Millionaire Next Door

Topics: Wealth, Capital accumulation, Simple living Pages: 3 (846 words) Published: May 13, 2013
The Millionaire Next Door

After reading The Millionaire Next Door, Stanley, the author, made me see a different view on the word millionaire and what it actually takes to be one. The basic concept that the book proposes is that the general comprehension of what a millionaire is actually incorrect and not what majority of the people in the world believes it is. In fact, a millionaire’s lifestyle is quite the opposite of what we see on television and on the news. According to Stanley, an average millionaire actually lives a simple lifestyle and not the flamboyant and extravagant one. Stanley suggested a different outlook of what a typical millionaire in today’s world is, and now I understand the concept of becoming a millionaire in addition how to maintain being a millionaire.

In today’s world, just because you make a lot of money, does not mean you are necessarily rich. According to the book, “rich people” do not know how to actually maintain their wealth because they are always buying the best of the best instead of what they can still survive off of. For example, someone who earns a large sum of money may go out and purchase a Lamborghini as their personal car when a Honda Civic can serve the same exact purpose, and that is the fine line between rich people and millionaires. Rich people spend their money as fast as they make it therefore not much is retained. Stanley refers this system as “good offense” and “good defense”. According to Stanley, in order to accumulate any sort of wealth, one must earn a lot of money (good offense) and also develop good prudent habits (good defense). In other words, the more money you save, the closer you are into becoming a millionaire. Stanley gave basic steps throughout the book on how to become a successful millionaire that just requires simple skills. Throughout the book, Stanley had major points on how millionaires became millionaires and also maintained their wealth. Stanley mentioned many similarities millionaires...
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