Book Review of The Millionaire Next Door by Thomas Stanley and William Danko
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The ePortfolio signature assignment for Personal Finance 1050 included reading the book The Millionaire Next Door and preparing a book review. The Millionaire Next Door provided some useful insights and contributed to the following learning outcomes of the class: thinking critically and acquiring substantive knowledge.
Thinking critically is an important skill in any course. This learning outcome was emphasized during the processes of reading the book and extracting data to draw conclusions for the book review. Information presented during the Personal Finance course coincided with the ideas presented by Stanley and Danko. The research they conducted over the course of more than 20 years led to their conclusions about common traits of many millionaires. Frugality and early investment are known to be two financially favorable traits but this book gave examples of millionaires who had stressed these traits to help their investments grow.
The second learning outcome was to develop substantive knowledge. We had the opportunity to do an assignment in which we prepared personal financial statements such as a personal balance sheet, a personal cash flow and a personal budget. Our textbook also described financial planning and investments as well as financial service products and lending criteria. Stanley and Danko stated that many millionaires spend a substantial amount of time investigating investment opportunities and planning their financial futures.
Learning how to prepare personal financial statements and knowing the basics of investing will help me to be more proactive in my personal financial
planning.
Thinking critically is an important skill in any course. This learning outcome was emphasized during the processes of reading the book and extracting data to draw conclusions for the book review. Information presented during the Personal Finance course coincided with the ideas presented by Stanley and Danko. The research they conducted over the course of more than 20 years led to their conclusions about common traits of many millionaires. Frugality and early investment are known to be two financially favorable traits but this book gave examples of millionaires who had stressed these traits to help their investments grow.
The second learning outcome was to develop substantive knowledge. We had the opportunity to do an assignment in which we prepared personal financial statements such as a personal balance sheet, a personal cash flow and a personal budget. Our textbook also described financial planning and investments as well as financial service products and lending criteria. Stanley and Danko stated that many millionaires spend a substantial amount of time investigating investment opportunities and planning their financial futures.
Learning how to prepare personal financial statements and knowing the basics of investing will help me to be more proactive in my personal financial
planning.
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