Customers say
Customers find the book engaging and informative on building wealth. They appreciate the well-researched content and insights. However, opinions vary on its value for money and writing quality – some find it a worthwhile addition to the series, while others feel it lacks the charm of the original.
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A quick rundown of this product’s key features:
Over the past 40 years, Tom Stanley and his daughter Sarah Stanley Fallaw have been involved in research examining how self-made, economically successful Americans became that way.
Despite the publication of The Millionaire Next Door, The Millionaire Mind, and others, myths about wealth in America still abound. Government officials, journalists, and many Americans still tend to confuse income with wealth. A new generation of household financial managers are hearing from so-called experts in personal financial management due to the proliferation of the cottage industry of financial blogs, podcasts, and the like. In many cases, these outlets are simply experiences shared without science and case studies without data based on broader populations. Therefore, the authors decided to take another look at millionaires in the United States to examine what changes could be seen 20 years after the original publication of The Millionaire Next Door.
In this audiobook, the authors highlight how specific decisions, behaviors, and characteristics align with the discipline of wealth building, covering areas such as consumption, budgeting, careers, investing, and financial management in general. They include results from quantitative studies of wealth as well as case studies of individuals who have been successful in building wealth. They discuss general paths to building wealth on your own, focusing specifically on careers and lifestyles associated with each path, and what it takes to be successful in each.
PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.
Our Top Reviews
Reviewer: R&TY Haupt
Rating: 5.0 out of 5 stars
Title: fascinating addition to the ongoing Stanley series
Review: It has been many years since I began reading Thomas Stanley and I am pleased to see his daughter Sarah Stanley Farraw has taken on and moved forward with his study and writings. Throughout the book, she presents new research and blends in anecdotes from previous research to show how the behavior of millionaires next door has changed or not. I found it all very interesting. I highly recommend this book to folks like me who have an interest in personal financial behavior and how people and groups of change over time or not.
Reviewer: Youness El Fehdi
Rating: 5.0 out of 5 stars
Title: The Update is consistent with today’s financial landscape.
Review: The original Millionaire Next Door was useful at its time. The upgrades in this new version match what the financial landscape looks like right now. Just being frugal and eating beans every day will not make you rich. Cheap is not the way. However, a healthy dose of frugality is fundamental to the wealth building journey. Knowledge, judgment, and responsibility are the three fundamentals that would give you the edge. Too much frugality is a soul crasher. Use it moderately and focus on improving your financial IQ.
Reviewer: DaveB
Rating: 4.0 out of 5 stars
Title: Great book
Review: Great book, so many myths and perceptions about how to build wealth. I was surprised that this is a part 2 to the Millionaire next door, I thought it was just an updated version. I recommend to read the first book first which does a better job explaining how to calculate your personal wealth assessment (i.e. how much should your net worth be at each stage in life).
Reviewer: TJ
Rating: 5.0 out of 5 stars
Title: 20 years later, the affluent have changed, a tiny bit but are way more self-deluded
Review: This book is still shot though with the be-thrifty-keep-it-hidden advice from the original, indispensable ‘The Millionaire Next Door.’But this extensively re-researched followup is more valuable as a snapshot of how our rich neighbors have changed emerging brick-by-brick in the Authors’ comparison of survey data on millionaires comparing 1996 to 2016.Our national apostle of thrift, Dave Ramsey, has bragged insufferably of late about the virtuous averageness of millionaires reflected in his new survey but this perspective here adds more depth.The data here (although not necessarily the text) point to ways that rich has become the province of the self-entitled creative class, tracking many of the points that Richard Reeves makes in his indictment of the affluent middle class in ‘Dream Hoarders.’In the Drs. Stanley’s telling, advanced degrees are now much more common in the affluent than 1996 but yet the rich are much much _less_ likely to claim that success requires “attending a top-rated college” or “having a great teacher/mentor.”Yeah, right.This is the rank dishonesty that now pervades the creative class whose path in life has been heavily greased by both of these essential elements to top-level success.It is the NPR-smart but utterly un-self-reflective hypocrisy that Trump brilliantly savages in his every utterance. A much needed ridiculing of the Burning Man boomers who haven’t realized that Obama’s admonishment, ‘you didn’t build that’ is properly aimed at them and not the Monopoly Millionaire.But social criticism aside, for those who aspire to be the richest secret millionaire on their street, the Eightfold path to wealth here is timeless. Right livelihood, right focus and right effort get the most play. Along with don’t buy too much house or too much car.The Authors have importantly modernized to talk about the (nefarious) influence of social media noting that “today we carry the influence of others around with us in our pockets.” It is a perfect image of the diffuse and insipid externalization of our collective minds that is worthy of William James.But let’s hope that 20 years from now the thrifty rich are still everywhere hidden in this country and another edition of this Puritan Bible is in the works.
