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[eBook] The Millionaire Next Door: The Surprising Secrets of America's Wealthy : Latest Edition - Free @ Amazon AU, UK, US

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[eBook] The Millionaire Next Door: The Surprising Secrets of America's Wealthy : Latest Edition - Free @ Amazon AU, UK, USAffiliate
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Scrooge McDeal on 22/02/2023 - 15:05 amazon.com.au (3707 clicks)
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The Millionaire Next Door: The Surprising Secrets of America's Wealthy : Latest Edition by Thomas J. Stanley
You reckon I will become a millionaire if I read this eBook? Worth the try.
Amazon UK link here
Amazon US link here

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The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.

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    • locknuts on 22/02/2023 - 16:38
      +8

      It's true. Just spend less than you make and invest the rest.

    • Colonel Flagg on 22/02/2023 - 17:56
      +4

      Same. Read it a couple of years ago.
      Not a get rich quick scheme but an eye opener on "quiet" wealth
      Recommended A++

      • rokufan on 22/02/2023 - 20:59
        +1

        Get rich slow.

    • outlander on 22/02/2023 - 21:08

      So they have money, the thing you want because it allows you to live a better life, but they choose to not do that, instead choosing to live basically normal lives, albeit ones that involve working all the time to make the money they don't spend. And you look up to these people as being smart?

      • x x on 23/02/2023 - 12:22
        +2

        Yes, smart people don't trade their time for money. Most people only get paid when they are 'working'. Time is the only finite thing in life. The whole FIRE movement is about not having to work so that you can spend your time doing whatever you like. Spend less than you earn and invest the difference into boring index funds like VAS and VGS is how you do it

    • Chiang on 23/02/2023 - 04:01
      +2

      From memory this one was a follow up book to their terribly titled "The Millionaire Mind". This book focused a touch more on the intergenerational challenges re wealth from memory.

      I have fond memories of these books. The weren't get rich quick more the observations of a couple of guys who were marketers trying.ro best understand the middle wealth class and how to market to them. Most of the observations were as mentioned above. A surprise to them how millionaires actually we're. No flashy cars. Homes bought in downturns. Understanding true values and opportunity cost.

  • smartazz104 on 22/02/2023 - 16:55
    +5

    Steps to becoming a millionaire in today's economic climate:

    1. Be a billionaire
    • ssfps on 22/02/2023 - 22:02
      +1

      Thanks for the laugh

  • bettina44 on 22/02/2023 - 16:57

    is there an audio version of this book?

  • dtc on 22/02/2023 - 17:02
    +1
    1. spend less than you earn (aim to save 15%+ of your income)
    2. invest your savings
    3. wait until you are at least middle aged
    4. be a millionaire
    5. um, retire on barely more than the pension…
  • Mael5trom on 22/02/2023 - 17:19
    +2

    Good book, resonated a lot with me, have listened to the audiobook a few times.
    No new information here though, as others have said, be a tight-ass, save and invest for years on end, don't screw up and lose it.

  • vipero on 22/02/2023 - 17:42
    -1

    Free is not enough. They have to pay me to get this. :p

  • bargainsville on 22/02/2023 - 17:57
    +1

    I love the "started from nothing in their parents garage" stories. The bit they leave out, is their parents are usually elite millionaires, the garage is bigger than most peoples houses, and they've already been going to the most expensive private schools and universities up until their garage start-up idea…

    Another way to become a millionaire, work, cheat a little, find every tax loophole, get loan with lots of interest and live in debt, get more loans, more debt, cheat a little more, find more tax loopholes ( which become bigger holes the more money you get ), get more loans.

    Now you're a self made millionaire ( after loaning other peoples money with lots of "debt", but lets not bring that irrelevant part up ).

    • outlander on 22/02/2023 - 20:50

      They love the garage story so much, that many tech founders actually move the company briefly into a garage even way after they have the money for an office, just to say 'I remember back when this whole thing ran out of a garage'. Looking at you Jeff Bezos

    • ssfps on 22/02/2023 - 22:05
      +1

      Growing up i always thought bill gates had great business acumen, then years later i learned about his mum and her influence over at IBM. Oh, the garage thing was a fairtale, mum got him the contract & ibm engineering time, whoops!

