The Millionaire Next Door: The Surprising Secrets of America’s Wealthy

Author: Thomas J. Stanley and William D Danko

Genre: Entrepreneurship and Wealth Creation

Thomas J Stanley was an American writer, professor & a business theorist. He wrote The Millionaire Next Door and The Millionaire Mind which were on New York’s bestseller for more than 170 weeks.  Prof. William D Danko, the co-author of this book, is an expert on marketing and behaviour of the affluent.

Millionaire Next Door was published in 1996 and still teaches how a person can become that next door millionaire in one generation without wealth inheritance. The authors have done extensive research and interviewed 100s of people living with net worth of US$1-$10 million. Contrary to belief that millionaires exist mainly in affluent, white-collar professions, they found out that millionaires exist even amongst middle-class, blue-collar professionals. Millionaires don’t really live the life as portrayed in show biz with all the glitz and glamour. Rather, they spend more time budgeting their expenses, investments, and focussing on wealth creation. The book teaches how individuals can become millionaires by using simple rules on everyday basis and planning one’s finances. Most millionaires interviewed in the book don’t spend money on luxury items but instead focus on securing their future. The key is to become financially independent by saving to a point where we can live our life the way we are living today, even post our retirement.