Tom Stanley-Millionaire Next Door Author Killed in Auto Acci
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Tom Stanley-Millionaire Next Door Author Killed in Auto Acci
Author Tom Stanley was killed in an automobile accident Saturday Feb 28
His book Millionaire Next Door inspired me to get my finances in order and helped me to develop a "millionaire mind." Though I am not there yet financially, his books put me on the right track to becoming a millionaire.
RIP Tom Stanley
His book Millionaire Next Door inspired me to get my finances in order and helped me to develop a "millionaire mind." Though I am not there yet financially, his books put me on the right track to becoming a millionaire.
RIP Tom Stanley
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Terrible news!
His work influenced me greatly at a critical time in my life.
RIP

His work influenced me greatly at a critical time in my life.
RIP
Few decisions in life motivated by greed ever have happy outcomes--Peter Bernstein, The 60/40 Solution
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
So sad. He had so much to offer. RIP.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
driving a corvette, and struck by a large acura SUV. Wonder if a safer larger car would have resulted in a different outcome
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Killed by someone driving an Acura. Sad irony.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
So sad. RIP, Tom. His books were the first ones I introduced our nephews to in their 20's. One nephew has treated the books like bibles.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
RIP. I really enjoyed his books.

I am not an auto safety expert, but probably not - from the AJC article, sounds like a full-speed T-bone collision on Dr. Stanley's side of the car as Fettig was overtaking him on the left side as Stanley was turning leftsambb wrote:driving a corvette, and struck by a large acura SUV. Wonder if a safer larger car would have resulted in a different outcome

"Ritter, Tod und Teufel"
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
His was the first personal finance book I ever read. My folks had a copy "casually" lying around when I visited one year. (They were well aware of my voracious reading habits.). It was hugely influential on my attitudes about money, and hoed me recognize (1) a bad boyfriend and (2) the guy who was worth keeping. It also helped me resist the fancy-car-big-house trap. When my folks passed away, I was astonished by their estate-- they could have been one of his example families.
I am sorrry to hear of his passing. He did a lot of good in the world with his book.
I am sorrry to hear of his passing. He did a lot of good in the world with his book.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Very sad news.
I read and have referred back to The Millionaire Next Door numerous times over the years.
RIP Thomas Stanley.
I read and have referred back to The Millionaire Next Door numerous times over the years.
RIP Thomas Stanley.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Very sorry to learn about the untimely death of Tom Stanley. I had the pleasure of meeting him in 1986 when we both spoke at an investment conference in New Orleans. He was teaching Marketing at Georgia State U in Atlanta and I was teaching Management at the U. of New Orleans. His presentation was on the research he had done identifying who millionaires were and how they became wealthy. This was 10 years before "The Millionaire Next Door" was published. His message was essentially an abbreviated version of the message in the book: Most, but not all millionaires become millionaires by owning a business and living frugally.
We had a nice chat after his presentation and I gave him a ride to the airport. He was a very nice guy who likely had many good years left and no money worries. What a tragic waste, but many of us richer for his contributions. He left the world a better place.
We had a nice chat after his presentation and I gave him a ride to the airport. He was a very nice guy who likely had many good years left and no money worries. What a tragic waste, but many of us richer for his contributions. He left the world a better place.
Last edited by mlebuf on Mon Mar 02, 2015 12:01 am, edited 1 time in total.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
A real loss, there was this word picture he painted in the first two pages of The Millionaire Mind, the story of the banker looking out the window in his office high above the city and saying "We (the lenders) own it all.... The businesses out there? ... You (borrowers) just run those businesses for us".
Whether completely true it is something I think of every time I take a drive. How many of these houses are "owned" by the owners and not the bank, how many of the businesses are really "owned" by the bank.
He changed the way I saw the world.
Whether completely true it is something I think of every time I take a drive. How many of these houses are "owned" by the owners and not the bank, how many of the businesses are really "owned" by the bank.
He changed the way I saw the world.
The market goes up, the market goes down.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Same here, this was the first book I read about finances and lifestyle that propelled me to get my life in order. I read the book while at the gym on the exercise machines at Lifetime Fitness, also one of the first stocks that I bought back in the day when I had no idea what I was doing. All this underneath a large array of flat screens broadcasting CNBC. Those money shows just confused me and got me anxious, whereas this book really started me into planning and thinking about my financial future.tallgirl1204 wrote:His was the first personal finance book I ever read. My folks had a copy "casually" lying around when I visited one year. (They were well aware of my voracious reading habits.). It was hugely influential on my attitudes about money, and hoed me recognize (1) a bad boyfriend and (2) the guy who was worth keeping. It also helped me resist the fancy-car-big-house trap. When my folks passed away, I was astonished by their estate-- they could have been one of his example families.
