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Product Description
Product Description
The bestselling author of The Millionaire Next Door reveals easy ways to build real wealth
With well over two million of his books sold, and huge praise from many media outlets, Dr. Thomas J. Stanley is a recognized and highly respected authority on how the wealthy act and think. Now, in Stop Acting Rich ? and Start Living Like a Millionaire, he details how the less affluent have fallen into the elite luxury brand trap that keeps them from acquiring wealth and details how to get out of it by emulating the working rich as opposed to the super elite.
- Puts wealth in perspective and shows you how to live rich without spending more
- Details why we spend lavishly and how to stop this destructive cycle
- Discusses how being "rich" means more than just big houses and luxury cars
A defensive strategy for tough times, Stop Acting Rich shows readers how to live a rich, happy life through accumulating more wealth and using it to achieve the type of financial freedom that will create true happiness and fulfillment.
From the Back Cover
PRAISE FORSTOP ACTING RICH. . . AND START LIVING LIKE A REAL MILLIONAIRE
"Stanley's research does a great job of proving there's a big differencebetween income and net worth. Many pretenders have become very good atgenerating income and enjoying a high standard of living. But take this Stanleygem to the bank: 'Those who are among the least productive in transformingtheir incomes into wealth are in the higher-status occupations.' Don't be agreat pretender, pretending you're doing well when you only look the part.Read this book and find out how to emulate real-deal millionaires."—Michelle Singletary, The Washington Post
"Contains some surprising data that makes for a convincingargument supporting a simple lifestyle as a path to security." —Associated Press
"After reading through Stanley's engaging anecdotes about how theother America actually lives, you may come to feel that perhaps you don'tneed to impress the other guy so much. This in itself is no small thing.Your wallet will thank you. And you may end up happier." —Smartmoney.com
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Most helpful customer reviews
23 of 23 people found the following review helpful
5.0 out of 5 stars
Illuminating insights, backed by empirical data. The best personal finance book I have read.,
By Avinash Sharma "MBA, M.S., Knowledge Worker" (Toronto) - See all my reviews (TOP 500 REVIEWER) (REAL NAME)
This review is from: Stop Acting Rich: ...And Start Living Like A Real Millionaire (Hardcover)
I read Thomas Stanley's The Millionaire Next Door three years ago and was thoroughly impressed by the insights and research. While reading it I wished the author had published a revised edition with updated numbers - the book was published in 1998. This book (Stop Acting Rich...) covers similar themes as the book I previously mentioned. However, it has updated numbers and includes insights gained from the financial crises of 2008-2009.The central theme of this book is that there is a difference between those that are genuinely rich and those that act like they are rich. This book details the differences between these two groups of people - what they wear, drive, eat, drink, etc. These differences, presented throughout the book in the form of several tables and lists, are backed by empirical data that are drawn from the author's extensive research on the affluent. We live in a culture of hyperconsumerism. It is far easier to act rich than to become truly rich. All we have to do is to buy the luxury goods/services that we think the rich buy and we get the feeling that we are rich. But this kind of excessive consumerism is detrimental to our net worth. The author explains that most rich people become wealthy and stay that way by being frugal and by being investment oriented as opposed to consumption oriented. As for wealth and happiness he warns, "those who think that acting rich must be predicated on hyperconsumerism are likely to end up on the short side of both the wealth and happiness scales". Throughout the book many myths about the rich are dispelled. Their consumption habits are described and compared with those of the pretenders. What brands of shoes, suits, watches, etc do they wear? What wines and spirits do they consume? What motor vehicles do they drive? Where do they shop? And how much do they pay for the goods listed above? The insights are illuminating and thought provoking. During the financial crisis of 2008-2009, many articles were published regarding the benefits of frugality and the dangers of excessive consumption. In many ways the root of this crisis (sometimes referred to as the Credit Crisis) was excessive borrowing and consumption. I share the author's belief that as soon as the economy improves, people will resume their spendthrift ways. This is most unfortunate since it could lead to a repeat of the crisis we just experienced. Bottom line - I highly recommend this book as the single best personal finance book I have read. You cannot save the whole of society from this disease of hyperconsumerism. But by educating yourself, you can simplify your lifestyle so that you can be truly rich as opposed to just acting like you are rich. If my review was helpful to you, I request you to select "Yes" so that the rating is improved and more readers will get to read it.
