Analysis Of The Book ' The Millionaire Next Door ' Essay

Analysis Of The Book ' The Millionaire Next Door ' Essay

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Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. wrote The Millionaire Next Door, which is a highly informative book about what it takes to become wealthy. Some of the information I knew, such as the obvious fact that you need money to be a millionaire, but some information, such as millionaires not owning big luxury items, surprised me. People become wealthy by saving money, not by living in a huge house or driving an expensive car. Most households generate a lot of money, but, because people love buying things, they live from paycheck to paycheck. Stanley and Danko say, “Building wealth requires discipline, sacrifice, and hard work” (5). There are not too many millionaires because people are not willing to change their lifestyles to accumulate money. Wealthy people can be summarized by many factors, four of which stuck out to me; millionaires look like ordinary people, most of them buy used cars, they do not give a ton of money gifts to their children, and they are very frugal.
Most real life millionaires do not look like what people would expect them to look like. They do not wear expensive suits or live in a big house. Those who had a lot of money but spent it all on big, luxury items are called UAWs. A UAW is an “under accumulator of wealth” (Stanley and Danko 14). A good example of a UAW is the Great Gatsby. Gatsby owned a big house with a big pool. He invited hundreds of people over for parties every weekend. He drove a Rolls-Royce type of fancy car. Gatsby had hundreds of shirts, most of which probably had never been worn that cost thousands of dollars. On the other hand, a millionaire is a PAW, which is an “accumulator of wealth” (Stanley and Danko 14).
Stanley and Danko say, “One in five millionaires are retired”,...


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...have been in a Catholic school my whole life, so, to them, college is a bargain. They paid for my car, but I was 16 at the time. My car was a used 2006 ice blue Toyota Matrix. It had 89,000 miles on it when my parents bought it, but they found it a great deal because it was a one time owner that mostly drove on the highway and she always brought it to the same dealer for checkups. I will not let them pay for my next car or my first house, and I am currently getting ready to have my own phone plan. I have three credit cards, one from my bank, and two charge cards to stores. I barely use one charge card and the other one I try to use only every other month. I have been really trying recently to not buy more clothes that are useless or other unnecessary items. This book taught me many useful facts and, even if I never become a millionaire, I now know how to save money.

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