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The Millionaire Next Door

The Millionaire Next Door is a book by William D. Danko and Thomas J. Stanley published in 1996. The book is a collection of research done by the authors who are in the profiles of millionaires. They used the term millionaire to designate U.S. households, which net-worth is more than 1 million dollars.

In the book, the authors compare the behavior of those who are PAWs (Prodigious Accumulator of Wealth) and UAWs (Under Accumulator of Wealth).

This is a great book that should be read by both financially educated people and just ordinary readers. After reading it, you will absolutely differently look at the process of accumulation and the creation of a large capital.

In the book, the authors systematized the results of their research work on the topic of wealth in America. Therefore, the material in the book looks more like a report. The publication simply abounds with a variety of statistics and tables.

The effectiveness of this data is not high, because information in the book is a bot outdated. Thus you need to be ready to filter a large amount of information.

The rules for anyone who would like to become a millionaire will be of great benefit to any reader. Primarily they are based on thrift, discipline, paying enough attention to personal finances, control over income and expenditure, budget planning, careful study and selection of investment funds.

The authors of the book divide people into two financial categories: Prodigious Accumulator of Wealth and Under Accumulator of Wealth. The authors give distinctive features of each category on the basis of which it is possible to classify each person and make predictions about their financial future, as well as give necessary recommendations or draw conclusions about the degree of extravagance.

The book contains interesting observations on how people who have made fortunes refer to the money, and how their children treat the money. Here you will find mistakes millionaires do when financially educating their children.

Millionaires are trying to give their children what they themselves didn’t have, thus indulging their children. Millionaires accustom their kids to the luxury, although it would be better not to spoil the children and teach them to thrift, discipline, self-reliance and the rest of the qualities that can help them become millionaires.

The book will be useful to everybody, but will be interesting only for few people, because the majority of people are focused on consumption and any suggestion to limit their costs is regarded as an attack on their way of life.

The Millionaire Next Door is a book by William D. Danko and Thomas J. Stanley published in 1996. The book is a collection of research done by the authors who are in the profiles of millionaires. They used the term millionaire to designate U.S. households, which net-worth is more than 1 million dollars.

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Assignment ID
100002936
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CREATED ON
November 7, 2016
COMPLETED ON
November 8, 2016
Price
$12
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Essay Example Comments
saleem141241
November 8, 2016
saleem141241
fast and quality
diana.restrepo.686817
November 2, 2016
diana.restrepo.686817
super patient. delivered way before deadline. will use again!!! highly reccomend
eh041416
October 31, 2016
eh041416
Great ! Gave alot of detail.