As of March, 2011, “there were 1.7 million active poker player accounts in the US from players wagering around $14 billion a year online” (see The Wall Street Journal). A lot of these players must feel that they can gamble themselves into millionaire status. And who can blame them? Cable television relentlessly glorifies gambling and constantly associates poker playing, especially, […]
“Any Economically Successful Man Doesn’t Gamble” Read More »
In Georgia the recent passage of House Bill 87 has prompted illegal immigrant workers to leave the state. Many of these people were among the very most productive farm workers. These workers are now helping to harvest crops in adjoining states which don’t have such stringent anti-immigrant statutes. A lot of the farmers in Georgia complained that their products were rotting in the
Don’t Throw the Baby Out with the Bathwater Read More »
Every time I read an article about wine consumption in the United States a reoccurring vision of the millionaire next door pops up in my head. Most recently there was a discussion in The Wall Street Journal about the types of wine purchased since our current economic recession. “The economic downturn was toughest for the U.S.
Wine: Millionaires versus The Aspirationals Read More »
In Stop Acting Rich, I mentioned my admiration for Sam Walton, the founder of Wal-Mart. His motor vehicle of choice was a Ford pick-up truck. Interestingly, it was also the favorite among the millionaires profiled in The Millionaire Next Door. In sharp contrast to Mr. Walton’s lifestyle, a recent article reported that his heirs donated $800M to build
New Headline: Overnight Bus Trips Help Fund $800 M Art Museum! Read More »
Several people have commented that Osama bin Laden’s choice of home was akin to that of the millionaire next door types who blend in well with their neighbors. Others said that living in a million dollar compound in a third world country was anything but analogous to the low profile existence of the American millionaires
The Terrorist Next Door? Read More »
Thomas Sowell, a Senior Fellow at the Hoover Institution, recently proposed that “ending subsidies to billionaires will cut spending.” My plan would start by cutting off transfer payments to billionaires. . . . . . . [for example] agricultural subsidies go to a number of billionaires. Very little goes to ordinary farmers. Mr. Sowell’s commentary proded my
Social Security for Those with Incomes of $10M and More! Read More »
The income statement affluent (high income/low net worth) often subsidize the balance sheet affluent, aka the millionaire next door. Many of the income statement affluent paid top dollar for their homes at the peak of the residential real estate market. Often they did so with little or nothing down. Now these same houses are selling at steep discounts.
Subsidized Housing for Millionaires Read More »
Dennis Cauchon, writing in USA Today, asks “Our Standard of Living: Is it Better than Ever?” He points out that our income today is significantly higher than it was in 1980, that our homes are bigger, that we are expected to live longer, and that we spend more of our income [inflation adjusted] on recreation,
Are We Better Off Today? 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 »