{"id":178,"date":"2022-01-12T09:39:01","date_gmt":"2022-01-12T09:39:01","guid":{"rendered":"https:\/\/bestsellersummary.com\/?page_id=178"},"modified":"2023-03-02T13:13:18","modified_gmt":"2023-03-02T13:13:18","slug":"millionaire-next-door-summary","status":"publish","type":"page","link":"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/","title":{"rendered":"The Millionaire Next Door Summary"},"content":{"rendered":"<p><a href=\"https:\/\/www.amazon.com\/The-Millionaire-Next-Door-audiobook\/dp\/B0000547HR\/\" target=\"_blank\" rel=\"noopener nofollow\">The Millionaire Next Door<\/a> is a book about the secrets of American millionaires. Based on an extensive study that has lasted for years, the author gives you some insight into how they live their lives and how they have accumulated so much wealth.<\/p>\n<p>Here is a summary of <a href=\"https:\/\/www.amazon.com\/The-Millionaire-Next-Door-audiobook\/dp\/B0000547HR\/\" target=\"_blank\" rel=\"noopener nofollow\">Millionaire Next Door<\/a> book, highlighting the best concepts and ideas we have got from reading it and we are also going to tell you whether it is worth reading the complete book.<\/p>\n<p>After reading this book summary, you will be familiar with the daily life of millionaires and their secrets to accumulating wealth. You will also learn some valuable lessons that can help you become rich as well.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#The_Millionaire_Next_Door_summary\" title=\"The Millionaire Next Door summary\">The Millionaire Next Door summary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#Main_ideas_from_The_Millionaire_Next_Door\" title=\"Main ideas from The Millionaire Next Door\">Main ideas from The Millionaire Next Door<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#They_live_well_below_their_means\" title=\"They live well below their means\">They live well below their means<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#They_allocate_their_time_energy_and_money_efficiently_to_achieve_meaningful_goals\" title=\"They allocate their time, energy, and money efficiently to achieve meaningful goals\">They allocate their time, energy, and money efficiently to achieve meaningful goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#They_believe_that_financial_independence_is_more_important_than_displaying_high_social_status\" title=\"They believe that financial independence is more important than displaying high social status\">They believe that financial independence is more important than displaying high social status<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#They_often_buy_used_cars\" title=\"They often buy used cars\">They often buy used cars<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#They_take_calculated_risks\" title=\"They take calculated risks\">They take calculated risks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#Their_parents_did_not_provide_economic_outpatient_care\" title=\"Their parents did not provide economic outpatient care\">Their parents did not provide economic outpatient care<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#Their_adult_children_are_economically_self-sufficient\" title=\"Their adult children are economically self-sufficient\">Their adult children are economically self-sufficient<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#Who_should_read_vs_who_shouldnt_read_Millionaire_Next_Door\" title=\"Who should read vs. who shouldn&#8217;t read Millionaire Next Door?\">Who should read vs. who shouldn&#8217;t read Millionaire Next Door?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#Review_of_the_Millionaire_Next_Door\" title=\"Review of the Millionaire Next Door\">Review of the Millionaire Next Door<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/#Should_I_read_the_complete_Millionaire_Next_Door\" title=\"Should I read the complete Millionaire Next Door?\">Should I read the complete Millionaire Next Door?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_Millionaire_Next_Door_summary\"><\/span>The Millionaire Next Door summary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/www.amazon.com\/The-Millionaire-Next-Door-audiobook\/dp\/B0000547HR\/\" target=\"_blank\" rel=\"noopener nofollow\">The Millionaire Next Door (The Surprising Secrets of America&#8217;s Rich)<\/a>\u00a0 starts with the author explaining how he made his first million. He was 28 at that time, which encouraged him to research how people become millionaires instead of just living paycheck to paycheck as most other employees do.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-179\" src=\"https:\/\/bestsellersummary.com\/wp-content\/uploads\/2022\/01\/The-Millionaire-Next-Door-Summary-Thomas-J-Stanley-PhD.png\" alt=\"The Millionaire Next Door Summary - Thomas J Stanley PhD\" width=\"462\" height=\"713\" srcset=\"https:\/\/bestsellersummary.com\/wp-content\/uploads\/2022\/01\/The-Millionaire-Next-Door-Summary-Thomas-J-Stanley-PhD.png 462w, https:\/\/bestsellersummary.com\/wp-content\/uploads\/2022\/01\/The-Millionaire-Next-Door-Summary-Thomas-J-Stanley-PhD-194x300.png 194w\" sizes=\"(max-width: 462px) 100vw, 462px\" \/><\/p>\n<p>After spending years researching American millionaires, he came up with seven common characteristics among all of them. Among a few other ones, these characteristics make up the basis of wealth accumulation for all American millionaires.<\/p>\n<p>It also goes over the common misconceptions about millionaires, such as the fact that they are showy and flaunt their wealth. The types of cars they drive or where they live have nothing to do with whether or not they became wealthy since many millionaires live in average neighborhoods and often drive used cars instead of brand-new ones.<\/p>\n<p>The book ends by giving some more advice on how you can become rich. It explains the role of luck in becoming a millionaire and how it is not as important as most people think it is.<\/p>\n<p>The reader is advised to pursue their goals and not give up no matter what obstacles they may face. The book gives you a lot of useful insights and advice on how to become rich and live the life you want.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Main_ideas_from_The_Millionaire_Next_Door\"><\/span>Main ideas from The Millionaire Next Door<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Millionaire Next Door has seven main characteristics characteristic of all American millionaires:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"They_live_well_below_their_means\"><\/span>They live well below their means<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Most millionaires drive moderately priced cars and don&#8217;t buy expensive ones because they know that the money they save can be invested in ways that will give them a greater return.<\/p>\n<p>Many people assume that millionaires live luxurious lifestyles, live in fancy houses, and drive luxury cars, but this is not always true. Most millionaires spend less than what their incomes are.