Review: The Quiet Millionaire

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The Quiet Millionaire by Brett WilderThe Quiet Millionaire was written by Brett Wilder, a Certified Financial Planner and President & CEO of Financial Management Group Inc., and it’s over 400 pages of relatively large print and chock full of useful information. The title of the book speaks volumes about the point of the book, which is the quiet accumulation and preservation of your hard earned wealth.

In addition to the dollars and cents, this book delves into the sphere of personal improvement, since the two are intertwined, and works to provide a foundation onto which strong personal finance principles can flourish. For example, the book immediately, in its introduction, talks about the fact that you need a goal in life before you ever start thinking about your finances. For example, he asks what you would do if you had all the money in the world? What would you do if you only had a few years to live? It’s the same principle I was trying to convey when I said that frugality is easier with a goal or purpose in mind. Well, that applies to almost everything.

Now, a book from a CFP wouldn’t be complete if they didn’t talk about their company’s hallmark. In this case, it’s the Financial Management Review. The FMR is a budgeting and planning framework that Wilder uses at his firm and it’s a well thought out framework. If you already have a budgeting process, it’s worth checking out to see what you can incorporate into your own. If you don’t, it’s worth seeing what types of frameworks are out there. (As a disclaimer, I’d say this about all frameworks, I think you have to tailor what you use for your own needs, no one framework will be perfect in the first shot)

One thing that this book touched on that I hadn’t seen before in a personal finance book was the idea of business ownership. He goes into the various phases of business ownership and I found it particularly interesting. Now, I just took an Entrepreneurship class so it was really a review; but if you hadn’t been in a class like that, then the chapter will probably open your eyes to the business ownership mindset.

Lastly, one other thing I noticed about the book was it’s relatively large font, which was surprisingly inviting. I hate opening a large book and being overwhelmed with tiny print, esoteric charts and graphs, and feeling like I’m being deluged with information. Some people enjoy feeling like they “got their money’s worth” when they open a book and see that, I actually hate it. I feel like I’m reading an encyclopedia instead of a book I want to read. That being said, that’s judging a book on features that really aren’t that important – you want to know if this book is worth buying, borrowing, or ignoring. My answer is that you should borrow it from the book, scan through it, and make your own decision on whether or not you should buy it. This book could be a valuable reference (if you’re looking for that type of book), written in easy to understand layman terms, and one designed for the “millionaire next door.” Stanley’s The Millionaire Next Door introduced you to your millionaire next door, then Wilder’s book teaches you step by step, in greater detail than Stanley, how you can keep up with the Joneses in a good way.

{ 6 comments, please add your thoughts now! }

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6 Responses to “Review: The Quiet Millionaire”

  1. Curtis says:

    I’ll have to put that one on my library list. No since buying it if I can get it for free from the library!

  2. Jason says:

    Sadly my local library system does not have it and it is not in the system to be on order.

  3. Traciatim says:

    Being in Canada we have different savings and investment products than the USA, do you think this book will translate well to Canada, or should we look for a more Canadian oriented book?

  4. MoneyNing says:

    Traciatim: Having reviewed the book also, you should always look for Canadian oriented book. Although there are some useful things in there, there are always mentions of US tax/retirement plans that might or might not ring a bell for you. There should be many Canadian oriented ones that would suit your circumstances.

  5. Colin says:

    I think the key to frugality is longevity. It can’t be a one-off attempt to save money, it needs to a complete lifestyle change. If you decide to be frugal and ride your bike to work to save gas, bring a lunch from home, and avoid buying alcohol at dinner, you’ll save a lot of money. But one silly (expensive) night out can make all those little cost-saving moves insignificant in a heartbeat.

  6. Stein says:

    This is probably one of the best books I’ve ever read on personal finance, investing and just understanding the overall industry. I now understand why I need to do certain things and when. The advice is sound, easy to understand and I have personally found to be extremly successful. I will recommend this book to my business partners, family and friends. The college funding section was so eye opening, even though my children are past this need, I wish I would have read when they were younger it would have changed my planning. The retirement section was amazing and has changed my families life. Thank you, Thank you…a great resource and life changing book.

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