On the front cover of the October 2014 issue of Road and Track is a picture of a 2014 red Ferrari 458 Speciale blasting along a mountain highway. The folks from Road and Track thought it would be interesting for this superfast Ferrari to challenge “the dragon king” (Davis) who “discreetly rules Tennessee’s route 129 – the deadly two …
Apply the Millionaire Mind to a Niche Market Environment Read More »
Once again the importance of the integrity factor in explaining socioeconomic success was highlighted in a recent New York Times profile of Eileen Ford, the founder of the famous Ford Modeling Agency. Ford Models became “the top agency in the world.” Yet Mrs. Ford often was credited with saying that she had no talent but that she …
Talented People Are Attracted to Those with Great Integrity Read More »
Here’s an assignment designed to enhance the future socioeconomic productivity of your children, grandchildren, etc. Turn to Page 34 in The Millionaire Mind, Table 2-1 “Millionaires’ Success Factors.” There you will find thirty success factors ranked in importance by a national sample of 733 respondents who represent a fraction of the top 1.0% of wealth holders …
“Why are some people poor and others rich?” The answer to this question was the focus of a national survey of 1,504 adults conducted earlier by the Pew Research Center. Only about 4 in 10 (38%) of the respondents indicated that the rich are rich “because he or she worked harder than others.” But how …
Do all high income producers have high job satisfaction? No! But the ones who do are significantly more likely to agree with the following statements concerning their parents: 1. Encouraged me to think outside the box. 2. Taught me to never follow the crowd. 3. Encouraged me to take leadership roles. 4. Encouraged me to …
Enlightened Parents Teach Their Children the Benefits of Independent Thought Read More »
In honor of the Fourth of July I’d like to reflect upon the content of a previous blog (see below). When it was posted several people misinterpreted the message. The physician profiled is anything but mean spirited in regard to the significant number of dollars he pays in income tax. He believes that “if you’re paying a lot of income …
A recent article in The Wall Street Journal stated that “J.C. Penney reported quarterly results late Thursday and its shares soared 16% Friday.” I’m delighted that J.C. Penney is rebounding from its brief and ill-advised venture into fashion boutique world. Much of its current success appears to be a function of the company returning to …
J.C. Penney Patronized by The Millionaire Next Door Read More »
Maria McFriendly was profiled in Millionaire Women Next Door and in an earlier blog. Maria was raised in an environment that was anything but nurturing. Her father was a chauvinist and an elitist. He often told her that she was not college material, “she repeatedly scored in the 900s [out of 1600] on her SATs.” …
Millionaire Factor 6: They are Proficient in Targeting Market Opportunities Read More »
Most millionaire next door types and those on their way were raised in a nurturing environment filled with harmony, mutual respect, discipline and frugality. As an example please review the following case study from one of my readers. While still in high school, my parents had both my brother and I read The Millionaire Next …
Young CPA Lives by the Principles Found in The Millionaire Next Door Read More »
Davis is a millionaire business owner. Earlier in his career he was asked “where do you do your business banking?” He responded, “I bank at the bank of abuse.” It seems that Davis encountered an ever occurring change in loan officers who were constantly condescending and aloof. And no matter how often he repaid his …
Self-employed: Working for Yourself or Your Creditors? Read More »