<\/p>\n<p>Millionaires do not need to keep up with anyone or show off how much wealth they have acquired. This self-confidence shows itself in all aspects of their lives.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"They_allocate_their_time_energy_and_money_efficiently_to_achieve_meaningful_goals\"><\/span>They allocate their time, energy, and money efficiently to achieve meaningful goals<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Since most millionaires are self-made, they know how hard it is to get where they are now. They also realize that money does not come for free and that they need to work hard for it to get rich.<\/p>\n<p>Millionaires do not waste their time on trivial matters and allocate their time wisely by doing the things that give them a return.<\/p>\n<p>Most of them have been raised as frugal children and learned from an early age the importance of working hard instead of just relying on someone else or being given what you want right away without working for it.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"They_believe_that_financial_independence_is_more_important_than_displaying_high_social_status\"><\/span>They believe that financial independence is more important than displaying high social status<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Many people assume that millionaires live very differently from the rest of the population, but this is not true.<\/p>\n<p>Most of them are highly educated and work in positions that are high paying, but they know better than to spend their hard-earned money on frivolous things.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"They_often_buy_used_cars\"><\/span>They often buy used cars<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Millionaires tend to buy used cars because they are better than new ones. New products depreciate as soon as you drive them off the lot and only go down from there since everyone knows that new products have been driven by someone else right before being sold to you.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"They_take_calculated_risks\"><\/span>They take calculated risks<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Millionaires take calculated risks, but they do it in moderation. They make sure to invest their money in things with a high return and not risk more than what they can lose.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Their_parents_did_not_provide_economic_outpatient_care\"><\/span>Their parents did not provide economic outpatient care<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A lot of people assume that millionaires inherited their fortune from their parents and that they did not earn it themselves.<\/p>\n<p>However, economists discovered that most self-made millionaires do not receive economic outpatient care from their parents and have been raised as frugal children who were taught to work hard for everything they have.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Their_adult_children_are_economically_self-sufficient\"><\/span>Their adult children are economically self-sufficient<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Most millionaires want to leave their children a lot of wealth, but not right away. They want them to have to work hard for it just like they did and learn valuable lessons from the hardships that they will face in the process.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_should_read_vs_who_shouldnt_read_Millionaire_Next_Door\"><\/span>Who should read vs. who shouldn&#8217;t read Millionaire Next Door?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>People who are trying to invest their money wisely should read this book in order to learn about the habits of millionaires and see what they can do to adopt some of them in their own lives.<\/p>\n<p>This book is a good gift for anyone who is trying to achieve financial independence or for someone with a low income looking for ways to increase it.<\/p>\n<p>Very lazy people should not read this book because it contains a lot of useful lessons that will be wasted on them if they are unwilling to put in any work.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Review_of_the_Millionaire_Next_Door\"><\/span>Review of the Millionaire Next Door<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Millionaire Next Door book is an interesting read about how most millionaires are self-made.<\/p>\n<p>It is easy to read, but you can easily learn a lot from it.<\/p>\n<p>The book is eye-opening, very interesting, and gives you lots of ideas on how to improve your<\/p>\n<p>The only downside is that it does not go into much detail when explaining why these behaviors exist.<\/p>\n<p>It&#8217;s still a good book overall that everyone interested in the topic should read as they can learn a lot from it.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Should_I_read_the_complete_Millionaire_Next_Door\"><\/span>Should I read the complete Millionaire Next Door?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Yes, everyone should read it. The Millionaire Next Door by Thomas J. Stanley is a good book that will give you valuable insight into how most millionaires became rich and their habits.<\/p>\n<p>This book is an interesting read about millionaires&#8217; insights and how they see themselves in contrast to popular beliefs about them. You can learn a lot from this book, and it is well written.<\/p>\n<p>All in all, I highly recommend that you read this book if you are looking for ways to improve your financial situation or to become a millionaire yourself.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Millionaire Next Door is a book about the secrets of American millionaires. Based on an extensive study that has lasted for years, the author gives you some insight into how they live their lives and how they have accumulated so much wealth. Here is a summary of Millionaire Next Door book, highlighting the best &#8230; <a title=\"The Millionaire Next Door Summary\" class=\"read-more\" href=\"https:\/\/bestsellersummary.com\/books\/millionaire-next-door-summary\/\" aria-label=\"Read more about The Millionaire Next Door Summary\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":6,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/bestsellersummary.com\/wp-json\/wp\/v2\/pages\/178"}],"collection":[{"href":"https:\/\/bestsellersummary.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bestsellersummary.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bestsellersummary.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bestsellersummary.com\/wp-json\/wp\/v2\/comments?post=178"}],"version-history":[{"count":0,"href":"https:\/\/bestsellersummary.com\/wp-json\/wp\/v2\/pages\/178\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/bestsellersummary.com\/wp-json\/wp\/v2\/pages\/6"}],"wp:attachment":[{"href":"https:\/\/bestsellersummary.com\/wp-json\/wp\/v2\/media?parent=178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}