I am sorrry to hear of his passing. He did a lot of good in the world with his book.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
He obliterated stereotypes. I learned a lot from his books.
I will miss him.
I will miss him.
The Golden Rule: One should treat others as one would like others to treat oneself.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Gah!
I read his book several years ago and bought a copy for a friend. It gave me more of an appreciation for complex marketing and how it is difficult to not give in.
RIP
I read his book several years ago and bought a copy for a friend. It gave me more of an appreciation for complex marketing and how it is difficult to not give in.
RIP
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Raymond wrote:RIP. I really enjoyed his books.
I am not an auto safety expert, but probably not - from the AJC article, sounds like a full-speed T-bone collision on Dr. Stanley's side of the car as Fettig was overtaking him on the left side as Stanley was turning leftsambb wrote:driving a corvette, and struck by a large acura SUV. Wonder if a safer larger car would have resulted in a different outcome
According to Driver Mortality in Paired Side Impact Collisions,
This study estimates that a passenger car driver in a side impact collision is ten times more likely to be killed than the driver of the SUV, regardless of the vehicle’s role.
Thoughts and prayers to the family.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Ironically, he might have been killed by a "wannabe".
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Maybe a modern car with blind spot monitor would have given him enough warning not to turn into an oncoming car. Best way to survive an auto accident is to avoid it. Obviously I have no clue about the exact details ( I don't think I have ever been passed on the left or seen it done when a car was turning left.) of this accident so it is impossible to say what may or may not have helped.Blue wrote:Raymond wrote:RIP. I really enjoyed his books.
I am not an auto safety expert, but probably not - from the AJC article, sounds like a full-speed T-bone collision on Dr. Stanley's side of the car as Fettig was overtaking him on the left side as Stanley was turning leftsambb wrote:driving a corvette, and struck by a large acura SUV. Wonder if a safer larger car would have resulted in a different outcome
According to Driver Mortality in Paired Side Impact Collisions,
This study estimates that a passenger car driver in a side impact collision is ten times more likely to be killed than the driver of the SUV, regardless of the vehicle’s role.
Thoughts and prayers to the family.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Tom Stanley's message of frugality , LBYM, etc. has had a great influence on me for the past 25 years or so. It seems his daughter will continue the research.
Dr Stanley really was a millionaire next door to me ( live in the same county ) ; the scene of the accident is very curvy and hilly ....bad spot to for an illegal pass !
Dr Stanley really was a millionaire next door to me ( live in the same county ) ; the scene of the accident is very curvy and hilly ....bad spot to for an illegal pass !
" IN GOD WE TRUST " ( official motto of the United States )
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Sad news. I've listened to that audiobook 5-6 times, one of my favorites. It inspired me to start my own business. I just found his weekly blog last week. His work definitely changed me as a person and the way I look at others. RIP.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
That's a shame. I still refer back to that book from time to time. As one of the other posters mentioned, he provided a real service when he co-wrote that book with Danko.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Sad. Thanks for sharing the news, the book was tremendously influential.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
It is sad to see anyone go. I remember David Halberstam went like this and it seemed so wrong, that we would not read more words by him.
Closer to home this one hits, too.
Closer to home this one hits, too.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Hmmm... I think I might agree with you there... depending on where you are coming from.JDDS wrote:Gah!
I read his book several years ago and bought a copy for a friend. It gave me more of an appreciation for complex marketing and how it is difficult to not give in.
RIP
There was an analytical flaw in his work, I would call his work well-intentioned rather than definitive. It always surprised me that, as a professor of marketing, (and therefore presumably well versed in statistics), he did not see it. OR he did see it, but his goal was persuasion rather than documentation.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Sad news indeed - it was probably the most influential book on finance and financial independence I've ever read.
I always remember he said that the Millionaire's next door "bought cars by the pound"
-Frank
I always remember he said that the Millionaire's next door "bought cars by the pound"
-Frank
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
It was the summer of year 2000. I had just started a new job and was chatting with the guy in the office next to mine. I told him of my vague goal to save a lot of money and hopefully retire early. He said, "That sounds like that book 'Millionaire Next Door'." I had never heard of the book, but I went out that night and got a copy. I stayed up late and read it in one sitting. That book crystallized my vision and prompted me to prepare a detailed 10 year plan of saving and LBYM lifestyle that led directly to my retiring a little more than 10 years later at age 47. It changed my life. Thank you, Thomas Stanley. Rest in peace.
Last edited by truenorth418 on Tue Mar 03, 2015 3:41 pm, edited 1 time in total.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
I liked the quote "Big Hat, No Cattle" - the complete opposite of Bogleheads.kellyfj wrote:Sad news indeed - it was probably the most influential book on finance and financial independence I've ever read.
