Some of the best ideas and strategies are simple, resistant to change as well as efficient. Thomas J. Stanley's book delivers a good perspective and insight into wealth and how modern people accumulate and, most importantly, keep it. I enjoyed seeing the confirmation of the display of status as a marker of insecurity and a wealth that won't last long, because it doesn't incorporate the same fundamental concepts that generated it in the first place. Books like these not only give me hope by making the goal seem more realistic and achievable, but make me more focused on acquiring my own wealth. A pretty good read overall.

Getting rich is most often done by being frugal, not by making outrageous, Trump-like gambits. The last 10 years or so have been marked by periods of investment euphoria (tech & housing), followed by terrible hangovers that have destroyed the wealth of millions within a few years or even months. The latest bubble (George Soros actually thinks 2 bubbles popped simultaneously last year -- the housing bubble and the 20 year credit bubble) could potentially be much more devastating than the tech bubble, because the bubble was based on leverage and credit, and so participants often risked everything they owned (and more), and a mere 20% decline in home prices wiped away their entire wealth, and left them without the means to even pay the mortgage once it reset. There have been many foreclosures in the past year. Look for more, and soon a flood of bankruptcies. Bankruptcies will be especially devastating because of recent legislation modifying bankruptcy laws.

It should be noted that there are many so-called self-help finance books out there that are very dangerous for the common man, among them the "Rich Dad" series. They encourage normal people, uneducated in finance, to make such risky leveraged investments like buying second homes with no money down. Such books and advice should be avoided like the plague. Robert Kiyosaki (Rich Dad author) has absolutely no shame in not only misrepresenting himself and his so called Rich Dad (a figment of his imagination), but tickling man's inclination to gamble. Except that when people lose playing his game, they can lose literally everything.

Turning attention to the actual book being reviewed, a large part of the book is devoted to profiling the "typical" millionaire. Some common qualities are:

a) Most millionaires are married couples, never divorced. This should make sense for several reasons. First, there are no alimony/child support bills to weigh down expenses. Second, married people tend to be more emotionally stable, and thus are less prone to spending sprees or other extravagance. Third, married people don't feel they need fancy things to impress others. Although children do indeed cost a lot of money, the reality of parenthood encourages people to change their goals to be more far-sighted, which usually encourages saving.

b) Most millionaires aren't extravagant, nor do they have a desire to live like rock stars. Money provides security to them and their family, and often their tastes and needs are as simple as the rest of ours. I remember the story of the husband in the book who, after selling his business for millions of dollars, gave his wife a check for a large chunk of that money while she was clipping coupons at the kitchen table. She said "Oh thanks honey, that's very nice of you," and went right on clipping coupons.

c) It is true that a disproportionate number of millionaires are business owners. This makes sense though -- although most businesses fail, the ones that succeed are bound to rise in value (it costs much more to buy a successful business than to start a new one). So the sale of a successful business is often likely to generate a one-time windfall that blue/white collars are unlikely to experience. The main point of this section was to point out that certain cultures -- I think Irish and certain sections of Eastern Europe -- encourage members to open businesses and "make their own way". That is reflected in the statistics.

I like this book because it brings together common sense with hard data to present a convincing argument that the best way to attain wealth is to a) save, b) be frugal/tame your desires, c) work hard, d) become a self starter, and e) get married and don't divorce. Common sense all of them, and all of which have happy side effects beyond the monetary ones.

I read this book because Hubby asked me to. It apparently made a big impression on him when it first came out 20 years ago or so.

First, there were no earth-shattering revelations here for me. Of *course* intelligent people who had to work for their money don't spend $50k on a watch. Of *course* those same people don't spend $33k/year on clothing. Duh.

But maybe I already know these things because I came of age in the dot-com era, when millionaires were the kids in the garage next door who wore dirty jeans and never cut their hair?

