Published: 2010
Author: Thomas J. Stanley & William D. Danko
Series: Book 2 of 3: Millionaire Set
Genres: Wealth Management, Business Professional's Biographies, Sociology of Class, self-help, how to

The full name of the book is “The Millionaire Next Door: The Surprising Secrets of America's Wealthy,” and is number one bestseller in the Wealth Management genre on the day of writing this review (16, July 2021)

The book basically focuses on interesting finds and surprisingly simple ways and tricks from the authors' years of research on millionaires in America and is going to help you do the same or at least help you learn the ways of these men and women so you too can become a millionaire also if you follow in the footsteps of these people. In simple words, one thing to remember is to do what rich people do if you want to be rich.

The writers did a lot of research and interviewed real “millionaires” and then created this filtered version for all of us to read and understand the secret behind becoming a millionaire and really anyone can become and achieve this goal. And it is not what everyone thinks it is or how a rich person lives, you don’t have to sell drugs or be a boss of a gang. Only stay simple, humble, and forget about what others think about you. Being rich and financially secure is all about your own self and security so you can always have backup money and enough for early retirement.

From the back cover:
“Why aren't I as wealthy as I should be?" Many people ask this question of themselves all the time. Often they are hard-working, well-educated middle- to high-income people. Why, then, are so few affluent. For nearly two decades the answer has been found in the bestselling The Millionaire Next Door: The Surprising Secrets of America's Wealthy, reissued with a new foreword for the twenty-first century. According to the authors, most people have it all wrong about how you become wealthy in America. Wealth in America is more often the result of hard work, diligent savings, and living below your means than it is about inheritance, advanced degrees, and even intelligence. The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. You will learn, for example, that millionaires bargain shop for used cars, pay a tiny fraction of their wealth in income tax, raise children who are often unaware of their family's wealth until they are adults, and, above all, reject the big-spending lifestyles most of us associate with rich people. In fact, you will learn that the flashy millionaires glamorized in the media represent only a tiny minority of America's rich. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door.”

Rating: 100/100
Recommended: 100/100 YES.

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#wealth #WealthGeneration #BusinessStrategy #selfeducation #howtomakemoney

The world has become consumed by the idea that people must “look rich” if they want to achieve social status and success. More and more people are going into debt, borrowing beyond their means, and risk their financial security for the sake of appearing wealthy.

However, looking rich does not necessarily mean that someone is actually rich.Indeed, many people are good at portraying a high-status image, only to be financially struggling behind the scenes. This is especially true amongst individuals who regularly shop at luxury stores and drive expensive cars. On the outside, these people display symbols of wealth, but in reality, they often cannot afford the glamorous lifestyle they have created for themselves.

One of the main reasons people appear rich when they are poor is to maintain their social standing, which is particularly true for those with affluent friends and family. Those who want to keep up with their peers may resort to spending more than they can afford, incurring debt and potentially jeopardizing their financial stability.The tendency to portray a high-income lifestyle is often seen amongst young people, who are often pressing the boundaries of their parents’ finances.

This lifestyle of extravagance is further propagated by images via social media, leading many people to overspend in order to adhere to societal expectations.Additionally, many people may fail to properly manage their finances, leading to debt. Borrowing beyond one’s means as a means of showing off may ultimately backfire, resulting in them being unable to pay back the money they borrowed, In conclusion, there are many reasons why people may look rich but are poor.

People may want to convey an affluent lifestyle in order to maintain their social standing, or they may lack financial literacy and fail to manage their money. Ultimately, most of these examples of spending beyond one’s means end in financial turmoil.

#Rich #Poor #wealth