"The Millionaire Next Door," a book that dashed our notions about who America's millionaires really are and how they spend their money, marked its 10th anniversary recently, and nobody noticed. No party. No 10th-anniversary edition. Nothing.
That's shocking for a runaway book that sold out its first printing in three days, held a spot on The New York Times' best-seller list for more than three years and is hailed as a staple for any personal finance book collection.
The book by Thomas J. Stanley and William D. Danko, subtitled "The Surprising Secrets of America's Wealthy," was published Oct. 25, 1996. But the striking and profound findings revealed in that book a decade ago are as true today as they were then--especially when it comes to spending money.
The No. 1 make of car owned by millionaires in 1996 was Ford. Today, it's Toyota, according to Stanley's new study. Luxury brands do not top the list, and many millionaires, 37 percent in 1996, bought used cars.
"There's certainly something about buying used cars," Stanley said. "Today, they're a little more likely to buy new cars. But what they'll do is buy a $22,000 Toyota and keep it a long time."
"What's interesting about spending is that everybody thinks all the millionaires in America have BMWs. Even among the highest income levels, about 60 or 70 percent have never owned a BMW," he said. "I think BMW is a great car. I'm a car guy. But I won't buy one because there is a relationship between wealth and how much people spend for cars. There's no doubt about it. It's a significant relationship."
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