The millionaire next door

Discussion in 'Economics' started by sle, Dec 5, 2017.

  1. sle

    sle

    What are people thoughts on this book and that approach to life? I accidentally ended up reading it and was unimpressed (was stuck in a doctors office with nothing else on my phone). The whole book is a mix of "inspirational reading" and oddly biased statistical studies.
     
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  2. I read that book what seemed like a different lifetime ago.
    It's essentially the opposite of get rich quick/business/entrepreneurship/ambition books;

    But it makes perfectly, logical, humble sense...Many people envision Millionaires as Big Time sexy, lavish supernatural people -- But in reality, if you save slow and steady throughout the years...you should have a million bucks by the time you're 90 or middle-aged, if you have a good, high paying job and you invest wisely and live cheaply.

    But that's not an ...Elite...way to live or exists. We want to be a part of The 1%...Now.
     
    Last edited: Dec 5, 2017
  3. read all books and critically think what you think is real and not real. good book to kinda bring your expectations down as to how easy it is to make money
     
  4. I have no opinion on the book and I don't even know what it is about but I think someone should congratulate you on the ability to read and focus in a doctors office. Every single time I have been in a doctors office there is always a loud kid or the staff is extra loud with their gossiping. I pretend to check my phone to avoid talking to anyone. Unless you went with an audio version, maybe that is the way to go! (Next sle book review location: heavy metal mosh pit!)
     
  5. srinir

    srinir

    Taleb lashes out about this book in one of his book (i think fooled by randomness).

    It is about survivor-ship bias and poor statistics
     
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  6. sle

    sle

    I am kida-of a perfectly wrong audience for the book (qualitatively minded, critical and already in the cohort the author is describing) so I was primarily interested in the message. My sense is that the author wants to get across two key ideas - (a) live below your means and (b) it's all about choices and not luck.

    I think while (a) is very smart (I have a horrible story to tell about it), (b) is full of shit. While most millionaires are first generation, if you look at their upbringing, it's rarely of poverty (so the starting point matters). Then, the whole road is so path dependent, especially in the US - for every 75-year old millionaire there is a dude that had to sell his house to pay for his wives cancer treatment.

    Ha, interesting. In general, I don't like most of the Talebs writings but I think here he might be spot on.
     
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  7. sle

    sle

    Not at this office, even the kids that come there are pretty quiet. Unfortunately.
     
  8. sss12

    sss12

    "....wives cancer treatment". This is what Taleb found issue with, that life is more random than the Millionaire author believes. 2 different philosophies.
     
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  9. Follow the book and the odds end up in your favor. However, the whole brown bag lunch strategy is no panacea for all of life's unexpected ills. That's all I got from it.

    It's the callous underlying attitude that is troubling. I doubt the author has any empathy for life's unfortunate victims.
     
  10. sle

    sle

    Well, apparently the author himself did not really follow his recipe. In 2013, Stanley died driving a Chevrolet Corvette, a car at the time retailing for over $50,000. American public likes a winner while nobody cares about the losers, so the attitude is consistent.

    PS. Honestly, I think the whole era of blue collar millionaire has been over for a while.

    PPS. You can live well if you're rich and you can live well if you're poor. But if you're poor, it's much cheaper.
     
    #10     Dec 6, 2017