Several advertisements for the Allen Edmonds shoe company have appeared in The Wall Street Journal. The advertisement mentioned that the company rebuilt over 60,000 pairs of customers shoes in 2010.
I am not sure how many from the general public are repaired each year. But most millionaires regularly have their shoes resoled or repaired. It is not just the male members of the millionaire population who do this; the same is true for women.
I find that within the millionaire next door population women are even more frugal than their male counterparts. Here are just a few examples of this: having shoes resoled or repaired, women 70% (men-68%); having furniture reupholstered or refinished instead of buying new, 58% (48%); having clothes mended or altered instead of buying new, 52% (37%), and searching for a home that was foreclosed, 56% (26%) [see Millionaire Women Next Door].
These patterns of behavior among affluent businesswomen rarely ever show up in the media. Too often what they refer to as career women are depicted as overdressed, self centered, hyperspending beings who don’t seem to have any real interest in living below their means. But in reality it is indeed a small minority of self made millionaire women who fits the above profile. The most the typical millionaire woman ever spent for a suit of clothing for herself or anyone else was $400; a pair of shoes, $139 or for a motor vehicle, $31,315.
I asked more than 200 millionaire women nationwide who are self employed business owners to tell me about the benefits of being wealthy. Their responses indicate that they focus more the needs of others such as: providing financial sercurity for my children and grandchildren, 74%; making significant contributions to charitable causes, 60%, and funding grandchildren’s private school education, 57%. Only 20% said that a benefit of being wealthy was having the ability to purchase a more luxurious home; to join a top notch country club,6%; to own high grade art or antiques, 16%; to purchase a vacation/retirement home, 21%, and to purchase a top of the line automobile, 26%.