Stanley and Danko’s 1996 bestseller can still teach us a lot about personal finance today, but it also falls short in a few key ways. On the contrary, they live by principles of “thrift, low status, discipline, low consumption, risk, and very hard work.” From this book, many readers realized that the dream of amassing over $1 million was not as out of reach as they had thought. Readers were blown away by Stanley and Danko’s findings, though, namely that most millionaires don’t own fancy cars or throw lavish yacht parties. Both academics at the University of Georgia, they set out to learn about the habits and lifestyles of the nation’s highest earners, not to write a personal finance bible. This book just shows how many people, who are educated, have high incomes, make much less money than uneducated people-a fact that is true for Kenya as it is for United States.Thomas Stanley and William Danko didn’t expect The Millionaire Next Door, their case study of America’s millionaires, to become a huge bestseller. People find this book rather boring at some point, even harsh and extremely painful. This 245 pages book is sometimes very dull, poorly planned and written, has many repeated phrases and could never pass for the successful book that it has become because of for its bad prose and poor structure. They authors analyze with anecdotes, examples, statistics 7 common characteristics exhibited by millionaire next door including living below their means believe that financial independence is more important than status, proficiency in targeting market opportunities and choosing the right occupation among other denominators well expounded. That is the American millionaire, the Millionaire Next Door. 20% of them are retired and 50% own small businesses. He drives a pickup and lives in neighborhood where he is laughed at even though he is 16 times richer than his neighbours. Infact 80% of these millionaires are 1 generation rich.
The millionaire next door had lived in the same town all his adult life, owns a small factory, chain of stores or a service company, does dull business like construction, rice farming, pest controller, paving contracting, printing etc.He is married once and remains married, he is frugal and a great saver and has made his money on his own. In the process it found out surprising secrets of America’s wealth-facts that are not really secrets but hard to agree with insights because of their simplicity and profound wisdom. This book found out what many people would guess “who the American Millionaire was”- the Millionaire Next Door. This book sought to answer the question many people ask themselves, “How come I am not wealthy?”This fairly old book, published in 1998 is a personal financial planning classic done by Dr Stanley and Dr Danko.
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