The Millionaire Next Door

Mentor’s Corner

Help Wanted? An Interview Guide for Hiring Financial Professionals

Amid any chaotic market or environment, many of us will seek professional advice, especially when it comes to achieving financial goals. Companies like Fidelity are hiring new staff and advisors to take on the increase in prospective clients who now want financial advice. We have anecdotal evidence of this increase at DataPoints, where many advisors have …

Help Wanted? An Interview Guide for Hiring Financial Professionals Read More »

Shopping on Black Friday

Black Friday Perspectives from Millionaires

Black Friday, from both a marketing and psychological perspective, was of great interest to my father, so much so that we included a question about it on the last survey we conducted on wealthy Americans for The Next Millionaire Next Door. Below is a roundup of some of the writings he and later I published …

Black Friday Perspectives from Millionaires Read More »

Building Wealth & Minding Your Own Business

One of my students gave a presentation on how to use goal-setting theory to reach financial freedom and at the end he said, “but you’ll never save money if you don’t MIND YOUR OWN BUSINESS,” and this really stuck with me.  In the Twitterverse yesterday, one of my fellow industrial-organizational psychology friends retweeted this quote …

Building Wealth & Minding Your Own Business Read More »

The Luxury of Indiscriminate Spending

Think about items that could be passed down to the next generation: jewelry, artwork, a treasured photograph, or a favorite book. What about the luxury of not being frugal? The luxury to buy whatever one wants? Are affluent parents passing down that “luxury” unknowingly? For those not fortunate enough to inherit large lump sums or …

The Luxury of Indiscriminate Spending Read More »

Leadership 101, 102 . . . etc.

The arch type millionaire next door is an economically successful self employed business owner.  In other words, he is an employer not an employee.  He is in essence a leader.  This fact has much to do with understanding something important about millionaire business owners.  There is little or no significant correlation between cognitive intelligence test scores …

Leadership 101, 102 . . . etc. Read More »

The Millionaire Next Door Prescribed for Pharmacy Students!

While  waiting at the pharmacy in a large supermarket recently, I saw 5 or 6 young pharmacists working very hard filling prescriptions, taking orders, and consulting with customers.  Yes it is hard work, but they are very well paid (nearly twice the median income of an American household).  Typically these pharmacists spent 5 years in …

The Millionaire Next Door Prescribed for Pharmacy Students! Read More »

Most Millionaire Business Owners Never Sell to the Ultimate Consumer

The arch type millionaire is a self employed business owner/entrepreneur.  Thus it is not surprising that many people ask, “But what type of businesses do they own?”  To these readers I say, “Well, take a look at the 6 columns of business types listed in Appendix III in The Millionaire Next Door and the 12 columns …

Most Millionaire Business Owners Never Sell to the Ultimate Consumer Read More »