In Stop Acting Rich, I mentioned my admiration for Sam Walton, the founder of Wal-Mart. His motor vehicle of choice was a Ford pick-up truck. Interestingly, it was also the favorite among the millionaires profiled in The Millionaire Next Door. In sharp contrast to Mr. Walton’s lifestyle, a recent article reported that his heirs donated $800M to build […]
New Headline: Overnight Bus Trips Help Fund $800 M Art Museum! Read More »
In one form or another this is one of the most frequent questions that I am asked: I was struck by your statement that business schools do not teach their students what type of small businesses are the most profitable. As a current business student, I have to tell this is very true, at least
Profitability of Business Types Read More »
In an earlier blog I revealed that only 10.5% of the variation in the price paid for a motor vehicle is explained by net worth. Later a reader asked about the relationship between the income and net worth characteristics among the 1,340 respondents from that study. Only 24% of the variation in net worth was explained by income.
Malcolm: The Moonlighting Millionaire Read More »
About half way through writing Chapter 4 (You Aren’t What You Drive) in The Millionaire Next Door, I listed one of our cars “for sale” in the local paper. This timing was just a coincidence. However, the characters who showed up to look at the car were worth a chapter by themselves! Let’s look at Steve, a
At Best A Contradiction Read More »
It seems that there is more interest now in how the top 1% of the wealth holders in America think than there was when The Millionaire Mind was first published. The principles revealed in this book are timeless and especially important for those who are business owners and for those who are compensated purely on their
The Millionaire Mind . . . Alive and Even Richer Read More »
Several people have commented that Osama bin Laden’s choice of home was akin to that of the millionaire next door types who blend in well with their neighbors. Others said that living in a million dollar compound in a third world country was anything but analogous to the low profile existence of the American millionaires
The Terrorist Next Door? Read More »
When people ask me about the activities of millionaires, I have a short answer. As I wrote in The Millionaire Mind, the typical millionaire is, in three words, “a cheap date!” Yes, a cheap date even among a fraction of the top 1% of the wealth holders in America. Many of the favorite activities of
Last week in a social setting I met Mrs. L who is employed as an assistant manager at a branch bank. She and her husband are immigrants from India. Mrs. L asked me what I did for a living. I responded that I am a researcher and writer. Mrs. L: Research? My husband does medical research. What kind
Research? Your Banker Knows Read More »
Tomorrow there will be a “royal” wedding in London. I wish the couple much happiness. However, I do feel somewhat sorry for them because their entire life together has already been scripted for them. I don’t envy the fact that these people will never be able to encounter self made socioeconomic mobility. In sharp contrast, even
Freedom of Choice More Valuable than the Crown Jewels Read More »
Thomas Sowell, a Senior Fellow at the Hoover Institution, recently proposed that “ending subsidies to billionaires will cut spending.” My plan would start by cutting off transfer payments to billionaires. . . . . . . [for example] agricultural subsidies go to a number of billionaires. Very little goes to ordinary farmers. Mr. Sowell’s commentary proded my
Social Security for Those with Incomes of $10M and More! Read More »