Over the past 40 years, Tom Stanley and his daughter Sarah Stanley Fallaw have been involved in research examining how self-made, economically successful Americans became that way. Despite the publication of The Millionaire Next Door, The Millionaire Mind, and others, myths about wealth in American still abound. Government officials, journalists, and many American still tend to confuse income with wealth. A new generation of household financial managers are hearing from so-called experts in personal financial management due to the proliferation of the cottage industry of financial blogs, podcasts, and the like. In many cases, these outlets are simply experiences shared without science, case studies without data based on broader populations. Therefore, the authors decided to take another look at millionaires in the United States to examine what changes could be seen 20 years after the original publication of The Millionaire Next Door. In this book the authors highlight 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. They include results from quantitative studies of wealth as well as case studies of individuals who have been successful in building wealth. They discuss general paths to building wealth on your own, focusing specifically on careers and lifestyles associated with each path, and what it takes to be successful in each.
ISBN-13: 9781493035359
Media Type: Hardcover
Publisher: Rowman & Littlefield Publishers Inc.
Publication Date: 10-01-2018
Pages: 272
Product Dimensions: 6.10(w) x 9.10(h) x 1.10(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