The Millionaire Next Door

The Wall Street Journal

Millionaire Investors Leverage Their Knowledge

The Wall Street Journal recently reminded its readers of Peter Lynch’s hall of fame batting average during his tenure as manager of Fidelity Investments Magellan Fund: Delivering 29% annualized returns from 1977 to 1990. . . Mr. Lynch’s work has had a profound influence on the way I invest. I once heard him speak at a Fidelity conference …

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Building Wealth is a Marathon, Not an SAT Score

In The Millionaire Mind, I said that the process of building wealth is a marathon.  How well you do in this race involves much more than grade point averages . . . .  Standardized testing [SATs, GREs,] cannot be substituted for actually running the race.  Otherwise our government could just redistribute our nation’s wealth each …

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Even More Frugal: Millionaire Women

Several advertisements for the Allen Edmonds shoe company have appeared in The Wall Street Journal.  The advertisement mentioned that the company rebuilt over 60,000 pairs of customers shoes in 2010.  I am not sure how many from the general public are repaired each year.  But most millionaires regularly have their shoes resoled or repaired.  It is not just the …

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Physicians via Economic Outpatient Care

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 …

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