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The Millionaire Next Door

Discussion in 'The Okie Corral' started by certifiedfunds, Apr 29, 2012.

  1. certifiedfunds

    certifiedfunds Tewwowist

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    Have you read it? Thoughts?

    Like everyone else, I'd heard about it for years. However, I assumed I knew what it was about without reading it. I thought it was folksy tales about school teachers becoming rich by passing on lattes.

    Was I ever wrong! Wow! Interesting read. Very revealing.
     
  2. arclight610

    arclight610

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    You've piqued my interest. Can you list the majors points of the book?
     

  3. ysr_racer

    ysr_racer

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    Happily in So. Cal.
    My buddy's a 1%-er :)

    [​IMG]
     
  4. certifiedfunds

    certifiedfunds Tewwowist

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    Essentially, it was a study of the wealth accumulation habits (or lack thereof) of Americans, with case study examples.

    That's a very broad description.

    Essentially, they interviewed and surveyed a whole bunch of millionaires in the single and double-digit range, profiled people in different wealth ranges and income levels, drew some very interesting conclusions.
     
  5. Javelin

    Javelin Got Glock? Silver Member

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    Could be. Or just really really in debt.

    :tongueout:
     
  6. certifiedfunds

    certifiedfunds Tewwowist

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    According the the book, his ass may very well be broke.

    (The book doesn't really touch much on those with major liquidity events and the turbo rich. I seems to focus on the $3MM-$10MM range)
     
  7. Jonesee

    Jonesee

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    I live it.

    I made it required reading for my sons.
     
  8. certifiedfunds

    certifiedfunds Tewwowist

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    I believe you.

    I've been sloppy. Taking some steps to change that.
     
  9. parados

    parados

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    Boise
    It's funny that ysr_racer posted a picture of high end cars in reference to a book with chapter titled "You Aren't What You Drive" :rofl:

    I read this book years ago and I liked it. It talks a lot about two types of wealthy people: people who look the part by making a lot of money but also spending it, vs. "the millionaire next door" who is also successful but doesn't live a flashy life.

    If I remember correctly, one of the people profiled owned a junk yard and lived in a pretty typical blue collar neighborhood. He loved his business and couldn't wait to get up in the morning and go work in the yard. He was a millionaire because he had a successful business and didn't need to spend a lot of money to "keep up appearances" by keeping up with the Joneses.

    The takeaway for me was that if you want to become rich, you need to make a lot of money - but you also need to live frugally in order to keep it.
     
  10. certifiedfunds

    certifiedfunds Tewwowist

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    Offense and defense.

    We've played excellent offense and decent defense. But our defense needs to improve.

    The discussions about degreed professionals like docs, lawyers, etc, and the typical pit they fall into was very interesting.
     
  11. ysr_racer

    ysr_racer

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    Trust me, he's not :)

    Me, I drive a 2004 Lexus, does that make me a millionaire?
     
  12. certifiedfunds

    certifiedfunds Tewwowist

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    The other part of my post:

    There's a subset that the book doesn't address.

    Your car choice would fit well within the PAW's he profiles.
     
  13. Flying-Dutchman

    Flying-Dutchman

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    If the government keeps printing money all next door neighbors will be millionaires.
     
  14. snubfan

    snubfan Giant Member

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    I read it a couple of years ago and thought it was great. I still thumb through it once in a while. It will also be required reading for my kids.
     
  15. Geko45

    Geko45 Smartass Pilot CLM

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    So was I when I was younger, but finally pulled my head out of my arse and have been seeing tangible results ever since. I still kick myself for not starting sooner though.
     
  16. CourtCop

    CourtCop Millennium Member

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    What's the point of accumulating wealth if you're not going to spend it?
    I don't mean buying a mansion and a fleet of Aston Martins. But, if I work hard enough to make all that money I'm not going to continue to live as I am living now.

    Outdoor Hub mobile, the outdoor information engine
     
  17. spork

    spork Caffeinator

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    Dystopia
    Based on what folks are saying in this thread, I am adding this to my summer reading list.
     
  18. Geko45

    Geko45 Smartass Pilot CLM

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    To be free to choose how you want to live as opposed to being obligated to your employer and at their beck and call. Don't get me wrong, I'm not the millionaire next door. I still need my job, but I don't need my next paycheck or any paychecks for up to at least a year. That's a real nice feeling. Especially in uncertain times.
     
    Last edited: Apr 29, 2012
  19. certifiedfunds

    certifiedfunds Tewwowist

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    We've gone through cycles of UAW ->PAW -> UAW ->PAW. Its kinda weird. I'm sorta growing weary of pissing money away and just looking to improve our defense a little better.
     
  20. certifiedfunds

    certifiedfunds Tewwowist

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    That's kinda how I saw it before reading too. I expected to be completely underwhelmed. Instead, I believe this is a book that should be taught in schools.

    Read the book. It might change your perceptions.