Daniel wrote an insightful comment about my blog entitled Stop Acting Rich: Do-It-Yourself. He mentioned a case study from The Millionaire Next Door about a man I had interviewed called Mr. W (see pp. 241-246). Mr. W was a very wealthy self made entrepreneur who often bought or invested in distressed real estate. Mr. W detailed an episode that happened to him after […]
Living Among the Income Statement Affluent Read More »
Last week while I was in the middle of crunching numbers from the IRS estate data, my phone rang. Jerry, a friend of a friend, immediately began sharing his concerns about his “real estate situation.” Jerry is a computer programmer, and his wife is a part-time dental technician. The couple’s annual adjusted gross income is
Stop Acting Rich: The Median Millionaire Read More »
In my last blog, Stop Acting Rich: Good Advice from a Frugal Engineer, I mentioned that even some decamillionaires (9%) mow their own lawns. Most do so because they enjoy doing it. Plus it is good exercise. But there can be certain drawbacks associated with mowing grass. Such visual do-it-yourself activities and behaviors are often
Stop Acting Rich: Do-It-Yourself Read More »
I recently received an e-mail from an engineer whom I’ll call Mr. SC. I’d like to share his story with you. My wife and I have achieved multi-millionaire status by the very means Dr. Stanley has found in his studies. I perform the vast majority of tasks that most Americans would think a millionaire would
Stop Acting Rich: Good Advice from a Frugal Engineer Read More »
In a previous blog, Stop Acting Rich: Follow Harry’s Lead, I mentioned a fund raising event that I had attended. I was invited because I had volunteered my expertise about how to market to millionaires. However, several of the other patrons of the school’s construction fund who were in attendance were all quite wealthy, like Harry. But
Stop Acting Rich: Focus on Major Targets Read More »
While recently attending a fundraiser for a local school, I was introduced to a very wealthy gentleman I’ll call Harry. The head fundraiser for the school told that he is the number one contributor to the school’s construction fund. Plus Harry is a top ten poultry producer in America. His success is often documented in a variety
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Some of the richest people in America have little or no life insurance. Many billionaires, for example, believe that they are essentially self insured. And who could argue with those who have a billion dollars backing them? But what about those high income producers who have low levels of wealth and have family members who
Stop Acting Rich: Buy Life Insurance Read More »
A rather interesting fellow once told me how he became head of marketing for what is today a major mutual fund. He said that being the fund’s top sales professional had helped him a great deal. How did he become an extraordinary sales professional (ESP)? My own research shows that mutual funds are hard to
On the Lighter Side: A Mutual Benefit Read More »
In Chapter 5 of Stop Acting Rich, Keeping Up with Your Spirits, I discuss several issues concerning the consumption of distilled beverages. In the process of researching this topic I discovered that vodka is the number one distilled beverage consumed by the affluent. Also, I mention the fact that there are more than 300 competing brands of
An Outstanding Entrepreneur Read More »
In my last blog I discussed the importance of trade journals in identifying millionaire business owners. But where did the idea of reading trade journals originate? It did not come from any of the marketing or marketing research textbooks that I lectured from for over twenty years. It was my lifelong interest in military history
Ode to British Naval Intelligence Read More »