The Millionaire Next Door

Another Reason to Stop Acting Rich

Most of the millionaires whom I have interviewed understate their true wealth. They get little satisfaction from displaying expensive artifacts which are suppose to define success in America.  But there is another important reason for not conspicuously broadcasting one’s net worth.  It has to do with issues of safety and security.  Take for example the comments made by one of the members of a focus group interview that I conducted.  Immediately following the interview, one of the respondents, a movie producer, told me, “I wrote on your screener [preliminary questionnaire] that my net worth is barely in the seven figures.  I’m worth a lot more than that. I’m afraid of kidnapping and few people have any idea where I live.”  And he purposely lived a long, long way from Hollywood.

The movie producer was wise in giving few, if any, cues to criminals who might wish to bring harm to his family.  Yet there are many people in this country who are oblivious to how some clever thieves find prospects.  For example,  I recall reading about a rehabilitated master car thief who targeted those who just had a compulsion to display their success by driving very expensive motor vehicles.  The car thief merely drove up and down parkway entrances and exits to country clubs and exclusive neighborhoods.  When he saw a model that he particularly liked, he would follow the car home!  Do you want to be followed home?  If not, it may be advisable to stop acting rich.

Very often prospective targets of burglers unconsciously identify themselves and the inventory of expensive items that are in their homes.  Consider the following example.  Recently in our county,  the police sent out bulletins about a gang of burglars who were targeting homes for sale via “virtual tours” on the Internet.  Of course, the sellers of these homes are trying to maximize the exposure of their product.  Unknowingly, however,  they are giving a “virtual tour” of many desired items which criminals wish to add to their stash.  One of the virtual tours that I recently viewed spoke volumes.  The home was filled with flat screen televisions, expensive computer exquipment and a variety of silver service settings.

With the current economic meltdown there are more people than ever who are desperate to steal what is rightfully yours.  We may all have to change our lifestyle to protect ourselves, our families and our resources.  Broadcasting success can have its consequences, doing damage to our balance sheet and potentially to our security.  True success is what enhances self esteem and pride.  Like the “millionaire next door,” it is better to place a priority on being financially independent than on acting rich.   

4 thoughts on “Another Reason to Stop Acting Rich”

  1. I could not agree more. This can also be extrapolated to Facebook and other social-networking sites where identity thieves and predators also lurk, looking for victims.
    One must use common sense.

  2. This, I believe, is one reason why the typical millionaire rap artist (e.g. TI, Lil’ Wayne, Jay-Z) feels the need to carry a firearm (legally and illegally) on his person. Granted, I know the rap artist “bravado” of expensive cars, big houses, hot bootylicious women and “BLING!” is what sells records. At the same time, it also causes these rappers to have a target on their backs for any and all “haters” who want what they have to try to take it by force. Just a thought.

  3. This is good advice on so many levels. As I was reading it, I was thinking about the Mercedes Benz commercial about “buying luxury” and the guy who buys the tube amp. He doesn’t know what it does or what it’s for but it’s a tube amp and there’s real gas in the tubes. I think that pretty well explains hyperconsumptive America today.

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