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[eBook] The Millionaire Next Door: The Surprising Secrets of America's Wealthy : Latest Edition - Free @ Amazon AU, UK, US

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The Millionaire Next Door: The Surprising Secrets of America's Wealthy : Latest Edition by Thomas J. Stanley
You reckon I will become a millionaire if I read this eBook? Worth the try.
Amazon UK link here
Amazon US link here

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The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.

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  • +12

    You reckon I will become a millionaire if I read this eBook?

    No.

    Worth the try.

    It’s really not.

    • -4

      Like many other clickbait books

      • +7

        It's one of the best books on the topic of personal wealth, and one I'd recommend everyone to read.

        The subtitle is lame, but the book is anything but.

        • +1

          I'll give it a try

        • +1

          Amazing book, a bit dated now as I read it more than 15 years ago.. still have my copy and the learnings have served me well.

          Highly recommend.

    • +11

      Sitting and ruminating on Ozbargain should do the trick

      • +1

        I found out what my time is truly worth on Ozbargain. roughly $4.50 an hour

    • +2

      Youll have to move next door if you do become a millionaire.

      • +3

        I already live next door…

        • +4

          Can you turn your music down please!

    • +1

      a can't do attitude goes a long way in life am I right /s

      • +5

        Are you Jimothy Wongingtons impersonator?

    • The neighbour will

    • +4

      "How to get rich quick"

      Step 1: write how get rich quick books

      • +2

        "How to make a small fortune using Amazon" - only works if you start with a large fortune.

        • +1

          That also applies to airlines

  • Might become a millionaire if daddy owns a diamond mine

    • +7

      A basic house in a east cost capital city is now a million dollars.

    • +16

      I thought Musk's daddy owned an emerald mine in South Africa? And Trump took a small loan of a million dollars (or 60 million according to NYT, or 200 Million AUD adjusted for inflation). And Bezos mom was an atomic energy heiress and gifted Bezos 250k to help start his small book business (720,000 AUD adjusted for inflation).

      I think there has to be some truly self made millionaires out there but I'd guess most of them were not truly self made.

      • +6

        Same with the Kardashians. Always banging on about being self made when daddy was a celebrity lawyer.

      • +1

        +1 for the conversions

      • +1

        I think there has to be some truly self made millionaires out there but I'd guess most of them were not truly self made.

        Well why bother with reality when you can just guess things…
        ABS tells us that the average Australian household has a net worth of $1.04M https://www.abs.gov.au/statistics/economy/finance/household-….

        • +3

          If you can combine incomes then each Harry Potter dorm was full of millionaires.

          • @AustriaBargain:

            If you can combine incomes then each Harry Potter dorm was full of millionaires.

            A school dorm is not considered a household.
            And for reference, the average number of people per household is 2.6, so if you take out all the non-earning children and pensioners (roughly 6M people) you're looking a net worth of something around $700-800k per person. Based on average growth this will break the $1M mark in about 5 or 6 years.
            As the summary says "Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door".

      • +2

        Trump made astonishingly little considering how much he started with.

        And the emerald mine nonsense is misleading at best. Musk got a nice upper-middle-class upbringing with private schools and such, but nothing like the help Trump or Gates or Bezos had. He went to America with basically nothing and made his billions from multiple successful dotcoms he started with his friends.

        • +1

          You're wrong. Musk's father was an angel investor in his first company and got his business pal in on the mix who then went on to personally mentor musk.

          Not everyone is able to get personal 1 on 1 mentorship and Mummy with media connections to be able to scam others for your poorly built products and bully your way into companies, then suck gov grants and manipulate the stock markets/crypto.

          Middle class in Africa? Best joke I've heard today mate.

          • @A-mak:

            Middle class in Africa? Best joke I've heard today mate.

            You might want to check out South Africa in the 80's and 90's, then you won't sound so ignorant…

        • -4

          Trump made astonishingly little considering how much he started with.

          Is this what you read in the news then automatically believed it because it aligned with your exiting beliefs?
          Trump doesn't publish his finances, so anyone claiming to know them is lying to you. But one thing we know is that he has a LOT more than he started with.

