Oddly enough, I scheduled this entry to be automatically uploaded back when I was in Chicago, but something must have screwed up in the back end system because it never appeared on the blog. No worries, though, because the content wasn’t lost and if you’re reading this, then the entry uploaded as planned!
If you’ve been reading JerseySmarts.com or Joe’s Journal for a while now, then you know that I like reading books about self-improvement including eating better, understanding the human body better, and using money better. Stop Acting Rich …And Start Living Like A Real Millionaire by Dr. Thomas J. Stanley falls into the latter category as this book focuses on how real millionaires spend their money. Sure, we all think that we know who a real millionaire is (the flashy people you see on television and maybe one or two families in your community that live in a bigger house and have nicer cars), but the truth is that some of these folks are only what Dr. Stanley terms the “glittering rich.”
In other words, these are the people who want to live the rich lifestyle without actually having the dollars to back it up! I prefer to call these folks idiots.
What I found most interesting about reading this book is that as you go through each chapter and Dr. Stanley writes about how real millionaires live versus how people who want the prestige and status associated with being rich live, I was amazed at how many people in my own life popped into my head. For example, did you know that most millionaires drive Fords, Chevrolets, and Toyotas? And I’m not talking about the “high end” brands that are associated with each of these companies, either. True, you might expect most millionaires to be riding around in Mercedes-Benz automobiles or BMWs, but the scientifically-researched data proves those assumptions false.
And that is another thing that is great about this book, namely that Dr. Stanley uses scientifically-compiled data to make the points for him. He doesn’t approach this subject with a predetermined mindset where he is attempting to prove that millionaires spend their money in a certain manner (frugality) versus a different manner (splurging). All he does is compile the research and explain what the data mean. Frankly, it’s refreshing to read a book about money that isn’t pushing a certain agenda or method of using one’s scarce financial resources. This book just simply tells the read how real millionaires choose to spend their money in their daily lives.
Again, though, I was struck by how many people came to mind as I read through the book. Using the car example above – how many of us know people that are driving around in cars that cost upwards of $50 thousand? The research shows that there is a strong chance that those individuals are not only not millionaires, but likely struggling to put away any funds for retirement. Think of another example – how many of us know someone who has a “fascination” with certain inanimate objects like watches? Did you know that most millionaires spend less than $150 for their watch? And they usually own one or two at the most. But don’t we all know someone who has to have that thousand dollar Rolex? Talk about a waste of money.
I’ll have to pick up the book you recommended. Sounds similar to The Millionaire Next Door.
Yeah, I think you’d like it. The book is almost an extension of The Millionaire Next Door.