The Millionaire Next Door by Thomas Stanley & William Danko
This book has sold millions of copies for a reason. It is well-written and well-researched. It also counters much of the conventional wisdom around which people are wealthy and how they become wealthy. Stanley and Danko argue that most millionaires are self-made. They were not born into wealth. And these millionaires often do not act how most Americans might expect them to act. Through extensive surveys, the authors put together general characteristics of most millionaires and drew some comparisons in lifestyle choices between those who are “prodigious accumulators of wealth” (PAWs) and those who are “under accumulators of wealth” (UAWs).
Financial Peace is full of practical advice from setting financial goals to talking with your spouse about your finances to checking your credit report and investing in mutual funds. Ramsey’s main goal is to help the reader take control of their spending and their finances.
Paul Mueller is a Senior Research Fellow at AIER, a research fellow and associate director for the Religious Liberty in the States project at the Center for Religion, Culture, and Democracy, and the owner and operator of The Abbey Bed and Breakfast.