As I mentioned in my initial multi-book review from summer vacation, I really liked this book.
What has started to become apparent to me as I have tried to tell people about it, is that they seem to start out expecting that I read some book about how to become a millionaire, or in some way convinced myself that I found the secret to getting rich.
That is in no way the case! This book is basically just a compilation of facts about people who have a net worth of over one million dollars. The authors provide some commentary, trying to explain why they think trends appeared, and in some cases offer advice.
If I were going to give a one sentence summary it would go like this: “This is the book to read once you are doing the Dave Ramsey thing, and want to start thinking about what the rest of your life looks like”
Again, I want to stress that this isn’t about “getting rich”!!
Basically what you start to realize is that the people who actually accumulate wealth are the people who don’t spend it! Living below their means, and working hard, are two of the hallmarks of the people this book looked at. In no way do you leave with the impression that doing a few things will let you live in a huge house and have all the toys your heart desires. They are quite clear that most of the people living that way have no hope of sustaining it, ether spending everything they make, or being heavily subsidized by a parent or grandparent.
Like a lot of what you get from Dave Ramsey, nothing in the book is really outside of common sense, but it’s easy to get blinded by day to day life. I found this book so exciting to read, as just an encouragement that the plan Heather and I are pursuing really is where we want to be.
Probably the single biggest point thing I got out of the book, as far as things I can use today, was their information about houses and behavior. Basically, if you live in a “high-consumption” neighborhood, you will spend like the people around you. Apparently it is really hard to live conservatively when surrounded by people who aren’t. Considering there aren’t vast enclaves of budget conscious people in most cities, the authors recommended simply living in a house that cost no more than double your annual household income. Last year when Heather and I were looking for houses, I can assure you that the banks will be happy to loan you a lot more than that!
I cannot recommend this book enough if you are looking for encouragement to stick with a budget, or just sticking with a lifestyle that doesn’t have as many toys as the people around you. Outside of that I thought it was just interesting to have my perceptions rocked as to who in this nation actually has wealth as opposed to putting on a show of wealth.
-Jordan
Nelsons 