At least once a day I read or hear journalists make statements, predictions and/or conclusions which are not supported by objective statistics. I’m not suggesting that journalists be prevented from practicing their trade without having the designation of “certified professional journalist (CPJ). But I would feel a lot more confident in judging the accuracy of a […]
Accreditation for Journalists? Read More »
The head of private banking for a large financial institution in New York shared an interesting case study with me. An attorney from small town America referred a very wealthy client couple to this banker. The couple wanted to establish a banking relationship with an out of state institution. Like many wealthy people who live in small towns,
The Family with the Most Millionaires Read More »
Over time the facts and words found in The Millionaire Next Door sometimes get twisted. It is a myth that most millionaire next door types only buy used cars. In fact, for every one millionaire that is used vehicle prone there are two who tend to buy new vehicles. Yet I am often asked why I devoted so much
Millionaire Next Door Myth #4: Used Cars Read More »
Nearly all [95%] of the top 1% of wealth holders in America reported that “being well disciplined was very important/important” in explaining their socioeconomic success. As I stated in The Millionaire Mind, A disciplined person sets his or her sights on a lofty target, then figures out productive ways to reach the target. Disciplined people are
Discipline: A Nutrient of Success Read More »
Thank you to those of you who have already signed up for the AMI Research Panel. We are preparing to send out our first survey in the upcoming weeks. If you have friends or family members who are fans of The Millionaire Next Door or might be interested in participating, please encourage them to sign
Studying Wealth-Building: Your Input Requested Read More »
It has come to my attention that there are quite a few reporters and columnists who read my blogs in search of data and ideas for their future endeavors. And I take that as a compliment. Of course not all of these people agree with my revelations! But, as best I can, I just objectively count
$1M Income Producers: 5.5% Receive Trust/Estate $$ Read More »
From studying the affluent market for over 30 years I have learned how individuals who seem quite ordinary become the millionaires next door. This research has focused primarily on those who are very productive in transforming their incomes into wealth. In turn, I have tried to highlight the lifestyles, habits and background of this population through
To My Readers: Your Input is Requested Read More »
Ranger X. Rich was profiled in an earlier blog. I met him “as we hiked out of the large parking lot adjacent to the wilderness area.” He was in the process of ticketing those who had not paid to park in the lot [under the honor system]. He believes in the “rich first system” when distributing tickets. He seeks
Drive Rich or Be Rich Read More »
Leon G. Cooperman is a member of the Forbes 400, a self made billionaire and philanthropist. He is also the CEO of a successful Wall Street investment firm. As such, he could be a poster child for the 99 percenters who claim that Mr. Cooperman and his ilk are “too successful.” But these people do not
Wall Streeter Donates 25 X More $$ than He Spends Read More »
Proposals for a tax on wealth frighten me. Take for example a recent editorial “The Conservative Case for a Wealth Tax” by Ronald McKinnon in The Wall Street Journal. Mr. McKinnon first argues that increasing the income tax rate of high earners would be for various reasons ineffective in raising federal revenue. He claims that “income inequality . .
Wealth Tax Today, Confiscation Tomorrow? Read More »