It seems that there is more interest now in how the top 1% of the wealth holders in America think than there was when The Millionaire Mind was first published. The principles revealed in this book are timeless and especially important for those who are business owners and for those who are compensated purely on their […]
The Millionaire Mind . . . Alive and Even Richer Read More »
Several people have commented that Osama bin Laden’s choice of home was akin to that of the millionaire next door types who blend in well with their neighbors. Others said that living in a million dollar compound in a third world country was anything but analogous to the low profile existence of the American millionaires
The Terrorist Next Door? Read More »
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 »
The income statement affluent (high income/low net worth) often subsidize the balance sheet affluent, aka the millionaire next door. Many of the income statement affluent paid top dollar for their homes at the peak of the residential real estate market. Often they did so with little or nothing down. Now these same houses are selling at steep discounts.
Subsidized Housing for Millionaires Read More »
Dennis Cauchon, writing in USA Today, asks “Our Standard of Living: Is it Better than Ever?” He points out that our income today is significantly higher than it was in 1980, that our homes are bigger, that we are expected to live longer, and that we spend more of our income [inflation adjusted] on recreation,
Are We Better Off Today? 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 »
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 »
People often ask me if the consumption lifestyle of their children or grandchildren will change radically if they receive a sizeable inheritance. If a child is raised in a family environment which reflects the habits of the millionaire next door, he or she typically adopts the same lifestyle. Statistically a frugal 21-year-old will continue to be frugal
Forever Balance Sheet Affluent Read More »