#164

Mentioned in 84 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 84 episodes

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

“Most People Are Broke!” America’s #1 Wealth Killer NO ONE Talks About! | The Money Guys

Mentioned by

Carilu Dietrich

as a book about the profitability of different industries.

How to achieve hypergrowth in your business and career | Carilu Dietrich (Atlassian, Miro, Segment, 1Password)

Mentioned by Stephen Dubner as one of the books analyzed in

James Choi

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

518. Are Personal Finance Gurus Giving You Bad Advice?

Mentioned by

Sam Dogen

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

Becoming a Crypto Millionaire with Sam Dogen

Mentioned by

Robert Brokamp

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

Sahil Bloom, The 5 Types of Wealth

Mentioned by

Brian Feroldi

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

25 Money Rules (and When to Break Them) with Brian Feroldi

Mentioned as a book

Dave Chilton

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

Episode 370: Dave Chilton (The Wealthy Barber): Timeless Financial Advice

Mentioned by

Adam Schafer

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

2589: Five Ways Real Food Makes You Lean & Healthy & More (Listener Live Coaching)

Mentioned by

paula pant

while discussing the book's findings on the prevalence of 'boring' businesses among millionaires.

Codie Sanchez: From Wall Street to Washing Machines

Mentioned by

Clay Finck

and critiqued for its flaws in methodology.

TIP609: Fooled by Randomness by Nassim Taleb

Mentioned by

Adam Taggart

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

Housing Starting To Become A Buyer's Market? | Ivy Zelman

Mentioned by

Michael Batnick

as one of the first personal finance books he read.

Is Financial Education Working? (EP.413)

Mentioned by

Adam Taggart

in relation to frugality and wealth building.

All The Financial Advice You’ll Ever Need Can Fit On A Single Index Card? | Harold Pollack

Recommended by

Adam Schafer

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

2528: The Most Underrated Hacks to Enhance the Fat Loss Effects of Walking (Listener Coaching)

Recommended by

Adam Schafer

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

2488: If You’re Not Building Muscle, This is Why (Listener Coaching)

Mentioned by

Brian Preston

when discussing how he discovered the power of discipline.

The 3 Tools That Actually Build Wealth

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.

The Coddling Of The American Mind: Good Times Have Created Weak Men | Greg Lukianoff

Reading it shifted Dave and his wife's perspective on what a millionaire truly looks like.

The Proven Path to Financial Independence in Your 40s

Mentioned by

Joshua Sheets

when trying to synthesize different perspectives.

1100-Investing Into People, Not Money: Patronage Roundtable with Greg Treat

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