    • +8

      Another way is to save 10-20% of your income and invest it. I've been doing that since I was 18yo and retired at 36yo

      • +3

        That's the best thing about investments, how easy it is to get consistent positive returns.

        I'm actually surprised people don't do it more often. Or worse still, make investments that don't do this.

        The ones I truly don't understand are the ones that make bad investments that lose money, it's like haha what why would you even.

      • What did you invest in?

        • +6

          Housing bubble probably. Just invest in the bubble early and sell just before it pops and you're golden.

        • +1

          Mostly property and shares using leverage (never touched ponzi schemes like crypto)

      • +16

        Another way is to save 10-20% of your income and invest it. I've been doing that since I was 18yo and retired at 36yo

        So let's do the math on this outlandish claim.
        What was your income at 18? Let's say it was an absurd $100k just to make a point that even at that level it's still not feasible.
        You invest $20k/year and average market returns gives you a balance of $373k after 18 years (36-18). That gives you about $500/week to retire on for the next 45 years of your life which won't even pay the rent in most major centres.
        Feel free to show your maths if I got anything wrong here.

        • +1

          You forgot to use leverage

          • @duchy:

            You forgot to use leverage

            You forgot to use average…

        • +1

          Your maths is wrong, $20k a year for 18 years is $360k alone.
          Let's say your average interest was 8% per year, which is a pretty reasonable figure that would leave you with $830k after 18 years.
          That's also assuming their income never went up over that time either.

          Either way I agree their claim is likely horse$#!&

          • @tritorius: You forgot about leverage and trading up along the way. I have been earning more from 'passive income' through my investments than I have ever earnt through trading my time for an hourly rate

          • @tritorius:

            Your maths is wrong, $20k a year for 18 years is $360k alone.

            Oh yeah I must've fat-fingered something in the calculator. I tried again and at an average 8% return and you still only end up at $441k , not enough to generate $140k/year in passive income after only 18 years. (I used the money smart super calculator for these figures https://moneysmart.gov.au/how-super-works/superannuation-cal…)

            Of course if you were a bit more 'speculative' with your investments you could get much greater gains, but then you could also get greater losses. For the average punter this is not realistic.
            The strategy of investing is sound, constant investing over time will accumulate wealth over time, I just think the OP's figures are exaggerated.

        • +2

          My income at 18yo was about $30k a year. I've never been a high income earner. Your maths is wrong and doesn't account for leverage or trading. I'm not saying I'm 'rich' but my income is now about $140k a year from rent and dividends, It makes me feel 'rich' because I don't have to go to work everyday, I eat out 4-5 times a week and go overseas 3-4 times a year. I've always been frugal and still live that lifestyle (that's why i'm on this website)

      • +1

        e I was 18yo and retired at 36yo.

        No kids or partner though.

      • +2

        That's the premise of this book.

    • +2

      This mispreconception is exactly what this book is about.

      The surprisingly wealthy otherwise ordinary people around who have habits and attitudes people might not have expected.

  • +10

    my millionaire next door doesn't even have money to get his lawn mowed and is always bloody fighting with his Mrs. And his kids…my god! straight from hell.

    • +4

      Not surprising. Having money often does not bring happiness! Family disagreements often focus on money.

      This book would recommend being frugal as a way to wealth. But others may not appreciate that approach!

      Like not paying for lawns to be mowed!
      My neighbours have become accustomed to my infrequent mowing (twice in 9 years, Council mows footpath & into my yard every few weeks for free!). They now describe my suburban property as very natural, not overgrown as they expected.
      They are slowly changing their ways, asking for my advice, realising lawn maintenance is a never ending & expensive battle.

      Doing the same as everyone else rarely leads to great wealth.

      When I worked, consulting corporate clients & businesses - it involved helping them see things differently. It brought them new opportunities & increased income.
      So took my own advice to do what I love - stopped work & just travelled.

      • If you own lawn, don't be a jerk and just mow it, otherwise you're just spewing weed seeds into the air.

        If you don't like lawn maintenance, get rid of the damn lawn and stick some native shrubs and wood chips in and prune them after 5 years. Or concrete it, or something.

        • That's the problem - some people think they know, & call people with more understanding & knowledge in the field - "jerks" 🤔

          Seems you don't understand, mowing the isn't the only (or best) way to control seed dispersal! I've got a degree in this field, plus designed gardens & taught in this field.

