Eight years ago, Dr. Thomas J. Stanley swept aside the mythical magic curtain of wealth to reveal The Millionaire Next Door. America found out just who and how common the truly wealthy were in this country¿and we learned the characteristics and habits that made them so. Now the author of the follow-up The Millionaire Mind focuses on one of the least understood but increasingly rich demographics: Millionaire Women Next Door.¿Why write another book that profiles millionaires?¿ Stanley asks. ¿The vast majority of the millionaire respondents (92 percent) in The Millionaire Next Door were men. . . . I felt that it was indeed time for successful businesswomen of the self-made variety to be heard.¿ And heard they are in this book that is destined to become every bit as informative, quoted, and inspirational as the author¿s earlier works. Readers everywhere will be fascinated by Stanley¿s thoroughly researched findings and conclusions. More than a simple extension of his studies of male millionaires, Millionaire Women Next Door presents groundbreaking concepts involving the nature, lifestyle, and business choices of successful American women that reach far beyond the scope of the author¿s previous studies. The book examines the choice of businesses elected by self-employed women, ranking over 150 categories in terms of their profitability and probability of success. It also describes the women¿s background, highlighting the fact that most millionaire women were raised in nurturing family environments that were literally training grounds for success, instilling the values that make this group one of the most generous in American society as demonstrated by its level of giving to charities, family, and friends. While many characteristics such as frugality and simplicity of lifestyle are similar to those of their male counterparts, Stanley demonstrates that most millionaire women work harder and do better¿at school, in business, and in investment practices. Millionaire Women is sure to be one of the most read, reviewed, and discussed books to come out this year. Make your own wise investment for a wealth of solid sales. |
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62 of 68 found the following review helpful:
 Interesting Bits and Pieces Just OK OverallMay 22, 2005
By Sheryl Katz
There are some interesting bits and pieces in this book, most of which are generally familiar to readers of Stanley's other books. However, on the whole the book doesn't amount to much, wavering between sociological analysis and how to while not actually being either.
What is clearly stated, but somewhat hidden is that this is not a book about women "millionaires" in general. It is based on responses to a questionaire by a group of women business owners with incomes over $100,000 and a net worth between $1 million and $25 million. Not included at all are women professionals, women who have amassed over $1 million by working in corporations, or women who might have made their money as partners in majority male owned businesses. It is not surprising that the women millionaires in this study have not departed much in their consumption or living habits from their middle class roots. It's impossible to say whether his conclusions are even mildly relevant to women who might have made just as much or more money in other ways, and who may account for a larger number of women millionaires.
There were a few observations in the book that I did find to be interesting enough that I didn't feel like I wasted my time. One observation was about how many of the millionaire women had married a type he called "Marginal Bob". (I call them losers). I have observed this phenomenon scores of times in high achieving women, and it's the first time I've seen it documented. Another was the chapter about women who came from dysfunctional families but who were still quite successful.
To me the book felt like fairly pedestrian (and not very well written) how-to advice cloaked in the pretense of scientific investigation. At least the advice is to be frugal, don't overspend, be supportive of others, pick business opportunities based on types of businesses that actually make money, be persistant, etc. At least the book doesn't pretend there is a simple overnight way to be a millionaire. I would find a meaningful empirical study of successful women to be far more interesting. I would have also preferred if he had been more straightforward about what he was really studying. I picked this book up and bought it off the remainder table, and I'm not surprised it ended up there. It just isn't very good. At least it isn't dispensing bad advice and it does have some interesting nuggets.
37 of 39 found the following review helpful:
 Hopeful, helpful, and riveting bookJul 01, 2004
By Diane
"diane"
If you're a woman who didn't quite see yourself in The Millionaire Next Door, there's hope. Women are different than male millionaires in several important ways. For example, the typical male millionaire has married once and remains married, but over half of female millionaires have been divorced. Women are also more generous than men. The book mainly talks about business owners becoming wealthy, but it also talks about alternatives to business ownership. Stanley profiles a star saleswoman, educators (a wealthier group than you realize), and stay-at-home women who act as managers of their "family office". He also discusses parenting your children so they can develop a millionaire mindset. Many situations are presented in this book, so you can probably find something that will apply to you.
As for helpful advice, the author points out cautions women need to consider. Women need to watch out for the "Marginal Bob" worthless first husbands. Women also often provide continued financial support to their grown children and grandchildren. This "economic outpatient care" hurts both parents and children. I enjoyed reading this book. It was well written and thoroughly researched. I will buy more copies for graduation gifts.
20 of 21 found the following review helpful:
Very good future ahead of meFeb 13, 2006
By C. M. Mccarthy
"Christine McCarthy"
I absolutely loved this book! When I originally read Stanley's Millionare Next Door, I was put off that all the data was regarding men (but that it is still a very good book). I was suprised to stumble on this book and am very glad that I did!
Recently, before reading the book, I made the assumption that for women, money correlates with charity. Look at Susan Sarandan w/ the Heffer program and Oprah w/ her various charity beliefs...Awesome women who know how to give back to the world.
I feel it in my bones that this book is one of the variables in my life to lead me to success. It has opened my eyes and confirmed my assumptions to obtain success. And has also provided me w/ many other aspects and details I found interesting.
This is a definite book to have in your collection if you are serious about obtaining success. Not just monetary success but happiness w/in yourself and the community/world you live in.
14 of 15 found the following review helpful:
Intriguing look at powerful, successful womenJun 08, 2004
By Audrey Matthews
For all the fans who loved Dr. Stanley's previous book, Millionaire Next Door, this fascinating follow-up will exceed your expectations. Packed from cover to cover with inspiring, touching, and creative stories of how regular women made their way to the top of the tax bracket, Millionaire Women Next Door offers plenty of advice and inspiration on how we can all become successful. What's great about this book is that the women profiled within are not celebrities who have had success managing their millions, but rather the "everywomen" who've managed their careers, families, households, and finances throughout the years. Highly recommended for everyone!
16 of 18 found the following review helpful:
Fascinating Study of Successful WomenJun 01, 2004
By Marsha Wood Wirtel
We have long known that women and men approach both work and money differently. The nature of the differences, though, is not what most people expect. In fact, Thomas Stanley leads the book with an illustration of exactly this: a man is vociferously insisting that businesswomen are cold, obsessed, unfriendly, tyrannical, unmarried and even dangerous and, as a result, are not worthy of study. Stanley knows otherwise, though, and shows through exhaustive interviews and surveys that successful businesswomen have a great deal in common with their male counterparts in that they are next to impossible to define by qualitative measures alone. They are married and unmarried, mothers and not, formally educated and self-taught. One way they differ sharply from the male millionaires Stanley studied in a previous book is in their greater tendancy to allow family members to become "economic outpatients" - persons whose constant need for money is met by the successful person over whom they exercise emotional control. One of the greatest gifts that Stanley gives all women in this book is showing in detail and with great care that one need not be born with a silver spoon to be financially successful (in fact, having ample financial resources while growing up may hinder self-directed success). In fact, several of his cases are of women who were neglected and/or abused in the most horrible ways and still managed to look within themselves and create success. It is clear through this work that if a woman truly desires to be free of economic pressure, she can be so regardless of her background and upbringing.
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