THE MILLIONAIRE NEXT DOOR by Thomas Stanley and William Danko | Core Message

Animated core message from Thomas Stanley and William Danko's book 'The Millionaire Next Door.'

[Sdot-odjf]

I paid 35% down on a townhome and then got promoted to a senior role, making 30% more than I did when I got the mortgage. It’s a decent area with educated professionals, but I’m the wealthiest person as far as I know. I can’t lie, it’s a great feeling. I wake up daily feeling blessed and grateful that I don’t have the financial problems others are facing.

[DoronHershkovitz]

This summary captures the main points from the transcript

1. The Millionaire Next Door by Thomas Stanley and William Danko discusses the surprising secrets of America's wealth.
2. Stanley and Danko conducted a comprehensive study on wealthy Americans, challenging prevailing assumptions about millionaires.
3. Most millionaires with a net worth of over $1 million live modestly, rarely purchasing expensive cars or homes.
4. The typical millionaire lives in a neighborhood where non-millionaires outnumber them three to one, and many live in the same house for at least 20 years.
5. Millionaires live below their means, with a median net worth of $3.1 million and an annual household income of $250, 000, but they spend as if they earn only $85, 000.
6. Many millionaires are self-made and self-employed, with 50% of them not inheriting money from their parents.
7. Millionaires prioritize financial independence overlooking the rich and accumulating assets that increase their independence rather than buying luxury items.
8. Budgeting and planning are essential for accumulating wealth, with defense (saving and protecting money) being as important as offense (generating income).
9. The average millionaire saves a minimum of 15% of their annual income and reviews their spending regularly to find opportunities to save.
10. Being self-employed requires hard work, persistence, planning, and self-discipline, traits commonly found in self-made millionaires.
11. Dull businesses with low competition and high demand during downturns are advantageous for self-employed millionaires.
12. Self-employed millionaires often serve wealthy individuals through specialized services, professional practices, or simplified premium products.
13. To become a self-employed millionaire, consider offering a specialty service to high-net-worth individuals, solving problems they struggle with, or simplifying products they buy.
14. The secret to becoming and staying a millionaire lies in living below your means, staying self-employed, and practicing self-discipline.

[Chris-oceb]

Good video hopefully this will encourage folk to listen to or read the book. The book changed my life and I am a millionaire next door.

[HannahMarieEnriquez]

This was excellent!! Your summary was spot on. Thank you!!

[cedricnicholson]

Guys start off with 5% savings. Once you get that momentum going and you are in the routine then bump it up to 10% after 6month to a year of that then go to 15%. That’s called lattering . The biggest challenge is getting started. These books are great but they don’t address the hardest part which is getting started. Start small then you can get there. Slow and steady wins the race.

[juliaspinley]

Thank you, always love your work, so concise, informative and useful!

[tomf]

This is me to to TEE! 58 yrs old tradesman. Drive a used pick up. Wife drives a 2011 Toyota. We own 7 rentals that pay All the bills

[leburiktarsa]

you are one few personalities, that servers what really benefits people. keep up

[saniyauzumaki]

The book is pretty old I believe. I wonder how much of the research done back then is prevalent now. I am also curious to read the research papers. Most millionaires I know personally in my country or I see around me on social at least enjoy a fulfilling lifestyle with some splurge of luxury here and there.

I read the summary of this book on my email.

While I don’t believe in extravagant spendings on material things, however I don’t like the idea of being frugal and not enjoying my wealth as well.

There are many other good books out there who talk about building wealth while enjoying your life. (Just keep buying and psychology of money are good)

People who are frugal and cheap especially with others often don’t in my eyes seem to live good fulfilling life and with relationships

[alphabeta]

5:30 Most millionaires and self-made and self-employed

7:30 Secret

[TheBswan]

The savings > income thing is really misleading. You cannot save your way to becoming wealthy if you lack an adequate income. The key is to focus on income to the point that you don't worry about finances, and then whenever you get a raise you just increase the amount you automatically put towards savings. Once you automate your savings and continue living like you don't get raises, then you're on the right track. I cringe when I see people buy luxury items, because materialism brings nothing but a temporary thrill and inflates your ego, when you could put that towards financial freedom/early retirement.

[erikstenbakken]

It’s an old book, but the principles still remain true.

[zailahussain]

Thank you 🙏 it is uploaded in time for me

[aminziarati]

Thanks Nathan, love your channel and contents sir

[littleninjai]

Excellent lessons in this book. Stellar summary. Thank you.

[abisolarichard-ogbomo]

Thank you for sharing but balance is key in many regards. For inspiration, sometimes you want to live around people whose normal is what one aspires to and you engage them as such not in pretense. Also for solutions against security issues, you dont want be the only one thriving and others are impoverished. It could be a security risk except one is living amongst saints.

[simonburnett]

@ProductivityGame Love the book and this is a great video summary! Fact check: I'm not sure that the book says millionaires have a. household income of $250k and live like they have $85k (I know the numbers were inflation adjusted to 2023). This would be a savings rate of around 65%. Did you mean to say they live like a household which earns $185k? That would be a savings rate of around 25%. If I'm mistaken, just share the book page number where the original numbers are given. I'd like viewers to feel this is achievable, and think many may be scared by thinking they needed to save 65% of their income. The number you gave later of a minimum 15% seems more achievable (we're really diligent about it and manage to save 35%). Thanks again - wonderful, wonderful film - beautifully made.

[TheGratitudeMan]

Dull Business is better than no business and rest appeared natural i.e. discipline and planning to follow...

[deepuramp]

Can you pls do a review of “The Art of Strategy: A Game Theorist's Guide to Success in Business and Life”

[babythanos]

Brother make a summary of the book ( "The rudest book ever" ) by Shwetab gangwar.
Like this comment if other want it too.