**Bumped Up From TAM Wire. Posted By ashleymatt**
On February 28, Dr. Thomas Stanley, researcher and author of the classic personal finance book The Millionaire Next Door died in a car accident. I consider Dr. Stanley a hero for shedding light on the average American millionaire: not a bejeweled star on the red carpet or an NFL quarterback driving a Lamborghini, but a small business owner who lives in a modest house and drives a Ford. His work showed that it was possible to for ordinary people to build wealth and provided the (albeit unintentional) road-map of how to do it.
The LA Times has decided to commemorate the death of this man who inspired a generation of readers to live frugally with a piece that quotes socialist writer Helaine Olen as an “expert.” Although Stanley and his co-author presented case-study after case-study and survey after survey of the average American millionaire with the meticulous notation of a scientific journal, LA Times writer Michael Hiltzik decides to throw up Swiss cheese arguments from left wing activists saying that the “Millionaire Next Door Dream” is a myth, while addressing nothing in the substance of the book (or Dr. Stanley’s subsequent works). He then, bizarrely, tries to discredit the success of Ronald Read, a recently deceased gentleman who was living proof of Stanley’s message. (Mr. Read worked menial jobs all his life and died at age 92 with a fortune of $8 million.)
At one point, the writer stoops so low as to make fun of how Dr. Stanley died, chiding him for driving a corvette. The LA Times is a liberal newspaper, but the fact that they would shed every ounce of class to run an article that belongs on an Occupy Wall Street blog shows how desperate the Left is to mold every event to their agenda, even the death of a hero. I think the best way to answer them is to use Tammy’s Amazon link to buy Thomas Stanley’s books and judge them for yourself.
P.S. It’s a sad day when the classy, balanced tribute to Thomas Stanley’s work comes from…The New York Times
Via LA Times: The death of the ‘Millionaire Next Door’ dream
The idea that the average guy can become rich via hard work and rigorously virtuous thrift is one of the compelling myths of the American experience.
But for the most part, myth it is. Two recent events are both driving it forward and exposing its basic phoniness. The first is the death last week of Thomas J. Stanley, coauthor of the bestselling book “The Millionaire Next Door,” in a car accident. The other is the death of one Ronald Read, a Vermont retiree who appeared to be one of Stanley’s emblematic secret blue-collar millionaires — after a lifetime of low-wage menial work and frugal living, he was discovered to have amassed a fortune worth about $8 million.
Let’s take them in turn….
“We wear inexpensive suits and drive American made cars,” the book said in the voice of its putative heroes. “Only a minority of us drive the current-model-year automobile.”
But as Helaine Olen points out in the most clear-eyed valedictory to the late Stanley, his book “was already describing a vanishing world when it was published.” Fewer young people starting their careers today have had even the middle-class upbringing or family resources of so many of Stanley’s quiet millionaires….
Olen reminds us that the Stanley millionaire model was a bit fraudulent from the start….