A top 10 most often asked question: How can I make sure that my children grow up to be economically productive adults? My answer: There are no sure things when raising children. But I have found that most millionaire next door types were raised by parents who were disciplined and frugal. Parents in such cases …
Rule 2: Raising Children To Become Productive Adults Read More »
In my last blog, I commented on a small but highly compensated blue collar occupational group, materials handlers, that is often misjudged and overlooked by marketers of a variety of affluent products and services. The following case study is intended to provide an example of this phenomenon. About ten days before Christmas, I walked into a crowded specialty store near …
In my last blog, J.R. profiled his father-in-law who is the CEO of a major public corporation. He provided considerable evidence that his father-in-law is the millionaire next door type. Interestingly most senior corporate executives understate their wealth. Dear J.T.: Thank you for your insightful profile. My research over the years has found that …
Mr. J.T. recently contacted me with a candid profile of his father-in-law. I read your books. . . . obvious to me that my father-in-law is almost exactly the millionaire next door type. . . . . . .he is a rather well-known CEO of a publicly traded company. He is 57 years old. . . married …
Shoes Resoled; Coupons Clipped; Net Worth: $25M+ Read More »
According to a survey conducted earlier this year by the National Automobile Dealers Association, the average dealer profit per new car sold was $1,334. Ah, but even better was the dealer profit on used cars, $2,160. Perhaps this has something to do with why most millionaire next door types buy new vehicles rather than used ones from …
In a recent Fortune editorial, Nina Easton writes “. . . don’t blame the rich: a defense of the 1%.” Instead of constantly criticizing the 1 percenters most people could learn a lot about accumulating wealth through understanding the habits of these wealthy people. She states succinctly: It’s entertaining to wail about the fat cats and the …
Here’s a millionaire next door story from an admiring grandson: This is about my grandmother. . . a millionaire next door type all my life [35 years]. . . I had no clue. My grandmother never graduated from high school. Married at sixteen. She moved from New Mexico with my grandfather to a farm in Nebraska. . . …
Use OPM (Other People’s Money) in a sentence. About 2 in 3 couples under the age of 35 who live in $1M homes are part of the OPM segment. Our government is like the spoiled economically dependent adult child who is never satisfied no matter how much OPM it receives. Those who receive OPM tend …
Q: Dr. Klug, what type of physician are you? A: I’m an Independence Day physician. I work from January 1 to July 4 each year to pay my taxes. Dr. Klug does not focus on the injustice of our tax system where the top 1% of income generators pay nearly 40% of income taxes. He …
In a recent broadcast of Mad Money, Jim Cramer did an analysis of several retailers who cater to the affluent. One of these was Tiffany’s. Jim indicated that the company’s stock price, of course, was highly correlated with its sales and ultimately its profits. Further, he proposed that the performance of this upscale retailer is highly correlated with profits and …