The Millionaire Next Door by Thomas J, Stanley and William D. Danko is a book I read a long time ago, but since it had such a huge impact on my life, I felt it should be the first book on jinij. This book should already be a staple in every financially conscious persons collection and if it is not, they are missing out on a great book.

In The millionaire Next Door you will learn much about the life and habits of normal wealthy folks. Stanley and Danko made a life of studying wealthy people and the book is about what they have learned. It is filled with case studies and profiles of many wealthy people that live in modest neighborhoods and drive middle and low class cars. It points out that many of these multimillionaires are frugal, cut coupons, live on budgets, and will go through great lengths to make $250.

I honestly give this book 5 stars and recommend it to everyone. It is easy and fun to read and at the same time has a very interesting point of view. If you have never read it you can get it  from Amazon.

Many people think being frugal is under tipping waiters, haggling prices, buying the cheapest items, and just being cheap overall. While this is true to some extent, it is really about getting the best quality and the most quantity for your money. It is not another way of saying cheap, but the line is thin and easily blurred. Frugal people are very conscious about what they spend their money on, they are economical and tend to live a less wasteful life.

Personally speaking, Living frugal was a way of life when I was young. We had no choice but to make the most of the little we had. Creating new and interesting recipes from the little food that we could afford, was just a part of life to us. Back then we just called it being poor. Now that money is not a issue and I can afford to buy what I want, I find that I don’t really want to buy much. Yes, there are somethings I would buy now that I couldn’t before, like a plasma TV, but that is to be expected. I really don’t see the need to have one of every gadget and things like doing my own laundry and cooking has become things I enjoy.

The rewards of living frugal can be great. For instance, the less you waste the more you can save and the more environmentally friendly you will be. Most self made millionaires are frugal by nature according to the book “The Millionaire Next Door.” They clip coupons, shop at thrift shops, buy in bulk, and waste as little as possible. They also claim their frugalness played a big part in their success.

I find it ironic how, most of the people that need to incorporate a little frugality in their lives are the ones that fashion it as being cheap. I think the world can learn a few thing from people that practice frugal living and be better off for it.