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Update from November 2011

By Thomas J. Stanley on Jan 1st, 1970 in Millionaire Next Door Stories

Dr. Stanley, Sorry if this is repetitive, but not sure last
update went through. We dropped you a line about three years
ago. At that time we were earning 240k and owned a home we
purchased for 190k. Since that time a lot has changed (for the
better). We added a son to our family, so we have three
children. Two girls and our boy. I also took a position as the
state of Iowa Insurance Commissioner. With this position we
took a near 50% reduction in total compensation. Even with that
cut in pay, I would not change anything. The job is the most
rewarding thing I have done professionally. I travel the state
and educate seniors about investment fraud. Check out
www.iowafraudfighters.gov. I have also worked extensively on
health care reform and regulate some of the largest insurance
companies in the nation. It is completely rewarding and
challenging. The reason I wanted to update you is that I could
not have taken this role without learning from you and reading
your book Millionaire Next Door in my 20’s. If I had adopted a
lifestyle in line with my earnings, I would not have been able
to accept such a large cut in compensation. Last time I wrote
you we had strong savings and were well on track to being just
like the many people you write about. We are still very much on
track (in fact we are very close and still save nearly 25% of
my pay annually) but the cut in pay delayed us probably a year
or two. Thanks for all your good work. And yes even with the
large cut in pay my beautiful wife still gets to stay home with
our children. Nick

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