Many millionaires have told me that being economically successful has more benefits than just financial independence. As one very wealthy entrepreneur said, “It’s an absolute joy to associate with other successful people.” This fellow wasn’t just talking about other multimillionaires like himself. He was also referring to many of the high grade professionals such as lawyers, accountants, …
A recent Wall Street Journal article indicated that a variety of developers of expensive vacation homes are responding strategically to the meltdown in their market. In short, they are providing vacation home opportunities of the downsized variety. “. . .building smaller less expensive homes in resort communities. . . this pitch may sound a little funny: ‘affordable housing for the …
In my latest blog, Mr. K mentioned that his frugal wife buys some of her clothes at Goodwill. Do you think that Ms. K is the only person who has a few dollars in the bank and shops at a thift store? Au contraire! Take, for example, the case of Mrs. Point and her husband. I …
People often contact me asking for a special dispensation because they drive expensive prestige makes of motor vehicles. They maintain that this is an effective way to show others (especially prospective customers or clients) as well as themselves that they are successful. And every one of them tells me that they either got a great lease deal …
What explains happiness in life? I don’t have all the answers. But, as a review of both my books and blogs, happiness in life has little to do with the brand/price of the watch one wears, the stores one patronizes, the make of car one drives or the brand of vodka one consumes. One’s overall happines …
A New York Times article yesterday about consumer use of discount coupons jogged my memory. Shortly after making my presentation, the president and CEO of the sponsoring corporation approached me. He told me that he had a case for my next book. And he was right. The case was ideally suited to be included in The Millionaire Next Door. How did …
Daniel wrote an insightful comment about my blog entitled Stop Acting Rich: Do-It-Yourself. He mentioned a case study from The Millionaire Next Door about a man I had interviewed called Mr. W (see pp. 241-246). Mr. W was a very wealthy self made entrepreneur who often bought or invested in distressed real estate. Mr. W detailed an episode that happened to him after …
In my last blog, Stop Acting Rich: Good Advice from a Frugal Engineer, I mentioned that even some decamillionaires (9%) mow their own lawns. Most do so because they enjoy doing it. Plus it is good exercise. But there can be certain drawbacks associated with mowing grass. Such visual do-it-yourself activities and behaviors are often …
In my last blog I discussed the importance of trade journals in identifying millionaire business owners. But where did the idea of reading trade journals originate? It did not come from any of the marketing or marketing research textbooks that I lectured from for over twenty years. It was my lifelong interest in military history …
How do I go about finding many of the millionaires that I profile in my books. I read their trade journals. So, that’s like The Wall Street Journal, right? Not really. I am referring to publications that target members of well-defined industries. You may recall my profile of Bill R. that was in The Millionaire …