Second, the world has moved on in so many ways. Many of the case studies presented were about people who had reached their 50's and 60's before Google was founded. A lot of the particulars no longer apply even though the principles are sound. For example, it is put forth that most millionaires would never dream of buying a foreign vehicle; most of them drive Ford or GM vehicles and many drive SUVs or trucks. The message is good - buy a used vehicle that will reliably last many years and is inexpensive to service - but the particulars are no longer correct. If you want such a vehicle today you would probably consider a Honda, Toyota, or Hyundai rather than a Ford or GM, and you wouldn't dream of buying a truck or SUV if you cared at all about fuel economy (which I bet most of their 'model' millionaires today would).

Third, holy crap their data on and advice about and for women is profoundly archaic and hopelessly out of touch. This makes sense, I suppose, when you consider that they were writing about and for Baby Boomers, but wooooooooooooooow did I get pissed off.

Fourth, this book perpetuates the boostraps myth. When the information presented here is taken alongside such books as Nickel and Dimed, it becomes apparent that for the vast majority, only those people who make professional-level wages (and by that I mean substantially above subsistence) from a young age have any real hope of attaining wealth.

In other words, there are no answers here. Chastisement, perhaps, for those of us who have and do mismanage good fortune, but no answers for anyone else.

Finally, the two good things I took away from this book were the age/wealth equation (which suggests I'm very far behind), and the idea that it is better to spend an hour a day managing finances and investments rather than one full day or two half-days per month. Ongoing awareness of finances is key to spending with mindfulness.

3.5 stars
The first chapters of the book are great.

The authors are trying to show the benefits of having a budget, knowing your expenses, investing and living beyond your financial capabilities.
The problem is that all of these things require discipline. However the people who manage to do them tend to worry less about things. (Like job loss, earning less money, or having to downgrade their quality of life).

There are also some good insights on how rich people raise their children in such a way that their kids are not dependent on them when they become adults.

کتاب خیلی خیلی جالبی بود. کاملا به صورت آماری میاد سبک زندگی میلیونرهای آمریکا، سبک زندگی پدر مادرهاشون و سبک زندگی بچه هاشون رو بررسی میکنه. تفاوت ثروت و درامد رو به خوبی نشون میده و نشون میده که اکثر میلیونرهای آمریکا سبک زندگی شون طوریه که اصن نمیشه تشخیص داد میلیونر هستن. مثلا تعداد کمی شون هستن که تا حالا چند هزاردلار بابت یه کت یا ساعت پول دادن. خود میلیونرها رو به چند دسته تقسیم میکنه و تحلیل میکنه و خیلی تحلیل هاش جالبن. مثلا اینکه چرا مدت زمان حضور تو آمریکا با میلیونر شدن رابطه ی عکس داره به دلیل اینکه طرف بیشتر و بیشتر تو مصرف گرایی ترویج شده تو جامعه غرق شده.
ویژگی های بچه ها این ها رو هم بررسی میکنه، تاثیر هدایای نقدی روی بچه ها و اینکه اینگونه بچه ها معمولا میلیونر نمیشن
کلا خیلی کتاب باحالی بود و واقعا اینسایت های جالبی میداد با عدد و رقم. واقعا حال کردم

I hope all my loved ones read!

This is not really a business book, but shows you how all kinds of what one would consider ordinary people become millionaires. It is most often a combination of owning a business and not being wasteful of the money and resources that you earn.
At the time it was written it opened many peoples eyes.

Allow me to tell you everything you will "learn" from reading this book in 5 words: be frugal, budget and invest. There I just saved you from having to read this sexist, racist, outdated, condescending, piece of crap.

Kind of a boring read. Interesting at times. The grammar was sometimes horrible and so,ermines sentence structures were confusing.

As I read The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust, this book comes back to me. I read it while my son was in college as a "pre-business" (really "I don't know what I want to do") major. I feared he was developing an unrealistic get rich quick attitude so was pleased to discover this book and give him a copy for Christmas. I wouldn't say it changed his life or mine, but it gave us a framework to talk about work and planning which I found useful.

Writing this review more than a decade after reading the book, I don't remember all the details, but I do remember one central point--live below your means. Also I recall that Stanley entertained me with stories about a number of individuals and families to illustrate his points making this a very accessible financial planning book.

This book could be compressed in about 1/4 the size. Essentially the message is save a lot and put the money saved in investments.

I’m not going to do any of this.