2 of 4 people found the following review helpful
3.0 out of 5 stars
A good read with important insights, but it's not without its flaws.,
By
This review is from: Stop Acting Rich: ...And Start Living Like A Real Millionaire (Hardcover)
Overall, I found the book a pleasurable read. The author demonstrates that the majority of millionaires live within their means and that doing so will lead to happiness (more so than spending away). Stanley provides numerous statistical tables and cites a variety of research to support his points. I think it's important that he reviews multiple areas of spending (homes, wine, cars, suits, jewels, etc.) to illustrate the point, as it would be easy for the reader to rationalize their last splurge if it wasn't included. His main cure is to move to an area where you are among the most affluent, which will benefit you financially in numerous ways.I give the book three stars because there are numerous problems. First, the writing is highly redundant. The author repeats common themes throughout the book and within each chapter. The book could be half the size and ultimately a better read at less cost. Second, some of the statistical analysis is oversimplified or incomplete. He often cites data from only millionaires, without proving that this behaviour is fundamentally different from non-millionaires or aspirationals. For example, he will show that millionaires are unlikely to ever own a BMW or Benz, but he doesn't contrast the prevalence with more common cars -- as this would be less impressive, nor does he contrast it with the common person. Instead, he flips to anecdotes for that part of the analysis. Third, it is clear that this is really just a "new edition" of the Millionaire Mind from his numerous citations of his previous books. If you're like me and haven't read his older books, this is fine. Finally the author is clearly biased. For example, a reader wrote that in some cases the premium brands will last longer and work better than cheaper brands and may be a better buy at the end. Instead of illustrating the valid point on "value" that the reader is pointing out (which the author acknowledges earlier in the book), the author takes this as another opportunity to reiterate his common arguments from the book, dismissing the letter entirely. The author also neglects individual differences in value. For example, an affluent person who spends a considerable amount of time on the road might see more value in a mid-luxury vehicle than millionaires who do not. This may explain why some of his balance-sheet affluent millionaires do in fact own nicer cars.
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Most Helpful Customer Reviews on Amazon.com (beta) Amazon.com:
3.6 out of 5 stars (50 customer reviews) 494 of 498 people found the following review helpful
5.0 out of 5 stars
Illuminating insights, backed by empirical data. The best personal finance book I have read.,
By Avinash Sharma "MBA, M.S., Knowledge Worker" - Published on Amazon.com
This review is from: Stop Acting Rich: ...And Start Living Like A Real Millionaire (Hardcover)
I read Thomas Stanley's The Millionaire Next Door three years ago and was thoroughly impressed by the insights and research. While reading it I wished the author had published a revised edition with updated numbers - the book was published in 1998. This book (Stop Acting Rich...) covers similar themes as the book I previously mentioned. However, it has updated numbers and includes insights gained from the financial crises of 2008-2009.The central theme of this book is that there is a difference between those that are genuinely rich and those that act like they are rich. This book details the differences between these two groups of people - what they wear, drive, eat, drink, etc. These differences, presented throughout the book in the form of several tables and lists, are backed by empirical data that are drawn from the author's extensive research on the affluent. We live in a culture of hyperconsumerism. It is far easier to act rich than to become truly rich. All we have to do is to buy the luxury goods/services that we think the rich buy and we get the feeling that we are rich. But this kind of excessive consumerism is detrimental to our net worth. The author explains that most rich people become wealthy and stay that way by being frugal and by being investment oriented as opposed to consumption oriented. As for wealth and happiness he warns, "those who think that acting rich must be predicated on hyperconsumerism are likely to end up on the short side of both the wealth and happiness scales". Throughout the book many myths about the rich are dispelled. Their consumption habits are described and compared with those of the pretenders. What brands of shoes, suits, watches, etc do they wear? What wines and spirits do they consume? What motor vehicles do they drive? Where do they shop? And how much do they pay for the goods listed above? The insights are illuminating and thought provoking. During the financial crisis of 2008-2009, many articles were published regarding the benefits of frugality and the dangers of excessive consumption. In many ways the root of this crisis (sometimes referred to as the Credit Crisis) was excessive borrowing and consumption. I share the author's belief that as soon as the economy improves, people will resume their spendthrift ways. This is most unfortunate since it could lead to a repeat of the crisis we just experienced. Bottom line - I highly recommend this book as the single best personal finance book I have read. You cannot save the whole of society from this disease of hyperconsumerism. But by educating yourself, you can simplify your lifestyle so that you can be truly rich as opposed to just acting like you are rich. If my review was helpful to you, I request you to select "Yes" so that the rating is improved and more readers will get to read it. 180 of 185 people found the following review helpful
4.0 out of 5 stars
Stop Acting Rich: The Paradox Of This Book,
By Dan Danford - Published on Amazon.com
Amazon Verified Purchase(What's this?)