      • dtc on 22/02/2023 - 22:40
        +1

        I can get you some time at IBM if you promise me 50% of a $1.2trillion dollar company

        Getting a foot in the door is not the same thing as having the acumen to go from there to buying the entire city

    • LowRange on 23/02/2023 - 00:03
      +1

      Very true, but in my case i literally was living in a friends single car garage. Grew up with nothing in a violent housing commission estate, dropped out of school which i failed badly at, got in to drugs etc. I got no help or loans, i did get given an ex-government computer that was heading for the compactor due to it's age. I invested $8 in a domain name, sacrificed a lot and busted my ass.

      It's not easy, but it is possible.

  • Stopback on 22/02/2023 - 17:58
    +1

    Step one . Delete ozbargain

  • INFIDEL on 22/02/2023 - 18:02

    The Millionaire Next Door: ho hum!

    ABS data suggests many in Australia already have a millionaire next door!
    Average net worth for all Australian households in 2019–20 was $1.04 million

    Millionaires living in suburbia are pretty normal here. They're statistically average.
    They usually don't look rich. Which seems the premise of this book.

    Being rich doesn’t actually look the way most of us think it does. And if you try to copy the people who outwardly appear to be millionaires, you’ll never become one yourself.

    But, the measure of a person's worth or quality of their life should never be the amount of assets they have acquired.

    • rokufan on 22/02/2023 - 21:12
      +2

      But, the measure of a person's worth or quality of their life should never be the amount of assets they have acquired.

      No one, including the author, is saying that.

      • INFIDEL on 22/02/2023 - 21:12

        That's why I said it.
        People can incorrectly equate a person's assets with their worth as a person.

        I looked after many millionaire business clients in my consulting business, who were also wonderful people. Was always a pleasure to spend time with them.

        I also volunteered In poor communities, with some fantastic locals.

        • rokufan on 22/02/2023 - 21:18

          What I should have said, the author is not claiming wealth is the measure of a person.

          • INFIDEL on 22/02/2023 - 21:20

            @rokufan: As that's not true, of course they shouldn't.
            They interviewed wealthy Americans - apparently all male.

            • rokufan on 22/02/2023 - 21:21

              @INFIDEL: BTW, what were you consulting?

              • INFIDEL on 22/02/2023 - 21:30

                @rokufan: In thinking & creativity - developing new ideas.

                First for my Uni, with academics conducting research, when I landed that job as a student.

                Then running creativity workshops @$250/hr. Participants reported it changed their lives. Realised the potential within the corporate field.

                For example, in a few minutes of play on my office floor, a State Manager of a Multinational developed a new product & market worth $300M/year. A few weeks earlier he was just an unhappy sales Rep! Just took a change in his thinking.

                Also trained locals in poor communities like Myanmar. Helped them establish small businesses, with micro-finance funding.

                It's about seeing people's potentials & the possibilities.

                Just enjoy the challenge & satisfaction.

                • ssfps on 22/02/2023 - 22:08

                  @INFIDEL: Sounds like snake oil tbh. Plenty of people get sucked in by "the secret" (et al) and then attribute good fortune to it. The people that wrote "the secret" retired early, too.

                  • INFIDEL on 22/02/2023 - 23:48

                    @ssfps: Obviously you don't understand the years of training, degrees, & experience involved.

                    Training people to think differently does work. It's not "snake oil" as you claim!

                    My own lecturing (while an undergrad) was popular (lecture theatre overflowing with students) & highly praised. Based on that, I trained my Professors to think, research & teach differently - funded & supported by my Uni.

                    Just a small part of the great experiences my Uni provided me. So picked up further professional training & Psychology degree to go into interesting consultancy work.

                    Lol! Had to Google your "The Secret"…
                    Absolutely nothing like what I was doing, with training & supervision by professionals.

                    I'm sure you'll remain happily ignorant in your unfounded opinions. No thinking differently necessary🤔

                    I expect you will sprout more of the same! I won't bother reading it.

                  • INFIDEL on 23/02/2023 - 01:03

                    @ssfps: Just like your response to my earlier comment
                    You think mowing grass is the only way to stop seeds spreading. That seems a popular misconception.

                    Do you ever think for yourself, rather than parroting off misconceptions?

                    That's the type of ignorance I challenged to help people think differently & become successful!

                    But you called me the "jerk"!

                    You think you know (based on what?), but are just ignorant of basic information on fields you apparently profess knowledge.

                    (I also have a degree in Ecology. Developed a new approach used in research - as a 3rd year student. So I do know this field of plant growth & seed dispersal. I base my garden management on that. Not on what people mistakenly think!)

                    No wonder you deny thinking differently is of any use!!
                    Seems it's a challenge to your fragile sense of self!

                    Following others misguided thinking is rarely a path to success! (Except on Social Media, Advertising, & Politics!)

    • end255 on 22/02/2023 - 23:42
      -1

      Average household size is 2.5 (https://www.abs.gov.au/statistics/people/people-and-communit…) so $1.04m / 2.5 people = $416,000

      • INFIDEL on 22/02/2023 - 23:44
        -1

        So, it's a millionaire household next door.
        Only 1 person in my household😉
        How much assets do children own? By your calculation $200k! Rich kids!

      • INFIDEL on 25/02/2023 - 15:17

        11.2% (1 in 9) of Australians are us$ Millionaires…
        (Millionaires by net worth (in United States dollars) based on an annual assessment of wealth and assets compiled and published by the Swiss bank Credit Suisse. )

        The number of millionaires in Australia rose by nearly 400,000 in 2021

        So out of 9 adult neighbours, statistically 1 could be a millionaire!
        *Will vary depending on demographics of area.

  • Mickp10 on 22/02/2023 - 18:37

    Highly recommend this book. I prefer this one over the second one. Sadly the author died in a car accident in 2015.

  • footyboy on 22/02/2023 - 19:09

    Great book.

  • LowRange on 22/02/2023 - 19:29
    -3

    I went from pennyless to millionaire within 12 months. Some of it was luck (the right idea at the right time) but most of it was persistence, never giving up, stepping outside your comfort zone and having a go. It also helped i was passionate about what i was doing, had nothing to lose and everything to gain.

    • s1Lence on 22/02/2023 - 19:38

      Seems authentic

      • LowRange on 22/02/2023 - 19:57

        Literally don't care if you believe me or not.

        • s1Lence on 22/02/2023 - 20:22
          +4

          Yet you responded, so it seems like you cared at least a little bit.

    • outlander on 22/02/2023 - 20:51

      So how many old folks homes did you rob?

      • LowRange on 22/02/2023 - 22:21

        I was going to post up what i created, how i went about it etc as a lot of people here would of purchased my product or at least have heard of my company.

        But no need, seems your all over it with great ideas. Good luck on the robberies.

    • Diji on 23/02/2023 - 11:22

      What was your idea?

      • LowRange on 23/02/2023 - 13:42

        Sorry mate with everyone negging what I've posted theres no reason to go in to it.

  • zsygym on 22/02/2023 - 20:20
    +2

    As many have pointed out above, $1M is not $1M anymore…

    my definition of a millionaire is a bit different: your own house without a loan and most importantly, an annual income of $1M…(even better if it's passive income)

    I still have a long way to go lol…

    • taki on 22/02/2023 - 21:16

      +d ;)
      Is "passive income" when you "get money" without contributing (productively) to the system?
      I will ask the Greens to watch your passive way of income ;)

      When you invest in owning the home remember that the home will outlive you many times (eg. 50y of remaining life? vs 200+?). Do not overcapitalise or you will be slave to the banks & employers with little time to enjoy your life :(

      • ssfps on 22/02/2023 - 22:09

        I dont think many houses in australia are going to survive 100 years, let alone 200 years. The way they are built today, i'd be surprised if most are standing in 60 years.

        • taki on 23/02/2023 - 02:16
          +1

          That's because of the corrupt building standards & environmental effects (coastal areas).
          The pyramids lasted MUCH longer ;)
          "Without special care & maintenance, the maximum lifespan of houses is about 200 years. There are historical buildings that are far older, but those have received preventive care"

          My assumption was based on my childhood home. Without engineering standards, the house I lived in N. Macedonia is ~140y old. It survived the burning of the place by the Ottomans when the 1 joined to it completely burned down. On 1350m mountain, stone made, 2-storey + underground storage, directly next to the creek (built by rich man in the last available space with very high ceilings to help his lung disease) & from memory 60cm thick walls.

          I understand there are many shortcuts in the Australian standards & corrupt builders.

          • ssfps on 23/02/2023 - 04:06
            +1

            @taki: Partly it's corruption, partly it's just that building a solid stone house is much more expensive than using fired clay (brick), which is in turn more expensive than cladding a timber frame. Build em cheap and disposable.