I always remember he said that the Millionaire's next door "bought cars by the pound"
-Frank

"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
I had the great pleasure meeting him after his presentation at a conference in 2013. Very sorry, a great loss.
"We have seen much more money made and kept by “ordinary people” who were temperamentally well suited for the investment process than by those who lacked this quality." Ben Graham
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Found "The Millionaire Next Door" in my early 20s and couldn't put it down. What my father had been saying for years was really true.
Thank You for doing the hard homework on the reality of American finances, Dr. Stanley.
God bless you and yours in this time of loss.
Hoosier
Thank You for doing the hard homework on the reality of American finances, Dr. Stanley.
God bless you and yours in this time of loss.
Hoosier
I live in No Payment Land. It is wonderful, and I'd love for you to live here too.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Millionaire Next Door was the first financial book I read and got me started down this road I'm on. I have since given out many copies to others who I think might benefit from his message. The second most handed out book in my life is Bogleheads Guide to Investing. Both are must haves on any bookshelf.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
I am really sorry to hear that. I also like to think about the positive when something like this happens. That positive is that Mr. Stanley had a bigger positive impact on the world than most ever get the chance to have. He also was able to profit from his benefit to the world, meaning he was rewarded for his efforts. One can not hope more at the end of life than to be able to say you made a positive impact.
I'm not a financial professional. Post is info only & not legal advice. No attorney-client relationship exists with reader. Scrutinize my ideas as if you spoke with a guy at a bar. I may be wrong.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Very very sad. His books are my second favorite behind the Bible.
I loved Millionaire Next Door and Stop Acting Rich.
I loved Millionaire Next Door and Stop Acting Rich.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
On a side note, what is the difference between these two books? I have read Millionaire Next Door, but the title "Stop Acting Rich" made me think it was similar subject matter and just entitled in a more "In Your Face" fashion. That seems to be the trend for lots of personal finance books lately. Is it worth reading Stop Acting Rich if one enjoyed Millionaire Next Door?rec7 wrote:Very very sad. His books are my second favorite behind the Bible.
I loved Millionaire Next Door and Stop Acting Rich.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
New stories but it is like the first book. I loved the first one so much I did not mind round two. In fact I got quiet a kick out of it. "Is it worth reading Stop Acting Rich if one enjoyed Millionaire Next Door?" A big YES. You will love it.will34 wrote:On a side note, what is the difference between these two books? I have read Millionaire Next Door, but the title "Stop Acting Rich" made me think it was similar subject matter and just entitled in a more "In Your Face" fashion. That seems to be the trend for lots of personal finance books lately. Is it worth reading Stop Acting Rich if one enjoyed Millionaire Next Door?rec7 wrote:Very very sad. His books are my second favorite behind the Bible.
I loved Millionaire Next Door and Stop Acting Rich.
Disclaimer: You might lose money doing anything I say. Although that was not my intent. |
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
So sad and unfortunate. I read The Millionaire Next Door many years ago and it had an impact on me.
RIP.
RIP.
John C. Bogle: “Simplicity is the master key to financial success."
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
The Millionaire Next Door was also the first personal finance book I read and it had a huge impact on me. I read it my senior year in high school and it greatly influenced the way I envisioned my life and how I've planned my career. It also caused me to become skeptical of those who lived a high-priced lifestyle. It led me to embrace the concept of living simply and saving aggressively. Sorry to hear this sad news.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
I found out I was already doing most of what they wrote in the book when my wife went out and bought a copy of Millionaire Next Door for my birthday.
It came as a relief to know that I was on the right path especially when I had serious doubts as I saw my neighbors living large.
Thanks to Tom Stanley and Bill Danko, their book gave me the will to persevere and stay the course.
Professor Stanley, well done. Requiem en pacem aeternam.
It came as a relief to know that I was on the right path especially when I had serious doubts as I saw my neighbors living large.
Thanks to Tom Stanley and Bill Danko, their book gave me the will to persevere and stay the course.
Professor Stanley, well done. Requiem en pacem aeternam.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Rest in Peace, Dr. Stanley.
From my viewpoint, his book helped to remind of us the original American Dream - not the one more recently manufactured for us.
Vesper
From my viewpoint, his book helped to remind of us the original American Dream - not the one more recently manufactured for us.
Vesper
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
I must be in the rare minority as I never liked his book. Too much selection bias in aggregating his data.
I will say something like this always causes pause and reflection of the point of saving and investing. Save too much and don't get to enjoy it if you die young or save too little and die poor in one's 90's.
Makes you wonder if he knew what was going to happen to him would he espouse ANY of the stuff in his book of LBYM?
Good luck.
