Last week a reader suggested that a review of previous research on the topic of motor vehicle purchases by millionaires was in order. And I agree. In Table 4-1, Motor Vehicles of Millionaires: Model Year in The Millionaire Next Door, I mentioned that nearly 1 in 4 millionaires (23.5%) owns the latest model year vehicle. Some readers interpreted …
Reflections: Millionaire Next Door Myth #4: Used Cars Read More »
Love should be the basis for a long and happy marriage. But even deep affection can be tarnished if a couple does not share the same goals and objectives. J and J, both 28, are getting married this fall. He is an engineer; she is an accountant. Neither have any debt. Their combined 2013 income will be nearly $150,000 …
Young Married Couples: Follow the Ways of The Millionaire Next Door Read More »
What if you are contemplating marrige and you have outstanding debts? Honesty is the best policy here. You should advise your future spouse about your financial situation and you’d be smart to discuss further your proposed way of eliminating this debt. I am reminded of this fact by Doug who shared his life changing moment: …
During the past two years J.C. Penney has implemented a dramatic change in its marketing strategy. It called for greatly reducing the number of coupon/special on sale pricing and related promotional methods. Its old method was replaced with the so-called stable, every day price point method. And, according to The Wall Street Journal, this new strategy called for …
We just spent 5 days chilling out on a Florida barrier island on the Gulf coast. It was our first visit to St. George Island . After 2 days there it became evident to me that this laid back environment is well suited for the millionaire next door types I have known. It is quiet, reasonable [$8.50/dozen Apalachicola oysters] and …
I was delighted to learn of one of my reader’s (Mr. RK) transition from being a member of the income statement affluent segment to one in the balance sheet affluent population. Congratulations! The examples (of income statement types) are endless. My personal example was similar. Professionally, I’m an engineer. I’m really good at math and people pay me …
A newspaper article reported on a “low level employee” who has been accused of stealing from his employer. His theft went unnoticed for more than two years. And his crime was discovered only when an investigation outside the firm led to his arrest. No, the fellow did not steal cash, coins, checks, motor vehicles, etc. In just …
Warren Buffett is the best of the best at transforming income into wealth. How did he do it? Wise investing, you say. Combine this with his reputation for having enormous integrity and his well publicized frugal lifestyle. When it comes to consumption he seems to possess traditional midwestern values. In spite of his substantial wealth he lives in a relatively …
Five years ago Brit, 36, and his wife were upside down on their heavily mortgaged home, had a negative net worth and owed more than $60,000 on their credit cards alone. Today the couple has a positive net worth of about $20,000. Brit explains that paying off their debts was extremely difficult and took much sacrifice. …
I lived for a few years like no one wants to so that I can live for the rest of my life like no one can. This is the basic success formula recently reported by one of my readers. In the following paragraphs, another reader, Honey, paints a similar picture of how her mother became a …