          I take a very considered approach to what I plan & do. It just looks to those who mow, as if I am doing nothing. Well it's much less effort than mowing. My neighbours now understand & some are copying me!

          The grass that remains is never more than about 200mm high. I tends to control itself. Seed heads are removed. Never been a problem for my neighbours.

          • +1

            @INFIDEL:

            twice in 9 years

            Care to share how you're removing seed heads if you're only mowing every 4.5 years? You have some super strong lawn out-competing all other grasses & weeds that only goes to seed every 5 years? What species?
            Or have you left some other details out?

            • -4

              @ssfps:

              Care to share how you're removing seed heads

              As I said - mowing isn't the only way. Easily done in a few minutes - occasionally by hand. Seed heads like to announce their presence - making them easy targets.

              No noise, no fumes, no expense!
              And no strict mowing schedule!!

              Mowing mainly encourages grass growth, requiring more mowing!!

              As in many areas, it's all about putting in the smallest appropriate amount of effort only when necessary, for maximum results!!

              [(As a consultant I explained that principle to corporate clients!)
              Some believe doing a lot more produces a bigger or better result - that doesn't necessarily follow!

              In my first year studies at Uni, many thought they should be diligent students, studying a lot, which would be rewarded with better marks. They barely passed!
              I rarely went to lectures, just borrowed their notes days before the exams & topped my year. I offered to teach them how to achieve, but they persisted with their bad habits…
              The next year the Uni gave me an office with teaching & training roles. Set up a new section of the Uni. All from having a different thinking approach!]

              As the grass & plants tend to intertwine & restrict growth, the task becomes easier over time. Kids love bouncing on the springy grass, dogs love to play in it. Trampling is an easy way to control height, so I encourage it!

              The thicker layer of grass also maintains a moister soil. That has helped the trees around its edge to flourish, requiring no watering.

              As for the species - it was originally a higher maintenance couch, but low maintenance buffalo grass is dominant as the expanding trees restrict the light.

              Planting more trees & shrubs at the moment to lower my maintenance.

              There are always details left out!
              Like that my friendly neighbour did sneak in one time & mow. He thought it had got too much for me & gave me a hand. I thanked him, but explained my methods & the ecological basis. Took ages to return it to its almost homeostasis. We still are great mates.

              If you want to maximise your return (of effort etc), thinking differently is a good starting point.
              Haven't returned to work for over 15 years. Just been enjoying travelling. Decided I must have retired - long ago😉

              • +2

                @INFIDEL: Didnt neg, but is this AI generated ?

                • @kehuehue: Lol! Always a laugh when people react negatively to any experience beyond their own! A very limiting belief system if you want to succeed (& become a millionaire)!

                  No, just drawn from nearly a decade of experience with this garden. And teaching the principles.
                  Based on my studies, research & Degree in Ecology.

                  I only mowed once when considering selling before COVID (real estate agent insisted), and my neighbour a second time as a favour.

                  Rather be Travelling than mowing!!
                  So developed an appropriate system of self management for the site - returning when needing extra care.

  • What about Australias wealthy?

    • +3

      The owner of Canva has a pretty incredible story tbh. What I wouldn't give to go back in time, steal her idea, bump her off, and take her place.

      • Tell me more

        What would you not give

        ChatGPT tell me a story

        • +4

          I wouldn't give my ability to enjoy money to obtain her money.

      • What's incredible about it?

        • It's worth billions is probably the most incredible thing about it. I'm a graphic designer so I don't really believe in the Canva philosophy, I think businesses should pay me more to do it for them, but I'd sure love to own something valued in the billions.

          • @AustriaBargain: Ok… By that metric every billionaire's story is "incredible" which kind of devalues the meaning of the word.

            • @Diji: I think it's also because she was more like an ordinary person. Her parents weren't energy heiresses, they didn't own South African emerald mines, she wasn't already wealthy. She doesn't have a billion dollars yet I don't think, but Canva has been valued at many billions of dollars and I wish it was me and not her that owned it.

              • @AustriaBargain: Fair enough, was just expecting some rags to riches story or a wild ride when I looked it up but it was kinda just "had an idea and it was good".