Reviewer: Emmelle
Rating: 3.0 out of 5 stars
Title: The Original is a Tough Act to Follow
Review: It’s hard to match an original work as iconic as “The Millionaire Next Door,” and this newest version is living proof. “The Next Millionaire Next Door” struggles with an identify crisis in that Sarah Stanley Fallaw doesn’t seem certain who exactly her audience is. Is she addressing critics who say her father’s original ideas are obsolete? Is she offering a concrete path to financial independence in the 21st century? Is she providing updated research for the loyal band of Thomas Stanley followers who still believe in his treatises? Perhaps all of the above? It’s never quite obvious. As a result, the data get muddled in lengthy, bland chapters.Although one might expect a sequel written by a new author to read differently than the original, “The Next Millionaire Next Door” isn’t written with the same spirit either. Thomas Stanley delivered earth-shattering truths about what it takes to actually become a millionaire in a way that was brutally honest yet thoughtful and entertaining. He did so without shaming readers who might not be there yet, instead offering a road map for what they could do to improve. And, if anything, he punched up, chiseling away at the facade of looking rich in place of building wealth, couching his findings in comparative examples. The iconic individuals, Dr. North and Dr. South, found in the original work come to mind.In this updated version, however, there are fewer comparative examples. This robs readers of the same thoughtful opportunity to reflect and improve and may actually squelch their confidence to take action.Having said all that, readers who feel stuck in their careers will likely find inspiration in the refreshing chapter “Getting to Work.” And Stanley Fallaw does an excellent job of addressing how social media affect our ability to build wealth.In the end, I suggest buying Thomas Stanley’s “The Millionaire Next Door” and keeping it close at all times. And as for this book, well, perhaps check it out from your local library first and then decide if it’s worth a purchase for your permanent collection later. And only if it fits within your budget. 🙂
Reviewer: James E Z East
Rating: 5.0 out of 5 stars
Title: Wisdom & Insight
Review: The arts of frugality, discipline and planning are presented as key characteristics of wealth builders. Shows the difference between income and wealth and the many paths taken to convert income into wealth.
Reviewer: Luis
Rating: 3.0 out of 5 stars
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Review: OkVery good book indeedRecommend it to all the ones that are knterested in Financials. Great readingLets go to the next
Reviewer: Will
Rating: 5.0 out of 5 stars
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Review: I ha e 4 books but this author and I have enjoyed each one.
Reviewer: B. K. N. Rodrigo
Rating: 5.0 out of 5 stars
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Review: Expectations is most important
Reviewer: Kindle Customer
Rating: 5.0 out of 5 stars
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Review: Good book for me. I’m middle income family.His message on Hyper-consumerism is very relevant for young Indians today who are in middle income category.
Reviewer: Jeroen
Rating: 5.0 out of 5 stars
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Review: Absolutely great read on personal finance and how to achieve FI/RE.
Price effective as of Mar 10, 2025 14:45:17 UTC
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