The Millionaire Next Door

Thomas J. Stanley, William D. Danko

The Millionaire Next Door



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What are the characteristics and habits of real millionaires? How can we use them to understand how to improve our own financial situation and build some serious assets? In the bestseller The Millionaire Next Door: The Surprising Secrets of the Wealthy, the authors Thomas J. Stanley and William D. Danko apply their twenty years of research to a sample of first generation millionaires and present us with their behaviour, habits and some advice on exactly what to do if we want embark on the road to riches.

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Analysis and key concepts


The habits of true millionaires are such that they don’t actually seem to be millionaires at all


The mindset of millionaires has to be one of prodigious accumulation


The first rule of accumulating wealth is to be frugal


To accumulate wealth you need to invest time, energy and money in planning


The vicious circle of consumerism can start with a luxury car


Having financial help from parents and having dependent children makes it difficult to accumulate wealth


The grown children of the millionaire next door are independent


We can all become millionaires next door with discipline and effort




Take-home message

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Many useful tips to:

  • Precisely understand those habits which enable us to accumulate wealth.
  • Swap your current lifestyle for one that brings you financial success.
  • Uncover the secrets to creating and maintaining an inheritance.

A writer and business theorist, Thomas J. Stanley was one of the most enlightened Americans in the field of research on the behaviour and characteristics of American millionaires, with particular focus on building assets, and on the background and habits pertaining to first generation wealth. During his time as an author, he had published the results of personally curated research on the subject since the 1970’s, including the bestsellers The Millionaire Next Door and The Millionaire Mind. His work in this field had led him to teach at the University of Tennessee, the University of Georgia and Georgia State University.

An expert on consumer behaviour and wealth formation, William D. Danko is an emeritus professor of marketing at the State Univeristy of the New York School of Business in Albany. His decades of research into the world of the first-generation wealthy Americans and the autonomous creation of wealth led him to study the phenomenon of millionaires next door, becoming co-author of The Millionaire Next Door and continuing to publish, in his own name, a series called Richer Than a Millionaire – A Pathway to True Prosperity.

Publishing house:

Taylor Trade Publishing