I know elementary school teachers, coaches, and your parents told you that all that matters is that you do your best. Unfortunately, they all lied to you. The professor who wrote this was responding to a fictional (albeit realistic) scenario: how would you respond to a student who asked for a grade change on a project because she “worked …
While going through some training materials in my father’s archives this morning, I found a section that defined networking via an example geared towards attorneys. Regardless of your industry, it is a great summary for effective business development and was the focus of the book Networking with the Affluent, published this month back in 1993. From his workbook: …
How did the concept of The Millionaire Next Door begin? Below is a bit of history, originally published on the timeline: When did Dr. Stanley first profile the Millionaire Next Door population? Originally he used a different title in defining this segment. Dr. Stanley first coined the “Wealthy Blue Collar Segment” in a paper he wrote entitled …
Data collection is underway for a follow up study on wealth in America, the first reported by my father, Thomas J. Stanley, in The Millionaire Next Door. In addition to examining some of the timeless areas such as asset allocation and automobiles, we have included new fields of study, particularly in behavioral finance. Quick anecdote: …
In a recent edition of Financial Advisor magazine, Nick Murray wrote a piece on The Millionaire Next Door and Dr. Thomas J. Stanley’s life. Mr. Murray, an expert in his own right, discusses the book in the context of the time it was written and the way in which stories were blended with statistics to illustrate how seemingly …
One of the projects my father and I were working on before his death was a new company called DataPoints. Based on his research and data, I created a company to provide financial institutions and individuals a way to determine individual wealth potential using assessments and reporting. My father was my chief advisor and mentor. …
A recent article in The Boston Globe highlights the issues Bostonians are considering related to purchasing homes in affluent areas. The piece recites a financial-planning principle: “A bit of perspective: In many parts of the country, the rule of thumb is that housing costs should occupy a third of one’s income. Here, that standard frequently …
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In the introduction to The Millionaire Next Door, a question is asked in the voice of the reader: How come I am not wealthy? The authors state: Many people ask this question of themselves all the time. Often they are hard-working, well-educated, high-income people. Why, then, are so few affluent? As I am rereading The Millionaire Next Door, …
Dear Readers, Thomas J. Stanley, my father and mentor, passed away after a tragic car accident on February 28th, 2015. At the time of his death, we were working together on multiple projects, including two new books, Data Points, and a line of research examining life experiences and wealth accumulation. Our family takes great comfort …
Thank you for your continued support of Dr. Stanley’s work over the years. Sadly, Dr. Stanley passed away on Saturday, February 28, 2015. Here is a link to the story. A number of requests have been made from individuals asking how they can commemorate Dr. Stanley’s life and work. For this purpose, donations may be made to the following: The Salvation …