“The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” is a book written by Thomas J. Stanley and William D. Danko in 1996, which sought to uncover the characteristics and habits of America’s wealthy population. The book is based on a study of millionaires in the United States and offers insights into how these individuals amass and maintain their wealth.

One of the key findings of the book is that the majority of millionaires in the U.S. are not the flashy, extravagant individuals that we often imagine. Instead, they are often “quiet” and “unassuming” people who live well below their means and avoid conspicuous consumption. They tend to be self-employed, frugal, and highly focused on their work, and they invest heavily in their businesses.

The book also highlights the importance of living within one’s means. Many millionaires, according to the authors, achieve financial success not by earning high incomes, but by controlling their expenses and avoiding debt. They tend to buy cars and houses that are below their means and invest the rest of their money in assets that appreciate over time, such as real estate and stocks.

Another key takeaway from the book is the importance of being in the right profession. The authors found that a significant number of millionaires are entrepreneurs, executives, managers and professionals, who earn income through their own efforts, skill, and talent. They also have less earning potential in low-income-paying jobs or in jobs that are not in their field of expertise.

The authors also make a point of mentioning that, in many cases, the millionaire next door is not solely self-made but often from families that also have a strong tradition of entrepreneurship and wealth. This is not to say that inheriting wealth is a guaranteed path to becoming a millionaire, but it does have an impact on the chances and opportunities for becoming one.

Overall, “The Millionaire Next Door” provides a unique perspective on the habits and characteristics of America’s wealthy population. It is a valuable read for anyone interested in understanding the mindset and practices of those who have achieved financial success, and provides actionable tips for building wealth of your own.