Millionaire Next Door series

Kameroo

Kameroo

Member
Feb 1, 2007
690
Louisville, KY
Boat Info
12' Kayaks
Engines
Human
Anybody here read Stanley's "Millionaire Next Door"? I just finished reading one of his newer ones, "Stop Acting Rich...And Start Living Like a Real Millionaire."

If you haven't read them, I can summarize by saying he hates boats and thinks the only way to financial success is to live very frugally, drive a Camry and never own anything that floats.

I like my boat, and can't see the purpose of life if you can't enjoy it a little. If I lived as he suggested, my kids would have been grown and gone before we owned our cruiser and ski boat(s), and all those great memories... I can't even imagine!
 
well I drive a camry... wont give up the boats though. Wait .... I'm not a millionaire.
 
My dad always said, "if it flys,floats or fu..we'll you know! rent it" I lived by those words for the first 30 years of my life! The day I turned 18 I bought 120 shares of walmart stock because my dad said " boy, buy something worth keeping, then you'll have something worth selling!" He was right!

My Mother told me "if you do what makes you happy, I'm happy for you" and "Never pass on living every opportunity you can with your family, no matter the cost or time spent!"

Those words are still working out for me! Except the floating part, Dad wouldn't like it.
 
Last edited:
I hate money. I hate the fact it seems like I work for a few pieces of paper folded together in my pocket. HOWEVER.... I love the things I can get for my family and do with my family when I hand out that paper. Money is worthless to me. It's what I do with it that counts.

He can live his way, I'll live mine.
 
Mark, your dad gave you some pretty good advice and I go along with it.....to a point. When he was talking about renting vs buying, I bet he was thinking of the depreciation of assets. That's why I almost never buy new. I do buy, but I tend to own things a long time and the least expensive way to own things is after they're paid for.

I agree that the Millionaire series is a bunch of bunk. It makes sense to a point, but I'd rather not live like a totally frugal bum. I do like to enjoy nice things. Skimping in some areas has allowed me to live well in others.
 
A friend/business associate seemingly in good health developed a heart condition and past away last year at 53. You can't be certain of the future and you can't take it with you. As I get older i increasingly don't see the benefit to saving for tomorrow at the expense of living today. I'm taking my 75 yr old father, my brother and my 4 yr old son out on the lake tomorrow for a cruise and lunch. You can't put a dollar figure on that.
 
I haven't read the millionaire series but, I won't live life like a very frugal millionaire.....we do coupon shop, we do go to walmart and I almost never buy new even my kubota diesel zero turn last summer is used. My Dad always said" son if it's got tits or tires it's going to give you trouble" He was right!!!! Life is too short guys .... I'm turning 50 next week in good health but it doesn't matter if your in good health when it's your time , the Good Lord takes you, because He has a plan ...... I'm not a religious man , but I've just seen too many in good health people pass suddenly , live it love it and most of all Ride it all the way to the finish .... Now there's some good advice.


Sent from my iPhone using Tapatalk
 
My boat makes no financial sense but It is the best money I've ever spent. The family time we have spent aboard is priceless.

I do everything myself to afford this lifestyle (maintenance....etc.)

I am a man of my word and pay my bills. (I have an 800 credit score).

Life is about balance and I lean a bit toward enjoying my time here than saving it all for when I'm 80.

Hell, I drive a 2003 Toyota matrix.....but I have a nice boat!
 
I agree with the last two posts. We sacrifice in other areas to boat the way we do. The family time and memories are priceless. You never know when it's your time.

Sent from my SPH-L720 using Tapatalk
 
I read The Millionaire Next Door about 12 years ago and I agree that reading the series won't make you a millionaire and I agree with everyone else that I don't want to live my life so frugal that I won't have any fun...... However, the theme of the series DOES help establish proper financial habits for those who are just starting out in life, career, family, etc. Taken for what they are, they're not bad books for the younger generation whose parents did not teach them fiscal responsibility.
 
My father gave me this book to read when I was in college. About the same time many of my friends received it from their fathers.
The biggest takeaway for me to this day is live for now and within your means. The bigger issue discussed is the need to "Keep up with the Jones'". Keeping your spending within limits and the difference between want and need.

I have had some rough financial times over the last 10 years and I learned some hard lessons. Now that I'm married and have a baby my concerns have shifted.
 
Last edited:
Dave Ramsey- We did his program about 10 years ago, dug out of a hole and got pretty far ahead of where we used to be. Even downsized the house, which was a shock to our friends and family. In the end, however, we decided to buy a boat, before we could pay cash for it. We joked all along about Dave saying, "You can't afford that boat." Maybe he was right, but boating's been a huge part of our lives.

We've seen a lot of boaters come and go with the economy, divorces and other life changes. In the end, still no regrets here!

As for depreciation, we thought we were doing well buying a $98,000 surveyed boat ('96 Silverton 37) for $84,000. That was 2007, and now we'd be happy to get two-thirds of that.
 
But in the end the boat does more for your family then the big house.
 
I've read both The Millionaire Next Door, and The Millionaire Mind - multiple times for both. Some of my favorite books. If for no other reason than validation of what I'm already doing, as well as learning something along the way. I think some of you are missing the point. What Thomas Stanley is doing is reporting his research on the way that real millionaires conduct their lives. You will find that while they live frugally in some aspects of their lives, or a some point in their lives, they did so to reach a goal - to not have to do that any more if they so choose. Once reaching that goal they have the option of continuing that frugal behavior, or splurging on some of the nicer things in life. The point is they have acquired the freedom to choose. If you really read the books you will find that they don't feel "deprived" by their choices, but empowered! Do you have any idea how much freedom no mortgage, no payments of any kind, and no debt "buys" you?
 
kpetry said:
Do you have any idea how much freedom no mortgage, no payments of any kind, and no debt "buys" you?
Click to expand...

Well, not yet, but working on it! Darn kids keep saying they want to eat, need clothes, and want to go to college.

Good analysis. Too bad Stanley is still so harsh concerning boats. He came out and said that that those who had boats sold them and don't miss them, as they got in the way of getting to their goals. For those who can afford them, he implies that they are too much money in one place, restricting them from traveling all over the place and doing what other millionaires do. On that list were things like, "Search for original art." That's where he lost me--I could not care less about looking for art, but love being on the water in my own boat.
 
You must log in or register to reply here.

Forum statistics

Threads
113,202
Messages
1,428,452
Members
61,108
Latest member
asigman
Back
Top