The millionaire next door

Essay by greedyUniversity, Bachelor'sB-, March 2004

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The Millionaire Next Door: A Brief Synopsis

The Millionaire Next Door written by, Thomas J. Stanley and William D. Danko, is a book about discovering who the real wealthy are in America. When people are asked the question, "who are the wealthy in America?" the typical response would be the man/woman who drives the latest foreign luxury cars, with the biggest house and the most material possessions. If one were asked to define the definition of wealthy, many would give the definition found in Webster's dictionary. Wealthy to these would mean those who have an abundance of material possessions. In respect to the definition provided by Stanley and Danko, wealthy is defined as those who "get much more pleasure from owning substantial amounts of appreciable assets than from displaying a high-consumption lifestyle". This book provides implicit instruction on how to become wealthy through the seven characteristics found common amongst most millionaires.

These steps will be explored further along in this paper.

Most of us would probably agree that the wealthy in America are those with the abundance of material possessions. The very first chapter in the book is almost a "slap in the face" because it clearly disproves this belief. The millionaire in America is more likely to be the one with the least of these material possessions. With this in mind, many ask the question who is the real American Millionaire? What would he tell you about himself? These are a few of many characteristics of the millionaire. He would tell you that he is a fifty-seven-old male, married with three children. About seventy percent of his family earns eighty percent of the household income. Many of the types of businesses that they are involved in are the dull-normal. These businesses include such things as welding...