Last week in a social setting I met Mrs. L who is employed as an assistant manager at a branch bank. She and her husband are immigrants from India. Mrs. L asked me what I did for a living. I responded that I am a researcher and writer. Mrs. L: Research? My husband does medical research. What kind […]
Research? Your Banker Knows Read More »
In The Millionaire Mind, I said that the process of building wealth is a marathon. How well you do in this race involves much more than grade point averages . . . . Standardized testing [SATs, GREs,] cannot be substituted for actually running the race. Otherwise our government could just redistribute our nation’s wealth each
Building Wealth is a Marathon, Not an SAT Score Read More »
Several advertisements for the Allen Edmonds shoe company have appeared in The Wall Street Journal. The advertisement mentioned that the company rebuilt over 60,000 pairs of customers shoes in 2010. I am not sure how many from the general public are repaired each year. But most millionaires regularly have their shoes resoled or repaired. It is not just the
Even More Frugal: Millionaire Women Read More »
In a recent blog I profiled Ken, a second generation millionaire. His observations generated numerous responses. Many of these came from New York and California-based respondents who said essentially that there are no homes in the mid-$300,000 range in their chosen geographic environment. In fact, the wife of a recently minted medical doctor complained that the couple was “forced”
Manhattan, Palo Alto . . . Consider the Cost of Living! Read More »
An article in USA Today recently reported on the Princeton Review’s top 5 list of the “best buys” among public universities. Out of the 100s of schools studied, The University of Florida (UF) ranked 3rd on the list. Coincidentally I had just reinterviewed one of the original respondents from The Millionaire Next Door. Ken told
Colleges from the Value Menu Read More »
Kristen Hagopian, writing in philly2philly.com, reminded me about the large number of millionaire households in America with Irish ancestry. She cites the “top ten ancestry groups of American millionaires” as given in The Millionaire Next Door. . . .over 400,000 [as of 1996]American households with Irish ancestry had attained millionaire status. Pretty impressive. Ms. Hagopian believes
Irish Green, Irish Wealth Read More »
In The Millionaire Mind, I mentioned that the millionaire population contains a disproportionately high concentration of people who told me that integrity is a critical factor in explaining their economic success. “Being honest with all people” was tied [with being well disciplined] for first in regard to the percentage of millionaires who rated it as
Wal-mart CEO-Leadership Read More »
In Stop Acting Rich, I detailed why so many people who are not rich hyperspend. Who are they really emulating? They are merely mimicking the behaviors of people like themselves who are not rich but act in ways they think economically succesful people act. Here is an example of what I mean. Theo is the owner
The Uniform of The Millionaire Next Door Read More »
A physician recently contacted me about his experiences with economic outpatient care. He had read The Millionaire Next Door and realized that his parents and grandparents fit the pro forma of the income statement affluent and balance sheet affluent, respectively. His mother and father were corporate middle managers . “They spent everything.” Nice home, nice cars, nice
Physicians via Economic Outpatient Care Read More »
In Stop Acting Rich, I stated that “the greatest detriment to building wealth is our home/neighborhood environment. If you live in a pricey home and neighborhood, you will act and buy like your neighbors. . . the more affluent the neighborhood the more its residents spend on almost every conceivable product and service. We take
What Percent of Your Neighbors Inherited Their Wealth? Read More »