Daria Doering

The Millionaire Next Door

By Thomas Stanley

Well, I was raised by “the millionaire in the next room” (my father), and this is what I have to say about it: on the one hand, I think the book is awesome, and I plan to have my family and my students read it.  It makes thrift into something cool, which is reality.  Consumerism is for fools, but unfortunately, these days, we’re a society of fools, or foolishness is in style.

On the other hand, the book has some major contradictions, which I also experienced in how I was raised.  To begin with, why does anyone need all this money to retire (five million dollars was the goal of Mrs. Rule, used extensively as an example)?  These folks will have a lot of money when they die, and will likely leave it to their children and charity, while the book relates that 95% of millionaires have not inherited their wealth; thus implying that inheritance is not worth much.

Additionally, why retire at all?  Studies show that men tend to die two years after retirement.  Why not have a job that you love, and never retire?  The vast majority of the millionaires cited in the book have jobs that I would consider deadly: small business owners of janitorial services and the like.  The authors are particularly crazy about auctioneers, many of whom are apparently millionaires.  But who in the hell would want to be an auctioneer, dealing with “stuff” your whole life?  Who would want to be one of these thrifty wives of millionaires, spending three nights a week clipping coupons, even after becoming a rich?

Personally, I’ve devoted my life to developing a career I find meaningful, funding several pension plans, and living frugally within reason.  Accumulating vast amounts of money isn’t my goal.  I can’t seem to get myself to devote my precious time to researching stocks, a pursuit that to me seems selfish, boring, and valueless, apart from seeking wealth.

On the other hand, if I didn’t already have some wealth, I might well be inclined to devote my life to acquiring it.

The central thesis of this book, which my father always taught me, is that the purpose of wealth is freedom, not “stuff.”