Book Briefs

2017-09-13 06:00
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“The Millionaire Next Door - The Surprising Secrets of America’s Rich”

Authors: Thomas J. Stanley & William D. Danko

REGARDED as one of the finest studies of wealth, The Millionaire Next Door is an essential read for anyone who has ever sought insight into the money habits of the financially successful.

Common misconceptions exacerbated by passing, splurging celebrities are debunked as the authors ask: how much do the rich truly spend on clothing, houses and cars? What are the key differences between them and those who equate wealth with hyper consumption? And what are the benefits of complimenting a controlled offence (spending) with a good defence (saving)? The answers, as you might expect, are telling.

Yes, driving around in a pricey Mercedes may be glamorous, but is it really as glamorous as having the having the option to retire early and comfortably? What about the values instilled by the wealthy into their families? Does easy money produce children who grow up to be financially independent and disciplined, or do the all-too-familiar stories in the book reveal an outcome that is quite the opposite?

With poor money-handling decisions on ubiquitous display in society, it’s vital that works like this be looked at by each successive generation in preparation for its future. No amount of value can be placed on the lessons provided here for those willing to learn from the experience of others. Read it and empower yourself.

- Omar Sayeed

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