Millionare Next Door

[benjy]

Since most of my finals are finished for the semester, I decided to sit down and read a few of the books I've been wanting to read.

This book was basically a large synopsis of a survey completed in the mid 90's of the spread of our nation's wealth. To sum up, live in a modest neighborhood so keeping up with the Jones' isn't a financial burden. Invest your money in things that appreciate instead of depreciate. Live frugally.

This book didn't try to say how one should live and invest, rather looked at patterns of people that are actually wealthy versus people that are seen as wealthy (and are actually hyperconsumers).

It was an interesting read for me, and honestly I don't have a dream of having a $5m estate when I pass on. It did, however, put wealth into perspective for me.

For example:

Keith Barton's house, foreclosed for the amazing price of $7m in 2006, once valued at over $20m:

Warren Buffet's house, purchased in 1958 for $31k, 5 bedrooms

I would highly recommend the book for anyone who hasn't read it yet, and is interested in personal finances. In the end, I still want to buy a nice tow rig and build my jeep in the near future :greg:

 

[Tacoma]

I'll check it out. The subject has been of keen interest of late, here.

 

[Paul R]

Great Book...
I would also recommend "The Richest Man in Babylon." It is a super quick read and really helps with the idea of saving and living frugally.

 

[mbryson]

Rich dad, Poor dad is a solid read along the same kind of lines as well.

 

[Greg]

Rich dad, Poor dad is a solid read along the same kind of lines as well.

That's what I was going to say. I like the way Robert Kiyosaki writes, makes it easy enough for my simple mind to understand.

I'll have to check out the Millionaire Next Door, sounds like good information. I just need to move from knowing to doing... :-\

 

[Tacoma]

That's what I was going to say. I like the way Robert Kiyosaki writes, makes it easy enough for my simple mind to understand.

I'll have to check out the Millionaire Next Door, sounds like good information. I just need to move from knowing to doing... :-\

Rich Dad, Poor Dad is pretty good.

 

[1995zj]

I'll have to put those on my list to read.

If you've got the time, "The Success Principles - How to get from where you are to where you want to be" is a very good read. About 500 pages, but it basically goes along these same lines.

Also "Secrets of the Millionaire Mind" is a good book as well.

 

[rockreligious]

I must be a financial nerd, because I have read all of the books listed so far, and they are all great. I would add "the 7 Habits of highly effective people", and "the total money makeover".

 

[rockreligious]

Great Book...
I would also recommend "The Richest Man in Babylon." It is a super quick read and really helps with the idea of saving and living frugally.

this book I believe was written in the late twenties, and the stories take place in biblical times and yet the lessons are ones that are nessesary for present times.

 

[Greg]

I must be a financial nerd, because I have read all of the books listed so far, and they are all great. I would add "the 7 Habits of highly effective people", and "the total money makeover".

I'm a fan of 7 Habits, have Total Money Makover but haven't cracked it yet.

 

[benjy]

I was going to start a new thread, but I'll just keep this one going.

I also tried to read two income trap this weekend and hated it. It gave no resolutions to problems, just said that our society and economy have screwed us into needing both spouses to work. Their solution to surviving when your spouse loses their job? Make sure you spend a lot money at restaurants and toys before that happens, so that when the hard times come, you'll have areas to cut back on.

I thought this book was going to be a good read, but it was simply disappointing. Kami and I are in the position where we want to think about having a kid in the next few years, and my income simply won't cut it alone (at this point). We've been considering starting our own payroll/tax company when we graduate, and that could create the extra cash flow needed to pay our fixed expenses, but it would take awhile to start generating revenue. :-\

It was pretty depressing, doom and gloom type book.

 

[Bart]

Now that I'm finished blowing large sums of money on building my buggy I should get around to reading one of those.