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Danko is an associate professor of marketing in the School of Business, University at Albany, State University of New York. Stanley is an author, lecturer, and researcher who has studied the affluent since 1973. Stanely’s research also showed that the average millionaire goes bankrupt 3. "You aren't what you drive," admonish the authors. The Millionaire Next Door Key Idea 5: The most financially dependent children receive the largest share of the family inheritance. Millionaires have significant equity in their homes, as on average, their mortgage is less than one third of their home’s value, according to research performed by Thomas Stanely for his book The Millionaire Next Door. This bestselling resource identifies seven common traits. There are no pop stars or athletes in this book, but plenty of wall-board manufacturers-particularly ones who take cheap, infrequent vacations! Stanley and Danko mercilessly show how wealth takes sacrifice, discipline, and hard work, qualities that are positively discouraged by our high-consumption society. Description for The Millionaire Next Door: The Surprising Secrets of Americas Wealthy Paperback. But, as they point out, their prescription often flies in the face of what we think wealthy people should do. The authors' conclusions are commonsensical. You'll have to buy the book to find out the other five. The last rule is, choose your occupation wisely. I was a senior in college at that time and most of the concepts went in one ear and out the next. The first time I read the book was shortly after it was published in 1996. A modern alternative to SparkNotes and CliffsNotes. The Millionaire Next Door summary is something that I’ve been wanting to write for some time now. The first rule is, always live well below your means. Thanks for exploring this SuperSummary Plot Summary of The Millionaire Next Door by Thomas J. How can you join the ranks of America's wealthy (defined as people whose net worth is over one million dollars)? It's easy, say doctors Stanley and Danko, who have spent the last 20 years interviewing members of this elite club: you just have to follow seven simple rules.