Some millionaires have more than one job. You might recall an earlier blog about Jerry, the pharmacist, who was also a business broker. Murray also has two vocations: he is a high school teacher who also owns and operates a house painting company. His case study may provide much food for thought for those who are […]
Economic Opportunities Next Door Read More »
If you recall from an earlier blog, Part 1: The Millionaire Next Door: Swiss? Cheese only, I hypothesized that most people who are guilty of tax evasion are hyper consumers. But not all of these tax cheats use offshore accounts. In fact, I am of the opinion that there is a much greater number of
Onshore versus Offshore Read More »
Compare the “rich” people (especially the Forbes 400 crowd I profiled in my previous blog) with the typical Joe and Nancy American household. The typical household in the United States generates a median income of just over $50,000 per year. As explained in an earlier blog, Average Rich? Median Poor?, its net worth is just
Part 3 of 3: The Millionaire Next Door . . . Swiss? Cheese only. Read More »
Why is it that most of the millionaire next door types do not cheat on their taxes? One of the reasons is that on average they only pay the equivalent of 2.1% of their net worth in income tax each year. From The Millionaire Next Door that is $79,000 in tax and a net worth
Part 2 of 3: The Millionaire Next Door. . . Swiss? Cheese only. Read More »
There has been a lot of press coverage recently about American citizens using Swiss accounts for tax evasion purposes. I have spent thousands of hours researching the affluent and advising the majority of the top fifty financial institutions in America. Yet, I have only spent about two (2) hours consulting with a group of executives employed by a bank
Part I of 3: The Millionaire Next Door. . . Swiss? Cheese Only Read More »
Last night my wife and I dined at our favorite neighborhood restaurant, taking full advantage of the “early bird” special! We lucked out and were served by David, an outstanding waiter. As always I inquired about his progress as an undergraduate honors student in math. He responded that his brilliant math professors were constantly challenging
Millionaires in the Making: Russian Immigrants Read More »
It is likely that in the future, our government will no longer be able to provide for the economic and physical health of its citizens. Does this prospect frighten you? It should. But, fear can be a great motivator to take affirmative action. If you are not already doing so, start living below your means
More Storm Clouds on the Economic Front Read More »
Most people today in America are not wealthy, far from it. However, don’t be confused when you learn that the average net worth of an American household is $434,782. You may be thinking that even if an average American worker loses his job he will be able to live off of his wealth for five
Average Rich or Median Poor? Read More »
When I was a boy, we lived in a small apartment in a blue-collar section of the Bronx. Just a quarter mile away was the wealthiest neighborhood in New York City, a residential community called Fieldston, aka Mansionville! I was nine years old. I told my eleven-year-old sister, “I’m disgusted with the marginal propensity of
My First Encounter with a Millionaire Read More »
Consumer indulgences do not make one wealthy. In fact, they are substitutes of wealth, not complements. I once had an interesting experience while presenting these and related facts to a group of fund-raisers from colleges and universities, hospitals, youth groups, and a variety of eleemosynary organizations which were responsible for identifying prospective donors. I explained
Millionaire Farmers and the Girl Scouts Read More »