In my research over the past 30 years, I have discovered why the millionaire next door types are so productive in transforming their income into wealth. Much of what I have found is succinctly summarized in the following communication I recently received. I am not a millionaire. At the age of 38 I am about 1/2 way there on […]
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On the way to the mountains last weekend I stopped at a favorite family owned hardware store. This large, small town store carries a wide variety of merchandise from work clothes to high grade woodworking tools. It also has a nice sporting goods department. It was there that I found an item which I had
Engineers, professors and people with Scottish ancestry, taken separately, are among those who are significantly above average in transforming income into wealth. I have focused on these three groups in previous blogs. I wonder if someone who fit in all three of these categories would be especially good at accumulating wealth? The details of the following case certainly
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What does my data tell me about hyperconsuming, high income, low net worth types? Often these income statement affluent (IAs), as I call them, actually subsidize balance sheet (BAs) millionaires. One example of this is found in the motor vehicle industry. Most BAs (about 80%) have never leased a car, SUV, pickup or minivan. No, not
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I have found that wealthy people who have a modest consumption life style tend to be generous in giving to noble causes. The following profile of John Adu (Australian Down Under) is yet another example of this. I have been unable to escape the uncanny similarities between my own circumstances and the things described in your books.
The Millionaire Down Under Read More »
I recently selected my top ten millionaire next door types. Mr. W.W. Allan, aka Aly, was the first one I chose. He was also the first that I chose to include in The Millionaire Next Door, pp. 109-112.. Aly was part of a focus group interview that I conducted of very affluent entrepreneurs. Even among
Scholarships but No Rolls Royce! Read More »
A woman contacted me soon after Stop Acting Rich was published. She reflected upon the discussion in the book about how productive educators and engineers were in transforming income into wealth. She asked, “What about an engineer who is also an educator?” She was talking about her husband, a 60 year old mechanical engineering professor.
Even More Frugal Than One Engineer Read More »
From time to time I like to share some of the notes and e-mails I receive from millionaires in hopes that you may gain insight into to the lifestyles of these self made, financially independent people. One such profile came from a respondent to my latest national survey. You may find Mrs. T and her
A Millionaire Profile Read More »
A Message from Bob: Your books are great! Eight years ago I was browsing in a bookstore and picked up The Millionaire Next Door. I began skimming through it and quickly said to myself – this guy is writing about me! I was early-fifties, owned my own business, had no credit card debt, paid cash for
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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 »