I was reminded of the following case study after reading an article recently published in The Wall Street Journal about football coaches and their expensive homes. Will and Helen sold their business just before the current economic meltdown. They received top dollar for their more than 25-year-old business. Up until then the couple lived the millionaire next door lifestyle […]
Want to Live Next Door to a Pro Athlete? Read More »
Early in my career I wrote an article entitled “Why You’re Not as Wealthy as You Should Be.” It was published in Medical Economics and later extracted for Reader’s Digest. Much of the details were later incorporated into my books. Those who have accumulated significantly less wealth than the norm for their respective age and income
Manufacturer with Smallest % of Subprime Car Buyers: Honda Read More »
Debt is like jail- easy to get in, hard to get out. As an example consider the data recently published by The Federal Reserve: more than 2 million Americans 60 and older own a combined $43 billion in student loan debt the average debt among the 60 and older set is $19,000 115,000 of US seniors [are having
1 in 3 Millionaires Funded 100% of Their College Education Read More »
The Millionaire Mind contains a chapter entitled “The Home.” The millionaires (733) in the book represent a fraction of the top 1% of wealth in America. On average their homes have a market value of approximately $1.4M (or about 2.5 times the original purchase price 12 years earlier). Their average net worth is $9.2M. About
Big House Only After Big Wealth! Read More »
In a recent blog, I discussed ways to raise economically productive children. Jerry responded with one of the most informative case studies that I have read to date. I was raised by frugal parents. They didn’t have a credit card until they were almost 50 years old – and only then because they started to travel
The “Jerry” Method of Raising Economically Productive Children Read More »
Another top 10 most often asked question: Why is it that my adult children are hyperconsumers? My simple and straightforward answer: Typically it is because their parents taught them to be spenders! Hyperspending parents tend to raise hyperspending children. These parents violated Rule 1 for raising productive adults [from The Millionaire Next Door]: Rule 1: Never
Hyperspending Parents = Hyperspending Children Read More »
A top 10 most often asked question: How can I make sure that my children grow up to be economically productive adults? My answer: There are no sure things when raising children. But I have found that most millionaire next door types were raised by parents who were disciplined and frugal. Parents in such cases
Rule 2: Raising Children To Become Productive Adults Read More »
by Sarah S. Fallaw, Ph.D., Director of Research, AMI Research Many successful people report having moments of clarity or EUREKA! experiences when it comes to business opportunities. In fact, 29% of millionaires reported stumbling across a great business opportunity as part of their career path, and 39% reported using intuition for business ideas (see
Working for Those Aha Career Moments Read More »
by Sarah S. Fallaw, Ph.D., Director of Research at AMI Success in life and in work has been consistently tied to conscientiousness: being disciplined, having plans and focusing on details. Research in psychology consistently shows a relationship between this personality characteristic and how well someone will do on the job. Likewise, the research conducted on
3 Million Shots to Success Read More »
In my last blog, I commented on a small but highly compensated blue collar occupational group, materials handlers, that is often misjudged and overlooked by marketers of a variety of affluent products and services. The following case study is intended to provide an example of this phenomenon. About ten days before Christmas, I walked into a crowded specialty store near
All That Glitters. . . Read More »