  • jaqoozi on 22/02/2023 - 20:28
    +1

    “If you want to be a Millionaire, start with a billion dollars and launch a new airline.” - Richard Branson

  • smog on 22/02/2023 - 20:42

    All these comments saying just invest and you'll be a millionaire in no time and if you're losing money then you're an idiot. Can they explain what exactly you should be investing in as I'm all open ear to learn about the untap market and the money that's supposedly floating around.

    I will admit I am an idiot and only invest in VDHG since it's an easy set and forget and I don't expect it to make me a millionaire any time soon, but it's better than leaving it in the bank.

    At the moment it just sounds like a crypto bro saying trust me bro and not providing any source.

    • huggsymersh on 22/02/2023 - 21:10
      +3

      VDHG is a very sensible way to invest. Not just for idiots!

      But if you want something like VDHG to have significant impact you need to focus on achieving a high savings rate. Those who retire early and use index investing to get there tend to earn a decent salary, but also have a high savings rate (i.e. 60%-80% +) and very low expenses.

      • smog on 22/02/2023 - 21:47

        Looks like I have to do it the old fashion way. Upskill and find a better job.

        • huggsymersh on 22/02/2023 - 22:02
          +3

          The very low expenses can be achieveable, if you are happy being a slight non-conformist. But upskilling isn't a bad thing to strive for either.

          I meant to also say that even if you don't want to pursue the early retirement goal, having VDHG quietly compoundng along in the background is a great thing to have. The nature of compounding is that it won't seem like it's doing much in the early years, but later on, assuming you can keep adding to it, it can build up significant momentum and pleasantly surprise you.

    • rokufan on 22/02/2023 - 21:34
      +3

      Maybe instead of getting rich, change your goal to comfortable and secure (you'll probably be just as happy as being wealthy). It is very achievable with little risk. Stick with VDHG. Slow and boring for the win.

      • smog on 22/02/2023 - 21:40

        I'm happy with my current goal, but I was just curious on what advice those other comments had offer since they make it sound easy to earn in the current market. Slow and steady baby.

        • rokufan on 22/02/2023 - 21:47
          +2

          Most of those people are full of it, as you know. Those crypto bros aren't laughing at the normies anymore.

    • dtc on 22/02/2023 - 22:46
      +1

      The principle of the book is literally 'save money (by low expenses) and invest and 30 years later you will be a millionaire'. Or however many years it takes. Thats the 'secret'; becoming a millionaire (at the time, whatever the equivalent is now) is a long slow process that many people can do; its not an overnight thing or something where you absolutely must be in a super high paying job or whatever. Its achievable for many, not just for a select few. It takes a long time though

      So what you are doing is what is recommended; of course some people can do it through business or other success, but we are talking 'the odds' here and the odds favour the long slow process.

      VDHG or DHHF and retire at 55

  • taki on 22/02/2023 - 21:06

    You can only become "Millionaire" if you try (90% startups FAIL & <<10% make their early contributors millionaires) &
    then learn to exploit others, including your workers.
    Then the other wisdom that the optimum money for healthy/hapy life is not necessarily in millions but having good social/family balance, particularly after the COVID reminder how dysfunctional Communities we have.

    Personally, I care more about my knowledge/skills wealth, which is never affected by inflation & can share, than financial wealth that usually we don't share with the neighbors.
    I just discovered what Nikola Tesla said after arriving in the US. "left behind very beautiful, artistic & fascinating homeland to live in place that was machined, rough & unappealing - 100years back in civilisation".
    Did they catch up by now, or is it only "Holywood Fake Stories"?
    I prefer multicultural & friendlier Australia (or friendlier NZ ;)

  • rodericb on 22/02/2023 - 21:12
    +2

    I am working hard to become filthy rich and I'm half way there.

    I've got the filthy bit done and just have to do the rich bit.

  • Dentshop on 22/02/2023 - 21:19
    +1

    This is a good retail level book for sensible people. Written in a time when saving money would regularly bring 8-10% earnings, appliances were built to last, jobs could last 30 years and houses cost 5 years full-time salary. It shows that people could retire as millionaires at 60 if they saved, worked and didn't get divorced. Much of the info is dated and not for your average 25 year old but the knowledge is timeless.

    • ssfps on 22/02/2023 - 22:13
      +1

      TBH anybody who has sat down and looked at their life and finances and pondered it a bit would come up with those lessons without a book. It's fine for an 18 year old to read, but if any of that is new to someone in their 30s they've been asleep at the wheel.

      Agree with you re written for a different time.

