However, it did point to some of the advantages of being the owner when a business idea takes off. Stanley and Danko write: "These self-employed people are four times more likely to be millionaires than those who work for others." Of the non-retired millionaires, two-thirds of them were small business owners.ĭoes this mean every small business succeeds? Of course not. I expected more discussion of highly paid professionals (lawyers, doctors) as high-wealth individuals, but this book really focused on the many people who built a small business to the point of retaining more than $1 million in wealth. A huge percentage of millionaires are small-business owners I believe that generational advantages also play a role, but it was refreshing to hear stories of people whose families were not wealthy and who still accumulated $1 million in savings or investments in a single lifetime. Stanley and Danko point out that only 19% of millionaires had received money from a trust fund or estate, and 91% never received any ownership of a family business a substantial percentage are "self-made" millionaires. I was initially surprised to realize that generational wealth is a major player but not the only player in the millionaire set. Here are five things I learned about millionaires from reading " The Millionaire Next Door."ġ.
The central premise of the millionaire next door is that there is a surprising amount of quiet wealth accumulated by regular people, people who use this wealth to form a secure safety net for their families during hard times or to create a comfortable, worry-free retirement. The millionaires that the book discusses aren't the flashy status-symbol-laden rich people that we might imagine.
However, it is a very good example of why you shouldn't judge a book by its cover: This book has gone on to numerous reprints and revisions and updates because, in its 23-year history, it has had a major impact on how people understand what it means to be wealthy in the United States. William Danko is an older edition, dog-eared and bought at a yard sale. My copy of " The Millionaire Next Door" by Dr. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our
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