Book Review

The Millionaire Next Door

Thomas J. Stanley, William D. Danko
Pocket Books

If you want to market to the wealthy or to become wealthy yourself, this is the book for you. Many of us think that the wealthiest people drive the nicest cars, own the largest houses, and wear the most expensive clothes and jewelry. But wealth is not income; it is accumulated, not spent. The Millionaire Next Door includes the results of a survey of more than 1000 wealthy individuals in the United States. The purpose of the research was to discover the secrets of building wealth in America today. The authors use informative charts, statistics, and examples to describe this powerful subset of Americans: who they are, where they live, what they do, where they shop, which vehicles they drive, how they invest, and how their wealth was amassed. In this book, the “big hat, no cattle” syndrome is also described; it refers to Americans who appear to be wealthy but are not. Many individuals live from paycheck to paycheck these days, and the authors note that the average American household has a net worth of less than $15,000 (excluding home equity).

This number-one bestseller is changing lives by teaching the secrets of reaching financial independence. It provides excellent information about wealthy Americans, how to market to them, and (best of all) how to become one of them.

Reviewed By:  Dana Reed-Kane, PharmD, FIACP, FACA, FCP, NFPPhC
In:  May/Jun 2001