Not all people who inherit wealth spend it lavishly. This is especially true if their parents were dyed-in-the wool millionaire next door types. I was reminded of this fact in an article that I read about Mrs. Rosemary Johnson. She bequeathed $2.23M to the Madison (WI) Community Foundation. This foundation supports the local children’s museum, the YWCA, …
Who are among the best at serving the needs of the millionaire next door types? Often they are those who have had experiences with these types of people during their formative years. Tony Schuman, a successful investment manager, was sensitized early in his life to the significant differences between the low profile millionaire next door and those …
The headline today in The New York Times says it all: “Immigrants Make Paths To Suburbia, Not Cities.” The implication of the article is that the immigrants referred to are blue collar workers who sought work in the construction and food service industries. However, missing from the article is any discussion of the high concentration …
It seems like everyone has an opinion about the “rich” these days. Take for example Ranger X. Rich. We first noticed the ranger as we hiked out of the large parking lot adjacent to the wilderness area. He was just opening his ticket book when my wife said to me, “did you put your parking pass [self administered] on …
Motor vehicles today are more expensive than ever. You would think that it would be just the opposite since the economy is currently floundering. In 2006 Americans purchased approximately 16M new passenger vehicles. But not this year. Now it is more like 10-12M. Manufacturers have significantly reduced their production so there are fewer “leftovers” and other traditional …
I recently received an e-mail from a physician of the Income Statement Affluent variety (high income/low net worth). In it he laments about the difficulty in transforming himself into a Balance Sheet Affluent millionaire. I have all the basics to live frugally; I just have not done so because I have been caught up with …
In a national survey of 733 millionaires representing the top 1% wealth holders in America, I found that 70% regularly have their shoes resoled/repaired (see The Millionaire Mind, p. 297). Millionaires are generally frugal, but they are not frugal when it comes to purchasing quality shoes. Why do most wealthy people pay several hundred dollars for …
In my last blog, I took on the diet police. I argued that child obesity is more a function of the lack of parents instilling discipline and moderation in their children’s lifestyle than it is fast food companies and their products. Children benefit from parental guidance in all aspects of their lives. The following letter is a …
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 …
The New York Times published a front page article recently entitled in the print edition “Your Home as Sure Nest Egg? That Era Is Over, Analysts Say.” I’m not sure what “era” they are talking about. As I said in Stop Acting Rich, overall single family, owner occupied homes were never the so-called nest egg that many people thought …