  • +16

    How to be rich
    Step 1: be born rich.

    • +2

      Or you can start a business, save your money and invest it (like 99% of all millionaires in the world)

      • I am happy to save someone else's money

      • +6

        I burned a big chunk of my life doing. If you only listen to the people who win the race you might believe that the key was holding the magic rock they bought from a fortune teller. But perhaps every person in the race is holding an identical rock and it had nothing to do with that.

        I would caution anybody against repeating my mistake in blindly believing that borderline wishful fairy tale stuff, which is most loudly repeated by those born into privilege and inheritance (a trend which many have noted over the decades).

        • -5

          Not sure where you went wrong but it's very easy to get rich today. There's so much money floating around these days. If you live in AU then you don't really have any excuse why you can't be retired before you turn 40yo

          • @x x: I'd love to know how to retire before I hit 40.

            • +1

              @Castcore: Damn I just turned 40. I am immigrant though, so I started late. 😀

              Maybe when I’m 50.

              • @duchy: Never too late, I know people in their 40's and 50s who started investing late in life and now they're financially independent

            • @Castcore: Start reading up on the FIRE movement

          • @x x: If you're not full of shit, even having access to the knowledge which lets you know how to do that, to know where to find it in a world of scams and BS, is a kind of incredible wealth and privilege which you're blind to you having which most don't.

            • @CodeExplode: Yes, you need to have some intelligence and not get sucked into scams or ponzi's like crypto. It's not rocket surgey, just invest all your excess money into VAS and VGS, and maybe 10-20% into more high risk ETF's like NDQ

          • @x x: Care to expand on where these money are floating around? I'm interested in learning, but don't know where to start.

            • @smog: You can be lucky like some people who made $$$ being an influencer, trading crypto, running a youtube channel, doing a side hustle etc.. or you can do it like most of us and give yourself a 20-30 year period to get 'rich' slow by saving at least 10-40% of your income and investing it into index funds like VAS, VGS, NDQ etc. Leverage your money while you're young and can afford to take some risk. If you're into property then figure out how to increase the yield by renting by the room, doing short stays etc. Start reading up on the FIRE movement and get started

          • @x x: Yes, I agree completely. There are more wealthy old ladies out there than ever. All it takes is a bit of drive, ambition and creativity, and you too can bang one of them and get her to leave all her money to you when she dies.

            • @outlander: Stop smoking that sh*t dude.. a few retarded trolls are fine for a fine day. You already wrote too many.

          • +3

            @x x: Trolling or legit retard?

            • -2

              @ssfps: I don't think CodeExplode is retarded or trolling, he's just frustrated because he doesn't know how to do it. I agree it's ignorant to say all millionaires inherited their wealth. He most likely would have failed the marshmallow test when he was a kid

              • -1

                @x x: I spent years not living my life and saving every cent I could while eating baked beans. It all went nowhere. I've never even been on a holiday. Friends I had were buying houses with the help of their parents as a reward 6 months into their first job, while I was trying to save cents on the bus by walking 2 hours every day to and from work.

                As I said, if you only listen to the people who win the race you might believe that the magic rock they got from the fortune teller helps, but perhaps all the racers got one of those and it's not the deciding factor at all.

                • @CodeExplode: Your mindset is the problem. Even if you won the lottery it would all be gone within a few years because you don't know how to create wealth or live within your means. What did you do with all the money you earnt and saved? The Marshmallow test is a Stanford University test about delayed gratification and you'd probably fail it:
                  https://www.youtube.com/watch?v=Yo4WF3cSd9Q

                  • -1

                    @x x: I don't think I've spent more than $22k in a year in my life, and save just about every cent I have, living in share houses without a car or holiday into my thirties. The savings have gone into very lean businesses which went nowhere because it's damn hard in reality-land to do all that from nothing without the right connections and knowledge, when needing to actually test out the trite buzzwords and catchphrases in the real world. There are many types of wealth on top of financial, and those who have them don't even realize it and presume that everybody has them.

