In a previous blog, I mentioned that 42% of the total income taxes in America are paid by the top 1% of income earners even though this group generated less than 25% of the total personal income. High income however does not mean high net worth and vice versa. In spite of this our so-called leaders …
In my last blog, I highlighted an e-mail I received proposing that the material in The Millionaire Mind be included in high school curriculums. However, this material would not likely be considered for such programs. The respondents profiled in The Millionaire Mind represented the top 1% of wealth holders in America [a net worth and income of more …
There is a growing concern among wealthy people about the press and politicians promoting the position that the rich are evil. All of my research indicates that, in general, the rich are far from being evil. No doubt that among a population of 4 million millionaire households in America there are some no-goodnicks among them. …
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 …
Not all of the interesting information in the Forbes 400 issue deals with billionaires. For example, in Matthew Schifrin’s article, he profiles several amatuer investors who became millionaires by significantly outperforming the market. One of these investors, not surprisingly, is a civil engineer and is pictured standing next to his no frills Ford 150 pickup truck. Remember that Ford was the #1 make and …
Millionaires: Firefighter, School Bus Driver, Engineer. . . Read More »
Have you ever wondered about why so many millionaire next door types understate their considerable socioeconomic success? They don’t have a strong need to display their economic productivity by buying luxury products and expensive homes. In a major way, their real achievements are the badges of their success. For example, financial success, especially economic independence, is its own …
Two thoughts crossed my mind when I first learned that drillers had succeeded in completing an escape tunnel for the 33 men who were trapped in a Chilean mine. First, I felt joy for the men and their families. And then I thought about the equipment that was used in the process. According to CNN …
The Millionaire Next Door: Industrial Strength Character Read More »
It’s not too early to make holiday gift giving plans. Is there a millionaire next door on your list? If so, I have a hint for you. I was reminded of this yesterday when I stopped by my neighborhood McDonald’s for a McCafe coffee. There were banners hanging all over announcing Monopoly is Back along with …
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 …
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 …