The Next Millionaire Next Door: Enduring Strategies for Building Wealth

Is the millionaire next door still out there today? The latest research from Dr. Thomas J. Stanley and his daughter, Dr. Sarah Stanley Fallaw, confirms that, yes, the millionaire next door is alive and well. And he's achieving his financial objectives much the same way he always has: by living below his means, being a contrarian in a maelstrom of hyper-consumption, and being disciplined in reaching his financial goals.

The book examines wealth in America 20 years after Dr. Stanley's groundbreaking work on self-made affluence. While a new generation of household financial managers are being inundated with the proliferation financial advice, The Next Millionaire Next Door provides readers with an analysis of what it takes to achieve wealth with data-based conclusions and evidence from those who have built wealth on their own over the last two decades. In this current work, the authors detail how specific decisions, behaviors, and characteristics align with the discipline of wealth building, covering areas such as consumption, budgeting, careers, investing, and financial management in general. Through case studies, survey research, and a careful examination of quantitative studies of wealth, the authors illustrate what it takes to achieve financial success today, regardless of market conditions or rising costs.

ISBN-13: 9781493052752

Media Type: Paperback

Publisher: Rowman & Littlefield Publishers - Inc.

Publication Date: 10-01-2020

Pages: 272

Product Dimensions: 5.60(w) x 8.70(h) x 0.90(d)

Thomas J. Stanley was an author, lecturer, and researcher who started studying the affluent in 1973. He died in 2015. Sarah Stanley Fallaw, Ph. D. is president of DataPoints, a company that provides assessments based on the research data of her father, Thomas J. Stanley. She lives in Atlanta, Georgia.

Table of Contents

List of Tables and Figures vi

Preface ix

Chapter 1 The Millionaire Next Door Is Alive and Well 1

Chapter 2 Ignoring the Myths 31

Chapter 3 Influences on Wealth 58

Chapter 4 Freedom to Consume 92

Chapter 5 Strengths for Building Wealth 121

Chapter 6 Getting to Work 162

Chapter 7 Investing Resources 198

Conclusion 229

Appendix A Studies 234

Appendix B Rankings of Sole Proprietorships by Percentage Profitable (1998 & 2015) 237

Appendix C Selected Job Titles of Moonlighting Mass Affluent Prodigious Accumulators of Wealth 244

Notes 245

References 251