The Millionaire Next Door

The Millionaire Next Door

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The Millionaire Next Door

Factor 7: A Key Characteristic of The Millionaire Next Door

4 Comments / Studying the Wealthy /

“Underdog” is a term often used by readers to describe the millionaire next door.  There is a subsegment within this millionaire fraternity whose stories are particularly compelling.  It contains the beta millionaires, both men and women.  About 20% of millionaires were raised in an environment that was anything but nurturing.  And these beta millionaires had a great amount of work experience during […]

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STOP ACTING RICH. . . A Wake-up Call for Me! Part I

4 Comments / Mentor's Corner /

Congratulations to R.S. He stopped acting rich.  It is often difficult to cast off the habits of the hyper consuming, income statement affluent [those who have high realized incomes but little accumulated wealth].  It is especially hard to do if you were raised in that kind of environment.  He accomplished this change by going almost cold

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The Millionaire Next Door: Factor 6

1 Comment / Mentor's Corner /

A registered nurse recently asked me where people in her profession ranked in their ability to transform income into wealth.  Highly compensated RNs are in the average range of productivity, ranking 88th among the 200 occupations studied.  But her question reminded me of several case studies of  RNs who leveraged their rigorous training, extraordinary work ethic and

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One Man’s Junk, Another Man’s Treasure

6 Comments / Millionaire Next Door Stories /

Most millionaire next door types are contrarians.  They think and act differently.  They are savers and investors in a population of hyper consumers.  Plus most have high creative intelligence.  This helps to explain why many of them are in niche, backwater, low status type businesses where competition is light or nonexistent.  In addition, as stated in The Millionaire Mind, four

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So Many “Bargains” They’re Nearly Bankrupt

4 Comments / Studying the Wealthy /

In spite of Dave and Linda’s high income, they are two paychecks away from insolvency.  How can this be possible?  Perhaps it has something to do with Linda’s collection of nearly 200 pairs of shoes all purchased on sale from a variety of upscale retailers.  She insists that she saved thousands and thousands of dollars by buying

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New Headline: Overnight Bus Trips Help Fund $800 M Art Museum!

3 Comments / Current Events /

In Stop Acting Rich, I mentioned my admiration for Sam Walton, the founder of Wal-Mart.  His  motor vehicle of choice was a Ford pick-up truck.  Interestingly, it was also the favorite among the millionaires profiled in The Millionaire Next Door. In sharp contrast to Mr. Walton’s lifestyle, a recent article reported that his heirs donated $800M to build

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