                    You're obviously not actually listening to what was in my posts though, and draw on explanatory myths from the fairy tale for anything which doesn't fit in it. Similar to how conspiracy theorists layer on new conspiracies to explain things that don't fit, or how fundamentalist christians uses circular logic to determine that dinosaur bones are put there by Satan, rather than consider that what they initially believed in might be wrong.

                    If you want to only hear from the winners then fine, but you might not get a good understanding of why they actually got there and what they did different compared to others if you don't check what others did too - rather then trying to explain it for them and imagine up them being idiots unable to control themselves to explain it for yourself. I will say though that you're spreading a dangerous myth which gets people hurt in the real world, speaking as somebody who has actually walked the walk and not just talked the talk like most (especially inheritors who pat themselves on the back about being hard workers after showing up at their parent's business 4 days a week for a high paid position they never earned, starting out on top).

                    • @CodeExplode: I'm still not sure why you think it's impossible for anyone to reach FIRE without an inheritence. It's pretty simple: spend less than you earn and invest at least 10-40% of your income for the long term. Don't spend huge money on things that depreciate. Borrow money (leverage) to invest in things that give capital growth and income (property & shares). Let compounding do it's magic and in 20-30 years time you can live off your passive income and don't need to have a job. It's about getting rich slowly. I only hear from the winners cos I don't associate with losers who are mostly jealous of success and want to bring you down. You cannot fly with the eagles if you hang around with turkeys

                      • @x x: You clearly didn't read my posts. I've walked your talk, and in reality the results of the hypothesis don't necessarily go the way you expect.

                        • @CodeExplode: I read all your posts and the message i got was that you saved money by walking 2 hours instead of catching the bus but you still can't tell me what happened to all the money you earnt/saved. You have a victim mentality and think otheres are only wealthy because they inherited it. Can you tell me where you invest your money and how far you're on track to replace the income you earn from your J.O.B. (just over broke). I don't proclaim to be an expert but perhaps i can guide you in the right direction. I have mentored a few people over the years and they are now on track to achieving FIRE

                          • @x x: Initially traded shares and currency and made some gains, lost a lot in one bad investment. Then lost everything I'd spent years building for my life in the floods and had to move to the countryside to afford to recover with basically just a bag of clothes. Struggled to find work but decided to put my long savings into starting an online business which I ran very lean. It didn't go well because I didn't know what I was doing, because in the real world just saying work hard doesn't mean anything, you need other types of hidden wealth like connections and knowledge. I've never lived above the poverty line, but all you can imagine when somebody says they've lived the idea to its fullest and it didn't work out is they must be spending like an idiot, because the fantasy has trite answers for any situation which doesn't fit it. The real world is way more complicated.

                            • @CodeExplode: Sorry to hear you had some bad luck with timing. Next time diverify so you can't lose it all in one bad investment. You hit the nail on head about knowledge being important. Luckily there's a lot of free resources around to get more educated. Have a read about FIRE and look at money moustache, propertychat and this site also has lots of good info:
                              https://passiveinvestingaustralia.com/

    • +2

      How to be rich
      Step 1: be born rich.

      That is poor people thinking right there…

      • +3

        It's realistic thinking based on statistics and evidence. Though those adopted into wealth also tend to do much better, so you don't necessarily have to be born to it.

        • It's realistic thinking based on statistics and evidence

          Poor people thinking always involves making claims without provided any actual evidence 🤣

      • Step 2: Be poor after being rich.

        Then you learn to value (real) social life, not just money ;)

  • +5

    Step 1: only get books for free via Ozbargain promotions

  • You reckon I will become a millionaire if I read this eBook? Worth the try.

    Step 1: Share deal with neighbour

    Step 2: ???

    Step 3: Profit

  • +2

    Need to buy less 75” inch Samsungs on impulse if I ever want to be a millionaire

  • +7

    Step 1. Don't look at ozbargsin
    Step 2. Millionaire

  • +9
    • Excellent. Thank you.

  • tldr?

    • -1

      Hudcon's comment. 3 down.

  • The Billionaire Next Building…

  • Spoiler - have rich parents.

  • +18

    I read this book in the late 90s and can recommend it. Most millionaires live in ordinary houses in the suburbs, drive cars worth less than $20k and don't buy stupid things to impress others. They are mostly small business owners, tradies and professionals

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