This week’s theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer

Today’s book choice is another classic, published in 1996, that I read 2 decades ago while I was in college - The Millionaire Next Door. 

Who should read it: If you spend too much or fall into the trap of trying to keep up with the Joneses, this book is for you.  

Description: The millionaire next door is a compilation of research and lessons learned about what makes millionaires different. It wasn’t inherited or flashy wealth but fostering good habits over decades that made most millionaires. 

These habits might be easily dismissed by most people, because they’re common sense habits. Habits like spending less than what you make, not “acting” rich by buying things you really can’t afford, and using your income to accumulate assets that grow in value, rather than blowing your money on stupid stuff. 

But common sense isn’t so common, and as Stanley says in his book: “[Americans] are debt-prone and are on earn-and-consume treadmills”, which is why The Millionaire Next Door deserves a spot on every bookshelf - so you can read it, and read it again whenever you need a reminder of these important wealth-building habits. 

One of the most memorable stories I’ve ever read in any book is the picture Stanley painted of 2 successful doctors. Both doctors were in their 50s, had a high income - but they were opposites in terms of their net worth. One of the doctors used his high income to buy assets that grew in value (i.e. investments). The other doctor was up to his eyeballs in debt because he was living the flashy lifestyle he thought someone with his income should be living. The problem was that he had a negative net worth, and no hope of retirement unless he drastically altered his lifestyle and spending habits.

Pairs well with: This book is full of good stories and lessons, so it’s perfect for a relaxing vacation or bedtime read or listening to as an audiobook on your next road trip. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance