Tom Stanley-Millionaire Next Door Author Killed in Auto Acci

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Tom Stanley-Millionaire Next Door Author Killed in Auto Acci

Post by jrmillions » Sun Mar 01, 2015 8:07 pm

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

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by WL2034 » Sun Mar 01, 2015 8:24 pm


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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by investor1 » Sun Mar 01, 2015 8:29 pm

R.I.P.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by RunningRad » Sun Mar 01, 2015 8:44 pm

Terrible news! :(

His work influenced me greatly at a critical time in my life.

RIP
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Mel Lindauer » Sun Mar 01, 2015 9:01 pm

So sad. He had so much to offer. RIP.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by sambb » Sun Mar 01, 2015 9:10 pm

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

Post by Louis Winthorpe III » Sun Mar 01, 2015 9:15 pm

Killed by someone driving an Acura. Sad irony.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by ww340 » Sun Mar 01, 2015 9:20 pm

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.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Raymond » Sun Mar 01, 2015 9:38 pm

RIP. I really enjoyed his books.
sambb wrote:driving a corvette, and struck by a large acura SUV. Wonder if a safer larger car would have resulted in a different outcome
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 left :annoyed
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by tallgirl1204 » Sun Mar 01, 2015 9:57 pm

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

Post by ShiftF5 » Sun Mar 01, 2015 10:01 pm

Very sad news.

I read and have referred back to The Millionaire Next Door numerous times over the years.

RIP Thomas Stanley.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by mlebuf » Sun Mar 01, 2015 10:03 pm

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.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Sagenick48 » Sun Mar 01, 2015 10:22 pm

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.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by angelescrest » Sun Mar 01, 2015 10:54 pm

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.
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.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Wildebeest » Sun Mar 01, 2015 11:07 pm

He obliterated stereotypes. I learned a lot from his books.

I will miss him.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by JDDS » Sun Mar 01, 2015 11:15 pm

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

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Blue » Sun Mar 01, 2015 11:27 pm

Raymond wrote:RIP. I really enjoyed his books.
sambb wrote:driving a corvette, and struck by a large acura SUV. Wonder if a safer larger car would have resulted in a different outcome
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 left :annoyed

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

Post by TradingPlaces » Sun Mar 01, 2015 11:29 pm

Ironically, he might have been killed by a "wannabe".

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by randomguy » Sun Mar 01, 2015 11:37 pm

Blue wrote:
Raymond wrote:RIP. I really enjoyed his books.
sambb wrote:driving a corvette, and struck by a large acura SUV. Wonder if a safer larger car would have resulted in a different outcome
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 left :annoyed

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.
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.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Bulldawg » Mon Mar 02, 2015 7:36 am

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 !
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Hawkeye_Saver » Mon Mar 02, 2015 8:37 am

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

Post by Grt2bOutdoors » Mon Mar 02, 2015 8:49 am

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.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by JamesSFO » Mon Mar 02, 2015 9:15 am

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

Post by Valuethinker » Mon Mar 02, 2015 9:19 am

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.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Valuethinker » Mon Mar 02, 2015 9:22 am

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
Hmmm... I think I might agree with you there... depending on where you are coming from.

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.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by kellyfj » Mon Mar 02, 2015 9:50 am

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

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by truenorth418 » Mon Mar 02, 2015 9:57 am

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.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Grt2bOutdoors » Mon Mar 02, 2015 10:04 am

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
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by sschullo » Mon Mar 02, 2015 10:05 am

I had the great pleasure meeting him after his presentation at a conference in 2013. Very sorry, a great loss.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by SC Hoosier » Mon Mar 02, 2015 10:48 am

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.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by lthenderson » Mon Mar 02, 2015 11:16 am

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.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Dulocracy » Mon Mar 02, 2015 4:06 pm

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.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by rec7 » Mon Mar 02, 2015 4:23 pm

Very very sad. His books are my second favorite behind the Bible.
I loved Millionaire Next Door and Stop Acting Rich.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by WL2034 » Mon Mar 02, 2015 4:46 pm

rec7 wrote:Very very sad. His books are my second favorite behind the Bible.
I loved Millionaire Next Door and Stop Acting Rich.
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?

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by rec7 » Mon Mar 02, 2015 4:49 pm

will34 wrote:
rec7 wrote:Very very sad. His books are my second favorite behind the Bible.
I loved Millionaire Next Door and Stop Acting Rich.
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?
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.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by abuss368 » Mon Mar 02, 2015 9:43 pm

So sad and unfortunate. I read The Millionaire Next Door many years ago and it had an impact on me.

RIP.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Ciel » Mon Mar 02, 2015 9:57 pm

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.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Swampy » Mon Mar 02, 2015 10:16 pm

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.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by VesperLynd » Tue Mar 03, 2015 7:47 am

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

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by staythecourse » Tue Mar 03, 2015 9:24 am

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.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by VictoriaF » Tue Mar 03, 2015 9:27 am

staythecourse wrote:I must be in the rare minority as I never liked his book. Too much selection bias in aggregating his data.
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.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Toons » Tue Mar 03, 2015 9:29 am

RIP
Thanks for the insightful and informative literature. :happy
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by JupiterJones » Tue Mar 03, 2015 10:02 am

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. :beer
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by serbeer » Tue Mar 03, 2015 11:12 am

R.I.P.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by StormShadow » Tue Mar 03, 2015 3:35 pm

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.
Not to mention Patton.

Though, I imagine Patton wasn't as pleasant to talk with.

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by timmy » Tue Mar 03, 2015 4:29 pm

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

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by Mel Lindauer » Tue Mar 03, 2015 4:56 pm

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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by LadyGeek » Tue Mar 03, 2015 9:37 pm

Upon further review, a number of snarky comments and responses were removed. As a reminder, see: Forum Policy
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.
This thread is now unlocked to continue the discussion of Tom Stanley's untimely death.
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Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Post by ofcmetz » Wed Mar 04, 2015 2:16 am

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.
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Dr. Thomas Stanley

Post by jwa » Wed Mar 04, 2015 11:40 am

[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.

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