  • nurbsenvi on 22/02/2023 - 23:51
    +1
    1. Live below your means at young age
    2. Save up for house asap
    3. Buy a house
    4. Survive until the house gains value
    5. Buy another house with the equity from first home
    6. Make the 2nd home neutral gearing
    7. At around age 50 you are most likely a millionaire
    • Sweetnsour on 23/02/2023 - 05:33

      Nowadays you need to double your income by getting married to be able to afford a house. Double income no kids is when your cashflow is supercharged. Skimping at 18yo isnt all that important imo, enjoy your youth.

  • thegamerulez on 23/02/2023 - 07:47
    +1

    Gifted it to my neighbour. Thanks.

  • DingoBilly on 23/02/2023 - 08:37

    These things are so bad.

    If you want to be a millionaire most likely you have to be born into it and get lucky.

    Trying to go backwards from what makes a successful person successful completely ignores the massive role of luck in all of it.

    • dtc on 23/02/2023 - 10:22
      +2

      If you want to be a millionaire most likely you have to be born into it and get lucky.

      That's bullshit. You need to be lucky in the sense of (a) have a stable enough home environment to allow you to complete year 12 and (b) be interested in a career that pays reasonably well ie if your passion is being a waiter or a care provider then, yes, its hard to become wealthy. However if you like being an electrician or an accountant then you can manage it. Clearly not everyone has this 'luck', but most people do

      Of course if you are 'born into it' then you can inherit wealth or be assisted with housing (or, perhaps, you can take a few risks knowing you have a backup). But plenty of people create wealth without inheriting anything or without any financial support from their parents.

      I guess you also need to be 'lucky enough' to have a mindset that allows you to spend less than you earn for years on end and understand the long game.

      Dont confuse the 'luck' that creates people with $50m with the 'effort' that allows people to save $1-2m over their working life.

    • GandalfTheCheap on 23/02/2023 - 21:23
      +1

      This book is by some researchers who found that not to be true.

      It's easier to be rich with rich friends and connections and uncle investors, of course.

      But their research showed that by far, most rich people didn't have rich parents.

      They were just frugal, invested consistently, and didn't buy flashy "rich people" crap to show off.

      Most rich people did have a good income, but not a huge one. Not wasting money, not failing to invest, and a useful business or good job were enough.

      Read the book, it's not very long. But fascinating, and is full of actual stats and findings from real research.

      • ThadtheChad on 24/02/2023 - 23:10

        There is a very interesting anecdote based on personal observations - poor people save, wealthy people invest.

  • echelon6 on 23/02/2023 - 09:25
    +1

    This book is actually good and reflects reality in my experience. The other popular one by Kiyosaki is trash.

    Basically, be prudent, don't make dumb decisions like take up smoking or marry someone crap, invest young, invest passively, believe in efficient market hypothesis, maintain a good savings rate, spend money on assets (eg ETFs, some property) not expenses (eg private school fees) and not liabilities (eg nice cars) and you will be a millionaire (in today's terms) in 2-3 decades.

    It's very doable and it might sound boring af, but some people want to set themselves up in retirement and their kids - this is the way for average people.

  • Harry P Ness on 23/02/2023 - 17:46

    Slightly different response to one of the recent free ebook deals…

  • citybargainhunter on 24/02/2023 - 00:50
    +1

    Don't we already have something similar? It's called Superannuation.

  • apoptygma on 24/02/2023 - 09:21
    +1

    I wouldn't consider a millionaire "rich" today. A million dollars barely buys a house. I think a lot of people here would already be "millionaires" if you count up your asset value and superannuation etc.

    One would need to be a multi-millionaire or billionaire to be "rich" and be less concerned with money.

    • Scrooge McDeal on 24/02/2023 - 09:26
      +1

      I would consider myself rich if I had a million dollars in assets or money. It all depends how early you start the journey of saving and investing. There are a lot of factors that could help/ contribute to that. Factors like socioeconomic background of family, living environment, opportunities (etc job), mindset( which that it's developed from young age). Saying that, it's never impossible to become a millionaire but you will need a lot of effort and sometimes luck it's a factor. Being at the right place at the right time.

    • citybargainhunter on 24/02/2023 - 12:34

      You can be asset rich and cash poor which is the category most people fall into, myself included.

      • Scrooge McDeal on 24/02/2023 - 14:28
        +1

        I am asset and cash poor. But at the end of the day you can only try and improve. Remember no money or assets is worth ruining your life or health.

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