04 March, 2013

Book 9/100 | The Millionaire Next Door

I made a goal to read 100 books in 2013 and I'm reviewing each one I read on the blog. A hundred is a lot so I am always looking for book suggestions. Feel free to comment with your very favorite books and I'll be sure to add them to my list.


A bathroom shot with $2.00. This is called "class", my friends.
The Millionaire Next Door by Thomas Stanley and William Danko. This book was:

Validating
Encouraging
Genuine
Well-written
Engaging
AND MORE!

I loved it. So I was a little intimidated during the first few chapters. We spend too much! We are living on more than 15% of our income! We will never be out of debt! But then I had a pep talk with myself and I read it with a more hopeful perspective.

I have been dreading writing a review for this one because there is SO MUCH I could say and want to say about it, but instead I will say the top three things I learned from it:

1. People who are in good financial shape do not have the nicest, showiest, newest, most abundant things. That is WHY they are in good financial shape. 

2. We should not just live within our means, but well below our means.

3. If we really love our kids, we will NOT allow them to be financially dependent on us (as adults, obviously), because statistically, the more money they are given the less productive they will be, and ultimately the worse off they will end up (both financially and in other areas of their lives).

I am obsessed with budgeting. Ever since I took math 108 in college (I was one of two seniors in a class of freshmen. Oh yeah.) and had to use a budgeting excel sheet for a project, I've been a slave to the ol' budget. I do it old-school, though, on an actual piece of paper with a pen. It has been a huge blessing in my life and in our family. I kind of thought I was a weirdo and maybe spending too much time planning our finances, but this book validated me so much. Every second I spend adding and subtracting, tallying and balancing, I am helping our family become that much closer to financial independence and real wealth. 

It was also so validating to read that people who are confidant - not only financially - but just in life, do NOT buy lots of things. I've been a little intimidated before by couples who are around our age who just have the nicest toys... brand new cars, huge houses, designer clothes, huge TVs, etc., and while they MAY be financially independent, statistically they are probably slaves to their paychecks and wouldn't be able to survive if things took a turn for the worse and they lost their income. Big hat, no cattle"as the book would say.

ANYWAY. Please read this book. I guarantee you will not regret it!

Are you a budgeteer? Does it drive you nuts like it does my husband? Budgeting is like... his personal hell. But I love it.

6 comments:

  1. I need to read this book! Thanks for sharing!

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  2. Love this post! I was into budgeting before Brandon and I were Brandon and I, but did little while we were married. However, starting Feb 1st, I got back to the budget and this time full force. Keeping track of everything you spend makes you think so much more about what's really important. I'm actually really enjoying it. Yesterday Brandon gave me the ok to completely pay off one of my student loans (there have been many)!! It felt wonderful! I look forward to the day when we were debt free. Thanks for sharing your thoughts on the book. I'm going to read it! You are such a wonderful example!! xoxo

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  3. Great review Brooke! I'm about half way through the book now and am getting so much out of it - so much motivation, validation, encouragement (wait - is that what YOU said?). I actually HATE budgeting. Yes I do. BUT .. I can tell you how much we spent on clothes, food, hair cuts, etc last year and what we project our spending will be this year. I don't "tally" like I should. I hope to get a better attitude about real budgets and I see the need. For now though, I'm patting myself on the back and feeling like we're on our way to becoming "millionaires next door" :)

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  4. pahahahaha sorry, I can hardly focus on the review because that bathroom shot is too funny. Way to keep it classy :)

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  5. We need to budget better... with that said, I love budgeting/checkbooking with pen and paper! I also love making lists.

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  6. I read that book for a personal finance class as a freshman, but didn't really start to budget until I married Russell. It's probably one of my highlights every month to type the handwritten expenditures into our Excel sheet and see how we're doing. Serious, I get waaaay too happy about it.

    On a different note, A Town Like Alice is an incredible book. I think because of our travels, Mom, Brittany and I loved it. And because you've traveled, I think you will too.

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