In The Millionaire Next Door I asked: What evidence is there that the government knows the formula for becoming financially independent in America? Our government studies “top wealth holders.” So do I. And our findings are similar. Millionaires live on the equivalent of a small proportion of their wealth. They are heavy investors in commercial real …
In an editorial in The New York Times, it was stated that: A million dollars used to be a magic number, a sign of permanent affluence. You made it! But now it won’t buy you . . . [the array then follows]. I have found that journalists have a tendency to discount the importance of …
Recently a fellow asked me about my impressions of French economist Thomas Piketty’s new book, Capital in the Twenty-first Century. I have not read the book, but I’ve read comments about it including a recent interview with the author. He postulates the existence and forecasts the growth of inequality in terms of the concentration of wealth and income. In …
If your local library does not carry the periodical Automotive News, it might be worth your while to request that it do so. The trade journal is a bit pricey for an individual to purchase. But in my business this weekly periodical is a very important source of information about what some people refer to as “the …
What Does the Millionaire Next Door Read? Trade Journals Read More »
In The Millionaire Mind I wrote: . . . key success factors our economy continues to recognize and will continue to reward: hard work, integrity. . . . It seems that at least once a week during the last ten years, I have read published news stories and editorials claiming that economic opportunity in America is …
Socioeconomic Mobility on the Wane? Au Contraire! Read More »
Last month a picture of Jim Harbaugh, coach of the San Francisco 49ers, appeared in USA Today. But the picture was not taken on a football field. Coach Harbaugh was standing in front of a rack of blue jeans and khaki pants in a Wal-Mart store. In his hands he was holding packages of underwear and …
There are two forms of human intelligence. One is cognitive intelligence [IQ] which I believe is highly correlated with SAT results, etc. But as reported in The Millionaire Mind, Cognitive ability [IQ] tests have been notoriously poor predictors of leadership performance. . . . Relations between intelligence and leadership and managerial performance . . . accounting …
Common traits of successful corporate executives and the millionaire next door Read More »
In terms of public relations the bad news continues for Russia. It has recently been revealed that the concentration of wealth in Russia is by far the highest of all major nations in the world. In a recent blog, I cited a report by Credit Suisse which indicated that 110 households own a staggering 35% of personal wealth …
No one ever got rich by camping out for two or three days to be first in line for Black Friday sales events. Or as I said in an earlier blog: Two days camping out in line, that’s 48 hours or nearly 5 times the number of hours a millionaire next door allocates per month to …
The Wall Street Journal stated that the per capita consumption of carbonated soft drinks [sodas] in this country is 165.3 liters. Last month Bob, a millionaire next door in the making, contacted me about a related issue. He heads a family of 5 which up until recently was a consumer of soda. He wasn’t certain how much money his family …