\/blog\/become-financially-independent\/\">becoming financially independent<\/a> take hard work and discipline<\/strong>.&nbsp;<\/p>\n\n\n\n<p><strong>Many more Americans can become millionaires if they\u2019re willing to consume less, control their spending, and focus on steadily building their wealth.<\/strong> The trade-off for <a href=\"https:\/\/www.shortform.com\/blog\/how-to-spend-less-money\/\">spending less<\/a> of your income today is financial independence tomorrow.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-role-of-inheritance-ancestry\"><strong>The Role of Inheritance\/Ancestry<\/strong><\/h3>\n\n\n\n<p>People often think it takes <a href=\"https:\/\/www.shortform.com\/blog\/inherited-wealth\/\">inheriting wealth<\/a> to become rich. However, the authors\u2019 research on millionaires shows inheritance plays a minimal role:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Fewer than half received any inheritance; under 20% inherited 10% or more of their wealth.<\/li><li>Just 19% receive income or wealth from a trust or estate.<\/li><li>Under 10% expect an inheritance in the future.<\/li><li>Under 25% received a gift of $10,000 or more from a relative.<\/li><li>Only half received college tuition from their parents.<\/li><li>Fewer than 10% received part ownership of a family business.<\/li><\/ul>\n\n\n\n<p>People of average backgrounds who become millionaires have confidence in their own ability to achieve wealth. <strong>There is opportunity in the U.S. for anyone wanting to become wealthy because social and economic status aren\u2019t predestined.<\/strong> This dates as far back as 1892, when a study of more than 4,000 U.S. millionaires found that 84% had achieved their wealth rather than inheriting it.<\/p>\n\n\n\n<p><strong>Achievement matters more than inheritance or ethnic origin<\/strong>. Many first-generation Americans become wealthy through hard work, frugality, and discipline\u2014the same traits shared by millionaires as a whole.&nbsp;<\/p>\n\n\n\n<p>Also like millionaires as a whole, first-generation Americans tend to be self-employed. However, their children and grandchildren tend to be less successful economically and often consume the family fortune entirely.&nbsp;<\/p>\n\n\n\n<p>This is because their parents want them to have a better life, so they encourage them to spend years in college to become professionals with a higher status, rather than entrepreneurs. They enter the labor market late and start earning later. They reject their parents\u2019 austere lifestyle in favor of American-style consumerism. Thus the second- and third-generation Americans with wealthy parents typically become UAWs.<\/p>\n\n\n\n<p>So while some people work, plan, and invest to become wealthy, many of those who inherited affluence spend it away.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-become-and-stay-wealthy\"><strong>How to Become and Stay Wealthy<\/strong><\/h3>\n\n\n\n<p>The experience of the self-made millionaires in <em>The Millionaire Next Door <\/em>book shows that to become wealthy and stay wealthy you must:<\/p>\n\n\n\n<p>1) <strong>Create and live by monthly and annual budgets.<\/strong> More than half of all millionaires budget their expenses. They\u2019re motivated by visualizing the <a href=\"https:\/\/www.shortform.com\/blog\/practicing-delayed-gratification\/\">long-term rewards<\/a> of <a href=\"https:\/\/www.shortform.com\/blog\/achieving-financial-independence\/\">achieving financial independence<\/a> and being able to retire.<\/p>\n\n\n\n<p>2) <strong>Know what your family spends annually for basic needs <\/strong>(food, clothing, and shelter). Fully 62% of the millionaires surveyed knew their monthly expenses, compared to 35% of high-income non-millionaires.<\/p>\n\n\n\n<p>3) <strong>Set specific daily, monthly, yearly, and life goals.<\/strong> Most millionaires are goal-oriented and take a long-term view. Their goals are not spending and acquiring material possessions, but being able to retire, be <a href=\"https:\/\/www.shortform.com\/blog\/financially-secure\/\">financially secure<\/a>, and enjoy life. People who are financially secure are happier than those in their age\/income category who aren\u2019t. Unlike those living paycheck to paycheck, they don\u2019t worry about the next economic slump.<\/p>\n\n\n\n<p>4) <strong>Spend time planning your financial future.<\/strong> The number of millionaires who spend time planning investments is more than double the number who don\u2019t plan. Many of those who don\u2019t plan are high-income under-accumulators.&nbsp;<\/p>\n\n\n\n<p>5) <strong>Beware of giving ongoing subsidies to adult children and grandchildren<\/strong>, who may become dependent on them instead of self-reliant. Millionaire parents who provide ongoing gifts and subsidies have significantly less wealth than others in their category whose children are independent.<\/p>\n\n\n\n<p><strong>The key message of <em>The Millionaire Next Door<\/em> book is that many more Americans can become millionaires if they\u2019re willing to consume less, control their spending, and focus on steadily building their wealth.<\/strong> The trade-off for spending less of your income today is financial independence tomorrow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is The Millionaire Next Door book about? Is The Millionaire Next Door still relevant today? William D. Danko and Thomas Stanley&#8217;s Millionaire Next Door book explains the characteristics of the everyday millionaire and shows how they make, keep, and grow their wealth. These wealth-building principles outlined in Thomas Stanley\u2019s Millionaire Next Door remain relevant today. Read on to learn how The Millionaire Next Door book can help you become wealthy too.<\/p>\n","protected":false},"author":10,"featured_media":11377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,81,31],"tags":[379],"class_list":["post-38213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-books","category-economics","category-money","tag-the-millionaire-next-door","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Millionaire Next Door Book and Wealth-Building - Shortform Books<\/title>\n<meta name=\"description\" content=\"The Millionaire Next Door book identifies the common traits of your everyday millionaire. 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