This review is from: Stop Acting Rich: ...And Start Living Like A Real Millionaire (Hardcover)
I'm a big plan of Tom Stanley's research and books. I first encountered Stanley at a trust conference many years ago, and I've read and recommended his books to dozens of clients and prospects. His insights are helpful and entertaining.His newest book, Stop Acting Rich: And Start Living Like A Real Millionaire, reveals the differences between what we say and what we do. He chronicles the spending patterns of genuinely rich people, and the lifestyles they enjoy. It's interesting, because there are two groups of people with serious money: the glittering rich (think Donald Trump or Bill Gates) and the millionaires next door. And, as you'd guess, they consume differently. Spending by the glittering rich, well, glitters. These are the few folks with so much money that spending really doesn't matter. They own multiple cars, multiple timepieces, and they tend to entertain lavishly. We all know who they are and they set a remarkable standard for living. Other rich people are remarkable for differing reasons. As Stanley has recorded previously, they stand out for their modesty and good sense. These millionaires drive Toyotas, wear Seiko watches, and surround themselves with value-oriented merchandise. We know who these neighbors are, too, but we probably don't realize how financially successful they truly are. They set a different kind of standard. Here's the paradox of this book. Almost everyone else (and that's a huge chunk of our society) dwells in yet another culture. This is the culture of false wealth. Where looking rich is more important than being rich. It's the world of luxury goods sold to high-income buyers. But, sadly, that spending pattern yields no genuine wealth. The simple act of buying those goods, by itself, is financially counterproductive. These are residents of mini-mansion neighborhoods. And owners of luxury automobiles and Rolex watches. They send their children to private schools and belong to expensive country clubs. They buy Brooks Brothers suits and shop at exclusive department stores. They are glittering rich wannabes, and they spend most of their income on a prestige lifestyle. There's nothing left for saving. The depressing truth is this book won't change much. Most of us would rather look rich than be rich. We like those luxury goods and that luxury lifestyle, even if we can't afford them. We can see how sensible living might bring stability and success. We know Tom's right, but we don't want to live in sensible neighborhoods or drive sensible cars or wear sensible clothes. That's the paradox of Stop Acting Rich. We don't want to. 107 of 115 people found the following review helpful
3.0 out of 5 stars
Great message but too repetitive,
By T. Murphy - Published on Amazon.com
Amazon Verified Purchase(What's this?)
This review is from: Stop Acting Rich: ...And Start Living Like A Real Millionaire (Hardcover)
I looked forward to reading "Stop Acting Rich" but I found it to be too repetitive. Although the book is 200+ pages, I felt as though the first chapter covered the ultimate message and the remainder of the book only served to reiterate the concepts without significantly furthering them. Sure, some examples and data in later chapters further reinforced the message but one could easily get the message within the first few pages, skip the rest of the book, and still understand the point that less consumption, decreased spending, and more frugal living is more likely to help you gain wealth than buying fancy cars, expensive clothes, and enormous homes. I liked the book but felt a bit short-changed when I found the chapters to be so repetitive.
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