Ron Lieber, writing for NYTimes.com’s “Your Money” blog, recalls the influential work of Thomas Stanley, co-author of The Millionaire Next Door, one of the most insightful books on the reality of small business owners and wealth. Stanley died earlier this week in a car accident.
“We imagine athletes, entertainers and, more recently, entrepreneurs, when we ponder the wealthy. But the enduring lesson of the classic personal finance book, The Millionaire Next Door, is this: Most of the rich grow wealthy because of modesty, thrift and prudence. They live happily in starter homes. They don’t subsidize irresponsible adult children. They have an allergy to luxury automobiles.”
Continue reading at NYTimes.com: “Paying Tribute to Thomas Stanley and His ‘Millionaire Next Door’“