I will say something like this always causes pause and reflection of the point of saving and investing. Save too much and don't get to enjoy it if you die young or save too little and die poor in one's 90's.
Makes you wonder if he knew what was going to happen to him would he espouse ANY of the stuff in his book of LBYM?
Good luck.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
I don't like the book as I have stated in several previous threads. However, a thread dedicated to Stanley's death is not a right place to criticize his major creation.staythecourse wrote:I must be in the rare minority as I never liked his book. Too much selection bias in aggregating his data.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
RIP
Thanks for the insightful and informative literature.
Thanks for the insightful and informative literature.

"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
That's a real shame.
Methodology aside, the fundamental message of TMND--that the people who look rich may very well not be, and that the regular schmoes of the world might actually be sitting on some real wealth--was hugely influential on me. It was the "a-ha!" moment that started me on the LBYM road.
To Mr. Stanley.
Methodology aside, the fundamental message of TMND--that the people who look rich may very well not be, and that the regular schmoes of the world might actually be sitting on some real wealth--was hugely influential on me. It was the "a-ha!" moment that started me on the LBYM road.
To Mr. Stanley.

Stay on target...
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Not to mention Patton.Valuethinker wrote:It is sad to see anyone go. I remember David Halberstam went like this and it seemed so wrong, that we would not read more words by him.
Closer to home this one hits, too.
Though, I imagine Patton wasn't as pleasant to talk with.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
I read this book in college and it hit home.
1) Pay yourself first... Common sense, but counter to the Rich Dad Poor Dad approach popular back in the mid to late 90s (use OPM, etc.)
2) Big hat, not cattle... Aligned with common sense... They make what I make, so how can they afford that house/car/vacation/etc.... Most often they can't afford it
I also met him a few times... a nice guy!
RIP
1) Pay yourself first... Common sense, but counter to the Rich Dad Poor Dad approach popular back in the mid to late 90s (use OPM, etc.)
2) Big hat, not cattle... Aligned with common sense... They make what I make, so how can they afford that house/car/vacation/etc.... Most often they can't afford it
I also met him a few times... a nice guy!
RIP
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
This thread is locked for Moderator review.
[Thread unlocked, see below. --admin LadyGeek]
[Thread unlocked, see below. --admin LadyGeek]
Best Regards - Mel |
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Semper Fi
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
Upon further review, a number of snarky comments and responses were removed. As a reminder, see: Forum Policy
This thread is now unlocked to continue the discussion of Tom Stanley's untimely death.We expect this forum to be a place where people can feel comfortable asking questions and where debates and discussions are conducted in civil tones.
Re: Tom Stanley-Millionaire Next Door Author Killed in Auto
RIP Dr. Stanley.
I read his classic in 2005 and it really changed the way I thought about money and wealth. I have since enjoyed the rest of his fine books. One really feels that they have gotten to know an author after reading many of their works. So it is with sadness that I write this. Hopefully his daughter can continue on where he left off.
I read his classic in 2005 and it really changed the way I thought about money and wealth. I have since enjoyed the rest of his fine books. One really feels that they have gotten to know an author after reading many of their works. So it is with sadness that I write this. Hopefully his daughter can continue on where he left off.
Last edited by ofcmetz on Thu Mar 05, 2015 12:03 am, edited 1 time in total.
Never underestimate the power of the force of low cost index funds.
Dr. Thomas Stanley
[Thread merged into here, see below (page 2). --admin LadyGeek]
The author of the "Millionaire Next Door" was killed a couple days ago in an automobile accident. Maybe this has been posted but I did not see it if it was.
His book was the most influential book of my lifetime. While it did not change what I was doing it did confirm what I was doing. When times were tough financially for a one income family raising three children on a normal size income, his writing kept me focused and I always found a way to put something back for the future. When others bought nice cars, homes, swimming pools and toys I could not afford I fell back on what Dr. Stanley wrote.
So here I am in my mid-60's not having to work and by all calculators I try I don't have to work and will never have to work anymore. Financial independence on modest means was acheived by Dr Stanley providing the motivation and Mr. Jack Bogle providing the way.
The author of the "Millionaire Next Door" was killed a couple days ago in an automobile accident. Maybe this has been posted but I did not see it if it was.
His book was the most influential book of my lifetime. While it did not change what I was doing it did confirm what I was doing. When times were tough financially for a one income family raising three children on a normal size income, his writing kept me focused and I always found a way to put something back for the future. When others bought nice cars, homes, swimming pools and toys I could not afford I fell back on what Dr. Stanley wrote.
So here I am in my mid-60's not having to work and by all calculators I try I don't have to work and will never have to work anymore. Financial independence on modest means was acheived by Dr Stanley providing the motivation and Mr. Jack Bogle providing the way.