#161

Mentioned in 90 episodes

The millionaire next door

Book • 1996

William D. Danko

Thomas J. Stanley

The book challenges the common perception that millionaires live in affluent neighborhoods and instead shows that many wealthy individuals live modestly in middle-class and blue-collar areas.

The authors identify seven common traits among these millionaires, including being dedicated to a vision, making appropriate career decisions, valuing financial security over social standing, and efficiently spending time and money.

The book also distinguishes between 'Under Accumulators of Wealth' (UAWs) and 'Prodigious Accumulators of Wealth' (PAWs), emphasizing the differences in their spending and saving habits.

Mentioned by

Carilu Dietrich

Michael Batnick

Mentioned in 90 episodes

Mentioned by Stephen Dubner as a self-help book his brother gave him that taught him about earning, saving, and investing money.

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Mentioned as the source of the statistic that 80% of millionaires are first generation.

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Mentioned by

Carilu Dietrich

as a book about the profitability of different industries.

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Mentioned by Stephen Dubner as one of the books analyzed in

James Choi

's paper comparing popular personal finance advice to economic theory.

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Mentioned by

Robert Brokamp

as a book that faded a little bit but contains important lessons on building financial wealth.

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Mentioned by

Sam Dogen

as a book that inspired him to write a modern version of it.

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Mentioned by

Brian Feroldi

when discussing the 'age times income over 10' rule.

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Mentioned as a book

Dave Chilton

enjoyed and that was correct in pointing out that people buy too big of a home.

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Mentioned by

Adam Schafer

as a great read that breaks down the top five professions that are multimillionaires.

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Recommended as a book with some lessons for making money including being gritty.

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Mentioned by

Clay Finck

and critiqued for its flaws in methodology.

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Mentioned by

Adam Taggart

in reference to a book discussing the frugality of self-made millionaires.

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Mentioned by

Michael Batnick

as one of the first personal finance books he read.

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Mentioned by

Adam Taggart

in relation to frugality and wealth building.

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Recommended by

Adam Schafer

as a book that helped him understand how to live below his means.

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Recommended by

Adam Schafer

for those in their early 20s to learn about fiscal responsibility and building good money habits.

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Mentioned by

Brian Preston

when discussing how he discovered the power of discipline.

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Mentioned by

Scott Trench

as a book detailing millionaires in boring businesses.

How to FIRE Without Investing in Real Estate

Mentioned by

Adam Taggart

as a book written in the 90s by two Ph.D. researchers.

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Mentioned by

Brian Preston

as the book that inspired him in the nineties with data on first-generation millionaires.

We asked 1,000 millionaires how they got rich. Here’s what they said.

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