In The Millionaire Next Door I asked: What evidence is there that the government knows the formula for becoming financially independent in America? Our government studies “top wealth holders.” So do I. And our findings are similar. Millionaires live on the equivalent of a small proportion of their wealth. They are heavy investors in commercial real …
In an editorial in The New York Times, it was stated that: A million dollars used to be a magic number, a sign of permanent affluence. You made it! But now it won’t buy you . . . [the array then follows]. I have found that journalists have a tendency to discount the importance of …
Recently a fellow asked me about my impressions of French economist Thomas Piketty’s new book, Capital in the Twenty-first Century. I have not read the book, but I’ve read comments about it including a recent interview with the author. He postulates the existence and forecasts the growth of inequality in terms of the concentration of wealth and income. In …
A shelter publication that profiles homes and their owners wants to feature Travis and his family. After reviewing several of the back issues that Travis shared with me, I realized that they contained mostly pictures of the interior, including floor plans, as well as the exterior of the homes of the featured families. What a great way …
Symbol of Real Achievement- Your Business or Your Home Read More »
I like to ask millionaires who have read The Millionaire Next Door what their favorite chapter is. You may be surprised to learn that it is not Chapter 2, Frugal, Frugal, Frugal. This chapter details the frugal lifestyle of millionaires in terms of the modest prices paid for clothing, shoes, watches, motor vehicles, etc. This is merely a …
Millionaires’ Favorite Chapter in The Millionaire Next Door Read More »
If your local library does not carry the periodical Automotive News, it might be worth your while to request that it do so. The trade journal is a bit pricey for an individual to purchase. But in my business this weekly periodical is a very important source of information about what some people refer to as “the …
What Does the Millionaire Next Door Read? Trade Journals Read More »
Selling to the Affluent is more than just the title of my second book. From mansions to Maserati cars, selling to the affluent is a vocation that has enormous potential for job seekers. Households with realized incomes of $250,000 or more make up less than 3% of the population yet account for 25% of total …
When Warren Buffett speaks, I listen. As you know Mr. Buffett is one of the best prognosticators this country has ever produced. His stellar track record as an investment manager is a function of not only his genius but also his strong belief in the American economy. Thus I was not surprised to read in Berkshire …
“America’s Best Days Lie Ahead” Says Mr. Buffett Read More »
You don’t have to have extraordinarily high analytic intellect to become economically successful in America. If you have great discipline and leverage your creative intellect you will likely become an achiever. Under the heading of creative intellect are two factors that underlie the millionaire next door profile. These include Factor 6, they are proficient in targeting market …
Does Your Chosen Vocation have Great Market Opportunities? Read More »
The national sample of 733 millionaires, the base for my book The Millionaire Mind, is representative of a fraction of the top 1% of wealth holders in America. Out of the 30 success factors they rated, integrity and discipline ranked in a tie for first place. It is hard to overemphasize the importance of discipline in …