Are you under the impression that millionaires drive expensive cars, live in mansions and spend their days sipping champagne? Well then, you’re in for a bit of a surprise.
The Millionaire Next Door, written by Thomas Stanley and William Danko looks at research related to American millionaires and is not only an interesting read, but extremely informative. I read this book when I was first figuring out how to invest in my retirement account, which means I was 30 years old at the time. But despite the, ahem, 12 years since I read the book, much of it still remains with me.
Millionaires are more likely to drive older cars, you’re more likely to become a millionaire if you own your own business than if you’re employed by someone else, and (here’s the crux) millionaires live below their means.
This copy of The Millionaire Next Door is a second hand, but never read copy from Goodwill. It was a gift at one point, which I know because someone wrote this on the second page:
To: Jeremiah,
From: Cleto
2/11/99
Here is the essence of saving & accumulating wealth!
Apparently, this was not a welcome message, as the book appears untouched. 
To win this copy of The Millionaire Next Door, write a little something in the comments section about money. It can be anything you wish, positive or negative, short or long. I will randomly choose a winner Wednesday, August 25th at midnight. U.S. residents only, please enter only once.
Good luck!
Katy Wolk-Stanley
“Use it up, wear it out, make it do or do without”
P.S. This book may look a little worn by the time you get it, because I’m kind of wanting to reread it.
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Just paid off all credit card debt – $18,000 to be exact. It took us 2 years, but we did it! I suspended my Roth IRA contributions for a year to meet the goal I had set for paying off the credit card. My reward? Being able to fully fund my Roth IRA for the first time ever!
I am ecstatic!
I have a well worn, dog eared copy of the Millionaire book that I will never ever part with, so I’m not even interested in winning it. But I must profess that when I read the book, it completely changed my outlook on money and wealth. It was a phenomenal shift in thought for me. It is a great book!
My happiest moments were the days we had the least. I mean, money and “stuff.” The early days of my marriage we had to be more creative and we learned to enjoy and savor every little “extra” that came our way: a bushel basket of ripe Jersey tomatoes from the farmer’s market, courtesy of Mom in law. The old,red velvet couch, left behind when older brother Ron got transferred and gave up his bachelor apartment. The day I won TWO FREE MOVE TICKETS..woo hoo!!!!
I “have more” now but am not necessarily happier. Now, mind you, I am VERY content- but I was HAPPY then too.. more money and more stuff does not necessarily add up to more happiness.
It’s an inside job!!
I have been thinking about money a lot lately. I am very frugal but recently my husband lost his job and now I am looking for ways to make even a no frills budget go even farther. I have learned I see money as security ….and in a way it is, but it is no substitute for love.
I read this from the library years ago and it had a great impact on me. Just amazing how we think millionaires live. In reality, most are very frugal. That is why they are millionaires.
For me, the key to money is knowing where it goes…..KNOWLEDGE is POWER!
While I was married (14 yrs), my spouse was responsible for paying all the bills in our Dual Income No Kids household. I (regretfully) did not take an active part in our money management other than my own 401K.
We had a 2 yr separation before the divorce was finalized….and while the experience was painful, I am strangely thankful for the adjustment period to give me the time to learn exactly what money was coming in, what money was going out, and how much debt we had accumulated. Boy, was this eye-opening for me!
Four years after the divorce, I feel so much more in control, and feel the power that comes with knowing both sides of the equation (income + expenses).
For those out there who are married/in relationships with joint finances….please please PLEASE ensure that both parties are aware of what’s going on.
If you don’t know…ask your partner to share this info with you.
If you do know but your partner doesn’t…please encourge him/her to take part.
Both of you….share the reponsibility & accountability for your financial decisions….TOGETHER!
(OK, off my soapbox now…)
Am working on getting us out from debt now…was really close then the car needed a bunch of work, which unfortunately we didnt have the cash for…its a vicious cycle that I will be really glad to be rid of!!!
I live on $750.00 a month. First, pay the necessities – rent, utilities, dog food. Then, spend what’s left on food. Scavenge, garden, trade, re-purpose. I am sheltered, fed, and have good friends and family. “Enough is a feast”.
What good is money and fame if you don’t have love in your heart to help the poor, lame, maime and the blind…
Im 24 Years old Stay at Home Mom have 2 kids i have bills that is comeing faster then money its very hard but i have faith in god that he can make it better!!
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