Debt is like jail- easy to get in, hard to get out. As an example consider the data recently published by The Federal Reserve: more than 2 million Americans 60 and older own a combined $43 billion in student loan debt the average debt among the 60 and older set is $19,000 115,000 of US seniors [are having …
1 in 3 Millionaires Funded 100% of Their College Education Read More »
Another top 10 most often asked question: Why is it that my adult children are hyperconsumers? My simple and straightforward answer: Typically it is because their parents taught them to be spenders! Hyperspending parents tend to raise hyperspending children. These parents violated Rule 1 for raising productive adults [from The Millionaire Next Door]: Rule 1: Never …
A top 10 most often asked question: How can I make sure that my children grow up to be economically productive adults? My answer: There are no sure things when raising children. But I have found that most millionaire next door types were raised by parents who were disciplined and frugal. Parents in such cases …
Rule 2: Raising Children To Become Productive Adults Read More »
Mr. J.T. recently contacted me with a candid profile of his father-in-law. I read your books. . . . obvious to me that my father-in-law is almost exactly the millionaire next door type. . . . . . .he is a rather well-known CEO of a publicly traded company. He is 57 years old. . . married …
Shoes Resoled; Coupons Clipped; Net Worth: $25M+ Read More »
In a recent Fortune editorial, Nina Easton writes “. . . don’t blame the rich: a defense of the 1%.” Instead of constantly criticizing the 1 percenters most people could learn a lot about accumulating wealth through understanding the habits of these wealthy people. She states succinctly: It’s entertaining to wail about the fat cats and the …
Here’s a millionaire next door story from an admiring grandson: This is about my grandmother. . . a millionaire next door type all my life [35 years]. . . I had no clue. My grandmother never graduated from high school. Married at sixteen. She moved from New Mexico with my grandfather to a farm in Nebraska. . . …
Medical Economics is one of the most respected periodicals read by physicians. I was honored to have several of my articles about physicians and how they rank among high income producers in terms of accumulating wealth published in that journal. And the demand for my books has greatly benefitted from the exposure. You may recall the profile of Dr. …
In The Millionaire Next Door I quoted the words of a corporate sales professional, a millionaire whom I interviewed. He like other self made millionaires said that he had a “go to hell fund. . . just in case my employer suggests (insists) that I leave Austin for corporate headquarters in Rottenchester.” He never had to leave Austin and …
The head of private banking for a large financial institution in New York shared an interesting case study with me. An attorney from small town America referred a very wealthy client couple to this banker. The couple wanted to establish a banking relationship with an out of state institution. Like many wealthy people who live in small towns, …
Over time the facts and words found in The Millionaire Next Door sometimes get twisted. It is a myth that most millionaire next door types only buy used cars. In fact, for every one millionaire that is used vehicle prone there are two who tend to buy new vehicles. Yet I am often asked why I devoted so much …