While reading the book The Millionaire Next Door I liked the very first part “Meet the Millionaire Next Door.”(7-25) This part gave a lot of statistics that were found from the author’s surveys. I was always under the opinion, like the majority of people, that a millionaire is somebody that has the huge mansion, inherited money from parents, spent thousands on clothes, etc. That is where I found out I was wrong. The first chapter stated that more than half of the surveyed millionaires have never earned as much as a dollar of inheritance, and less than ten percent of the millionaires thought they would never earn another dollar of inheritance. I liked this chapter for setting the record straight on what millionaires actually are.
A section I really didn’t care for in this book and probably disliked the most ...view middle of the document...
This section tried to make it seem like the millionaires are driving low quality vehicles when they ranked the top cars driven I see that they drive Lincoln’s, Cadillac’s, nice SUVs, etc. The cars the millionaires are driving aren’t the Lamborghini’s or Porches’ that society puts them in, but they certainly aren’t driving bad vehicles.
Some principles I found very memorable in this book are the idea of millionaires mostly being very frugal, the rules for affluent parents, and investment planning. Throughout the book they mention frugality and it actually has its own section in the book. It states that the wealthy and affluent usually come from frugal backgrounds, are themselves frugal, and have frugal spouses (36-37). This seems to be a key reason a lot of the millionaires are in fact millionaires. This book really went into detail about how important being frugal is to being wealthy and I feel like I can apply that to my lifestyle. Anybody can spend less money on stupid items, and if that is a step in becoming a millionaire I am going to do it. Another thing I thought was a good principle from this book was the idea of planning your spending. In the book it said that anybody that runs a business of their own plans their investments better than a person that isn’t self-employed. Another principle was the rules of affluent parents (203-210). Such rules as not telling your kid they are affluent until they are mature and well on their way to success or rules likes not letting children know what they will get in the will are good principles to live by.
I think if I learned anything from this book it is that most millionaires aren’t the Paris Hiltons or Kardashians that the media shows us, but most millionaires are more like average Americans. This book was a very good read and I feel like if I can follow some of the guidelines from this book I could be a millionaire someday as well.