Stop Acting Rich: ...And Start Living Like A Real Millionaire (Hardcover) By Thomas J. Stanley
I must admit that I was quite intrigued by this title - I wasn't really aware that some people were "acting rich" and I could not really understand what the difference was. In Stop Acting Rich, author Stanley takes an extremely interesting look at so-called "rich" and the many, many differences that exist between people who are truly millionaires and those who just want to look like they are. I guess I was a little naive before reading this book and I have to say that the author does a great job of showing the difference between the two very distinct mentalities. I was quite surprised at some of the statistiques quoted in the book - especially about housing and how millionaires view their homes and their new worth (Reviewer 1)
Dr. Stanely's most recent research and newest book..."Stop Acting Rich..." is wonderful.
It is meant to open the eyes of those of you with leashed BMW's and Patek watches who have forgotten that a car is for transportation, a watch is to tell time and real wealth is to take care of you and your family (at least the deserving members) for multiple generations. No one has done the research like Dr. Stanley. No one can translate that academic research into prose that can help people develop a vision for their own financial futures. Dr. Stanley doesn't pretend to be an investment guru, nor does he fancy himself a stock picker. Rather he holds a mirror in front of the truly wealthy and allows us all a glimpse into what they see reflected of themselves. They don't try to impress anyone, they simply are impressive. They don't try to "Keep up with the Joneses"..they are the Joneses that everyone should attempt to keep up with. Read Dr. Stanley's newest book only if you have the courage to do what the title suggests.(Reviewer 2)
Very educational and quite fascinating.
By Avinash Sharma
I read Thomas Stanley's The Millionaire Next Door three years ago and was thoroughly impressed by the insights and research. While reading it I wished the author had published a revised edition with updated numbers - the book was published in 1998. This book (Stop Acting Rich...) covers similar themes as the book I previously mentioned. However, it has updated numbers and includes insights gained from the financial crises of 2008-2009. The central theme of this book is that there is a difference between those that are genuinely rich and those that act like they are rich. This book details the differences between these two groups of people - what they wear, drive, eat, drink, etc. These differences, presented throughout the book in the form of several tables and lists, are backed by empirical data that are drawn from the author's extensive research on the affluent.
We live in a culture of hyperconsumerism. It is far easier to act rich than to become truly rich. All we have to do is to buy the luxury goods/services that we think the rich buy and we get the feeling that we are rich. But this kind of excessive consumerism is detrimental to our net worth. The author explains that most rich people become wealthy and stay that way by being frugal and by being investment oriented as opposed to consumption oriented. As for wealth and happiness he warns, "those who think that acting rich must be predicated on hyperconsumerism are likely to end up on the short side of both the wealth and happiness scales".
Throughout the book many myths about the rich are dispelled. Their consumption habits are described and compared with those of the pretenders. What brands of shoes, suits, watches, etc do they wear? What wines and spirits do they consume? What motor vehicles do they drive? Where do they shop? And how much do they pay for the goods listed above? The insights are illuminating and thought provoking.
During the financial crisis of 2008-2009, many articles were published regarding the benefits of frugality and the dangers of excessive consumption. In many ways the root of this crisis (sometimes referred to as the Credit Crisis) was excessive borrowing and consumption. I share the author's belief that as soon as the economy improves, people will resume their spendthrift ways. This is most unfortunate since it could lead to a repeat of the crisis we just experienced.
Bottom line - I highly recommend this book as the single best personal finance book I have read. You cannot save the whole of society from this disease of hyperconsumerism. But by educating yourself, you can simplify your lifestyle so that you can be truly rich as opposed to just acting like you are rich. If my review was helpful to you, I request you to select "Yes" so that the rating is improved and more readers will get to read it.
...Enjoy...Happy Reading...Remember to email your views
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