In a recent article in The New York Times, Andrew Ross Sorkin explored Steve Jobs’ motivation for success. Mr. Jobs has clearly never craved money for money’s sake and has never been ostentatious with his wealth. He took a $1 a year salary from Apple before stepping down as CEO. . . . Mr. Jobs, a […]
The Motives of Millionaires. . .Billionaires Read More »
“Underdog” is a term often used by readers to describe the millionaire next door. There is a subsegment within this millionaire fraternity whose stories are particularly compelling. It contains the beta millionaires, both men and women. About 20% of millionaires were raised in an environment that was anything but nurturing. And these beta millionaires had a great amount of work experience during
Factor 7: A Key Characteristic of The Millionaire Next Door Read More »
Why are liberals less productive in transforming their income into wealth than conservatives? For many high income producing liberals their capital is their high intellect. Or as one liberal respondent, a high income producing physician, said: “[money] income is the most easily renewable resource.” This liberal Phi Beta Kappa, Regent’s Scholar, cum laude graduate never
Conservatives or Liberals: Who Give More? Part II Read More »
The following inquiry was sent in by a reporter: I am writing an article for the local newspaper regarding who gives the largest percentage of income. I was discussing this article with a liberal friend and he felt that liberals give more money than conservatives. Is he right? Extrapolating from your book it appears to
Conservatives or Liberals: Who Give More? Read More »
In spite of Dave and Linda’s high income, they are two paychecks away from insolvency. How can this be possible? Perhaps it has something to do with Linda’s collection of nearly 200 pairs of shoes all purchased on sale from a variety of upscale retailers. She insists that she saved thousands and thousands of dollars by buying
So Many “Bargains” They’re Nearly Bankrupt Read More »
Many people want to know about the educational backgrounds of millionaires and their children. Most (85%) of the millionaire next door type households report that neither the husband nor the wife ever attended a private elementary or secondary school. So does this mean that if we want our children to be rich we should send them to
Public School, Private School, Home School Read More »
A few years back I was seated in the bleachers watching a youth baseball game. In front of me were three chatty women feverishly discussing the issues pertaining to recruiting, retaining and managing domestic help. Apparently these women had no inclination to cook, and they all agonized about how difficult it was to find someone who could
“That’s Why They’re Wealthy” was the original title of The Millionaire Next Door. Give credit to my brilliant editor, Suzanne DeGalan, for suggesting the final title. One of the main reasons that “they are wealthy” is that they live below their means and shopping for value is part of their lifestyle. But now even among the
That’s Why They’re Wealthy! Read More »
Last Friday I posted an article from Biz Daily which highlighted the findings from The Millionaire Mind about the importance of having a supportive spouse while building a business and wealth. As I said in the beginning of Chapter 6, Choice of Spouse: Can you live forever? Marry the wrong spouse and every day will feel like an eternity.
Millionaire: Tell Me About Your Spouse Read More »
In an earlier blog I revealed that only 10.5% of the variation in the price paid for a motor vehicle is explained by net worth. Later a reader asked about the relationship between the income and net worth characteristics among the 1,340 respondents from that study. Only 24% of the variation in net worth was explained by income.
Malcolm: The Moonlighting Millionaire Read More »