Kristen Hagopian, writing in philly2philly.com, reminded me about the large number of millionaire households in America with Irish ancestry. She cites the “top ten ancestry groups of American millionaires” as given in The Millionaire Next Door. . . .over 400,000 [as of 1996]American households with Irish ancestry had attained millionaire status. Pretty impressive. Ms. Hagopian believes […]
Irish Green, Irish Wealth Read More »
I have a bigger concern about the sit-com Two and a Half Men than its former star, Charlie Sheen. Charlie’s lifestyle as depicted in the show suggests that he can afford to hyperconsume without working very hard or at all. Apparently he is a composer of advertising jingles, but we rarely see him sweating at the
Charlie of 2.5 Men = A TV Millionaire Fantasy Read More »
In a recent blog, I stated that “wealth and life expectancy are significantly correlated. Even among millionaires, those with multiple millions tend to live longer than those with just one million. My surveys and estate data from the IRS consistently show that rich people live longer than those in the general population.” Then I asked the
Parents of Millionaires: 89% Not Divorced Read More »
In The Millionaire Mind, I mentioned that the millionaire population contains a disproportionately high concentration of people who told me that integrity is a critical factor in explaining their economic success. “Being honest with all people” was tied [with being well disciplined] for first in regard to the percentage of millionaires who rated it as
Wal-mart CEO-Leadership Read More »
In Stop Acting Rich, I detailed why so many people who are not rich hyperspend. Who are they really emulating? They are merely mimicking the behaviors of people like themselves who are not rich but act in ways they think economically succesful people act. Here is an example of what I mean. Theo is the owner
The Uniform of The Millionaire Next Door Read More »
A physician recently contacted me about his experiences with economic outpatient care. He had read The Millionaire Next Door and realized that his parents and grandparents fit the pro forma of the income statement affluent and balance sheet affluent, respectively. His mother and father were corporate middle managers . “They spent everything.” Nice home, nice cars, nice
Physicians via Economic Outpatient Care Read More »
In Stop Acting Rich, I stated that “the greatest detriment to building wealth is our home/neighborhood environment. If you live in a pricey home and neighborhood, you will act and buy like your neighbors. . . the more affluent the neighborhood the more its residents spend on almost every conceivable product and service. We take
What Percent of Your Neighbors Inherited Their Wealth? Read More »
Kay S. Hymowitz, writing in The Wall Street Journal, asks, “where have all the good men gone?” She contends that a growing number of American “men in heir 20s are living in a new kind of extended adolescence.” While it is true that there are more unproductive males in their 20s today, there are still
Finding a Convoy of Mr. Rights Read More »
Too bad I won’t be able to make it to the Daytona 500 this year. Now, according to The Wall Street Journal, “Daytona International Speedway has eased its cooler policy, letting fans bring in as many as 36 cans of beer rather than just a six-pack.” If I could go it would be for a reason beyond watching
Assurance and Insurance at the Daytona 500 Read More »
People often ask me if the consumption lifestyle of their children or grandchildren will change radically if they receive a sizeable inheritance. If a child is raised in a family environment which reflects the habits of the millionaire next door, he or she typically adopts the same lifestyle. Statistically a frugal 21-year-old will continue to be frugal
Forever Balance Sheet Affluent Read More »