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 »
In Stop Acting Rich I profiled the glittering rich: people who generate extremely high incomes, have a vast amount of wealth at their disposal, and spend accordingly on high prestige cars, mansions, etc. No matter what they spend their money on, though, it is just a fraction of their overall net worth. These people are …
Mr. Arrow was profiled in my last blog. How much does Mr. Arrow charge for his financial advice? There is never a charge. Actually he gets great satisfaction out of helping his physician clients. He never read my book, Networking with the Affluent, nor has he reviewed the material on the audio version, Networking with …
Physicians are among the least productive occupational groups in transforming their incomes into wealth. Keep this in mind when you read the following case study. Mr. Arrow, who has a degree in pharmacy, is employed by a large pharmaceutical company. