PII: S1057-0810(97)90015-9


FINANCIAL SERVICES REVIEW, 6(3): 221-224 Copyright 0 1998 by JAI Press Inc. 

ISSN: 1057-0810 All rights of reproduction in any form reserved. 

Book, Software, and Web Site Reviews 

Douglas Kahl, Editor 

University of Akron 

The Millionaire Next Door. 
Thomas J. Stanley and William D. Danko 

Marietta, GA: Longstreet Press, Inc.; 1996 

Reviewed by: Douglas R. Kahl, Professor of Finance, The University of Akron. 

Thomas J. Stanley and William D. Danko surveyed 3000 heads of households expected to 
have high net worth. Of the 1,115 respondents, 385 had household net worth of at least 
$1 ,OOO,OOO. They present the results of the eight page surveys in a 258-page book, The Mil- 
lionaire Next Door. Based on the survey, in depth interviews and prior research Stanley 
and Danko paint a detailed portrait of the American millionaire. They will tell you what the 
millionaire is likely to drive; how much he will spend for a suit, watch and shoes; how long 
and how often he has been married; and, perhaps what is most important, how he became 
a millionaire. 

Stanley and Danko’s portrait may not surprise most experienced financial planners, 
but will come as a shock for many of those who want to sell goods and services to the 
wealthy, who want to become wealthy, or who simply want to appear to be wealthy. The 
results presented in the book are thoroughly discussed and are enhanced by many examples 
and illustrations. While the covers of the book may be a little farther apart than is abso- 
lutely necessary, the book is well worth reading for the insights it provides into the modem 
American millionaire and his lifestyle. 

The Financial Services Revolution. 
Edited by Clifford E. Kirsch 

Irwin Publishing; 1997. 

Reviewed by: J. Tim Query, Dept. of Risk Management & Insurance, University of Georgia. 

The Financial Services Revolution examines the important changes that have taken place 
in the last two decades in the financial services industry. Its intention is to bridge the inter- 
ests of policy makers, practitioners, and academics. To that end, submissions are included 
from practitioners, academics, and officials from regulatory agencies. Editor Clifford E.