Books about personal finance are not page turners. I can rip through a James Bond novel in a week, but anything non-fiction limits my ability to stay awake to about 30 minutes a day. Be that as it may, I think personal finance books are the absolute best way to learn and stay motivated about money.
The Millionaire Next Door is a comprehensive analysis of how the rich get rich. The authors are experts on the subject after conducting surveys and focus groups for longer than I have been on this planet. The book is a few years old but it is nonetheless a great resource on the wealthy.
The most profound statement the book makes is the clarity on who in America really is rich. It surprised me to know that your neighbor, the one that drives the old van with his plumbing company painted on the side, has more money than that Escalade driving lawyer from your church. Of course this simplifies the concept of the book, but it is the premise of the it.
Its no secret, getting rich requires discipline and a lot of work. Many of the millionaires featured in the book are self-employed, and self-made. They are the archetype of the American dream. I work with many such people at my day job and can vouch for this fact. I am not self employed and I doubt many of the readers are, and its still very easy to become wealthy. The Millionaire Next Door was smart to point out this fact. Clearly defined goals and simple budgeting gets you on your way.
One of my favorite sections in the book is about children of the rich. The authors really dig into how the children’s upbringing affects them. Its sad that these some of these kids never learn the value of money and can never be fully independent from their parents. It is just as much the fault of the parents as it is the children, and that’s what makes this book a must have for any book collection.
 By The Weakonomist |
The Weakonomist is the founder of Weakonomics. Clicking the picture of the puppy will tell you more about him. If you like what you're reading consider subscribing to the blog, following him on Twitter, and checking out the related posts below. Please consider a donation if you really enjoy Weakonomics. Also keep in mind that nothing I say can be construed as financial advice. |
