The Millionaire Next Door Author: Thomas J. Stanley Ph.D. | Language: English | ISBN:
B00CLT31D6 | Format: EPUB
The Millionaire Next Door Description
Most of the truly wealthy in the United States don’t live in Beverly Hills or on Park Avenue. They live next door.
America’s wealthy seldom get that way through an inheritance or an advanced degree. They bargain-shop for used cars, raise children who don’t realize how rich their families are, and reject a lifestyle of flashy exhibitionism and competitive spending. In fact, the glamorous people many of us think of as “rich” are actually a tiny minority of America’s truly wealthy citizens—and behave quite differently than the majority.
At the time of its first publication in 1996, The Millionaire Next Door was a groundbreaking examination of America’s rich—exposing for the first time the seven common qualities that appear over and over among this exclusive demographic. This new edition, the first since 1998, includes a new foreword by Dr. Thomas J. Stanley—updating the original content in the context of the 21st century.
ABOUT THE AUTHOR
Formerly a professor of marketing at Georgia State University, Dr. Stanley spent approximately 20 years interviewing America’s wealthy, starting in 1973—and focusing on people with a net worth of at least $1 million.
His first book, Marketing to the Affluent, was chosen as a Top 10 Outstanding Business Book by the editors of Best of Business Quarterly. He achieved popular acclaim with The Millionaire Next Door—selling over 2 million copies. In total, Dr. Stanley’s books have spent over 170 weeks on the New York Times Bestseller list.
Dr. Stanley holds a PhD in Business Administration from the University of Georgia in Athens. He currently lives in Atlanta.
- File Size: 2170 KB
- Print Length: 278 pages
- Publisher: RosettaBooks (November 30, 2010)
- Sold by: Amazon Digital Services, Inc.
- Language: English
- ASIN: B00CLT31D6
- Text-to-Speech: Enabled
X-Ray:
- Lending: Enabled
- Amazon Best Sellers Rank: #5,563 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
- #9
in Kindle Store > Kindle eBooks > Business & Money > Business Life > Motivation & Self-Improvement - #9
in Kindle Store > Kindle eBooks > Business & Money > Management & Leadership > Motivational - #27
in Books > Business & Money > Business Life > Motivation & Self-Improvement
- #9
in Kindle Store > Kindle eBooks > Business & Money > Business Life > Motivation & Self-Improvement - #9
in Kindle Store > Kindle eBooks > Business & Money > Management & Leadership > Motivational - #27
in Books > Business & Money > Business Life > Motivation & Self-Improvement
Let us get one thing out of the way. This is NOT a bad book. In fact, it is a well-done, interesting, and much needed study that gives us all new insights about what millionaires are really like as opposed to people's misconceptions of them. If this was merely a study of what millionaires are like, I would give it five stars.
The problem begins when people see this book as a recommendation: "most millionaires are frugal, hard-working, well-educated, and diligent investors - so if I will act like that I will be a millionaire". This is simply not true - and for a very simple reason discussed below.
Indeed, most millionaires ARE like that. Indeed, it is good advice to be frugal, hard-working, and well-educated as opposed to the opposite. It is also gratifying to see that sometimes "doing the right thing", the protestant work ethic, and the "nose to the grindstone" attitude sometimes pay off not only in "being a better person", but in concrete monetary success. Apparently good guys DON'T finish last after all.
But the book suffers from a double survivorship bias. "Survivoship bias" is what happens when one only pays attention to those who survive a certain activity, peril, or risk, and makes ungounded conclusions about cause and effect from that. One famous example is Neitzsche's famous saying, "what doesn't kill me makes me stronger". It is based on the survivorship bias that those who survive terrible calamities tend to be stronger than other people. But it doesn't mean the calamity MADE them stronger - it might mean simply that only those who were strong to begin with survived the calamity.
What survivorship bias do we see here? First, it interviews ONLY millionaires.
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