Book Review - The Quiet Millionaire by Brett Wilder

September 03, 2021

The Quiet Millionaire is a book that provides a lot of personal finance information. Brett Wilder, a personal and business financial counselor with over forty years of experience, shares his knowledge on how to acquire and manage money with us.
The topic of this book is strongly related to the title of the book - The Quiet Millionaire. Instead of writing about how to be economical or how to choose the correct stock at the appropriate moment, this book focuses on how the typical person may properly prepare and become a millionaire with time, patience, and a high likelihood.

This one’s basic concept is that the typical individual can become a billionaire without relying on hot stock choices or spending a life eating out of dented cans. Rather, the author, a personal and company finance specialist, claims that anybody can become a billionaire by making the correct decisions and avoiding typical pitfalls.

While we are not completely certain that this is fully realistic, there are several examples on record of janitors who amassed millions and people you would never think to be worth more than half the town. How do they manage it? This book provides you with the blueprints you need to become your own silent millionaire. Even if you don’t quite make it, you’ll be better off financially if you use these good tactics.

The author concentrates on the seven key issues that might hinder you from getting wealthy and then provides guidance on how to overcome these obstacles and guarantee your future. This book covers all you need to know about getting control of your money and growing your net worth, from uncontrollable spending to deal with life-changing events.

One of the first things Brett suggests is to figure out who you really are and what you truly want out of life, while also planning for money to be our servant rather than our master.

Following that, he examines the seven key roadblocks to financial success:

  • 1. Irresponsible Spending
  • 2. Materialistic Thinking 
  • 3. Expensive Debt
  • 4. Taxes
  • 5. The rate of inflation
  • 6. Inadequately Structured Investment Portfolios
  • 7. Unanticipated Life-Changing and Financially Devastating Events

He stressed the significance of cash flow and having many sources of income if at all feasible. He discusses investments that are lower risk but give a consistent source of income that grows over time. The part on tax advice was worth the price of the entire book, and there are methods in here that everyone can start following right away to save a lot of money on taxes alone.

Wilder opens his book by urging readers to evaluate what is most important to them in life and in money. He encourages self-reflection. Wilder’s method is similar to George Kinder’s three questions on life planning in many respects. Both guys encourage us to seek significance outside of money.
The majority of the book, however, is on straight-up financial planning.

Contrary to popular belief, financial success does not always come with a lot of glamour. The wealthiest individuals I know are the ones you wouldn’t expect to be wealthy. They’ve amassed their fortune slowly and secretly.
Brett Wilder, a certified financial adviser, has seen the same phenomena and has written about it in his book, The Quiet Millionaire. He offers real-life instances of silent millionaires along the road. These are the same folks described in Stanley and Danko’s The Millionaire Next Door. They are thrifty, hardworking, and wise.

The Quiet Millionaire has an advantage over a blog in that all of the material is in one location. Furthermore, it was written by a skilled expert. The Quiet Millionaire includes a section on entrepreneurship. “The majority of quiet millionaires are successful company owners,” explains Wilder. 

“While not all of them are, statistically, the vast majority of them followed this path to become one.” You will not learn how to operate a business here, but you will be provided a general overview of business ownership.

Wilder also answers the questions such as:

  • How to Maintain a Positive Cash Flow
  • How to Manage Different Types of Debt 
  • How to plan for taxes 
  • How to Select the Appropriate Insurance
  • How to Reduce the Cost of College
  • How to Handle Health Insurance

The longest chapter in the book covers “how to be an investment winner,” emphasizing the significance of diversification, asset allocation, and risk tolerance. Wilder wants his readers to remove emotion from their financial decisions.

This sets the tone for the rest of the book, in which he discusses a variety of subjects such as cash flow, investment, taxes, and retirement.

Cash Flow

Knowing where our money is going is the key to having a healthy cash flow. This involves setting a budget, which may be aided by personal financial software such as Quicken or Microsoft Money. Other suggestions include creating a strategy to identify cash flow requirements to support future goals and objectives, as well as paying ourselves first through automated savings deductions.

Investing

Brett is a strong supporter of low-cost index funds. He believes that by trading individual equities, most people would end up losing money in the long term since many of us allow our emotions to get in the way. This is fantastic advice for so many individuals since it completely removes the maintenance labor necessary for stock-picking from the equation and simply allows the money to work for us.

Taxes 

We should actively prepare for tax reductions in order to reduce the amount of money we pay in taxes. This entails proactively implementing clever tax reduction strategies in order to optimize our after-tax income throughout the year.

Retirement

When we retire, our major focus should be on protecting and preserving our money rather than accumulating and growing it. One piece of advice provided is to set up a lifelong gift-giving program in order to lower the value of his or her estate and transfer that to someone else over time without paying taxes.

Ideal Audience

The book is intended for those who have a decent salary and would need further assistance in building and maintaining money over time. People seeking the key to getting rich quickly will not find it in this book.

Final Thoughts

This book is about substance, from the cover and title to the content. This book contains no-frills, simply simple personal finance advice that we can all use.
The Quiet Millionaire differs from the majority of the other personal finance books I’ve reviewed. Despite the inclusion of behavioral finance and life planning principles by Wilder, this is primarily a numbers book. If you’re turned off by the psychological reference books I normally recommend here, try The Quiet Millionaire instead.

This is not a lighthearted and impractical book, and it is not for people looking to “get wealthy quick.” It is intended for individuals seeking substantial, real-world financial guidance that will pay off.
This is by far one of the greatest personal finance books we’ve ever read. Instead of focusing on trendy themes that sell books but seldom please the reader, the author did an excellent job of giving a practical strategy for building your own riches. Every bit of advice in this book was excellent in our opinion, and we would recommend it to anyone.

Let us know in the comments section if the book was helpful in your financial journey.


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Written by Dev Baidya