Reviews
Good advice in a poorly written book. Author really needs to work on writing style since he already has the quality research.
I found the book to be an interesting read. It involves a lot of numbers that not everyone would enjoy reading, but they are needed to complete the explanations on why or why not someone was a millionaire. Most millionaires are unsuspecting people who live a frugal life and don't live an expensive life. Most people who look rich tend to be less affluent since looking rich costs a lot of money, leaving little to no room to be rich. There is a lot of talk about PAW (Prodigious Accumulator of Wealth) and UAW (Under Accumulator of Wealth). The prior are those that spend less than they make and wisely invest what they are left with. The latter are those we often consider rich, as they look that way. They spend more than they have and never really have financial freedom; they likely will never be millionaires. This book is a good read if you are okay with the fact that it uses relevant information from over twenty years ago and if you like reading about numbers.
Alternative title for this would be: Bedtime Stories for the Hard Yakka-er. Read this when in need of reassurance that all that honest hard work and frugality pays off in the end. More persistence, less smart alecks - which is a good message by itself, just less so in the absence of doubt which makes it a very biased read. It really does put the onus solely on one's effort to be the creator of one's fortune.
Lots of good advice on how on how to safe and live within your means. Great look at how most millionaires are not driving flashy cars, but purchasing used vehicles with research.
TL;DR- read Everyday Millionaire instead for an updated version of the book. The information in the book is good for an overview of millionaire habits, but my God is this a dry read. The book is MUCH MUCH longer than necessary because for each table that visualizes some stats, the book takes 5 or 6 pages to.overly explain and basically write the table into words. If you properly set up a stats table, you don't need to be redundant by repeating everything in the table. Use the chapters more concisely and elaborate dont repeat. As a professional data scientist, that really erked me the entire book. You could read Everyday Millionaire instead and get all the same information.
Highlights
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Somehow, like many of his peers, he forgot how he became wealthy.
The more dollars adult children receive, the fewer dollars they accumulate, while those who are given fewer dollars accumulate more.
In fact, about two of every three adult children who receive significant cash gifts periodically from their parents view themselves as members of the “I did it on my own” club. We are amazed when these people tell us in interviews, “We earned every dollar we have.”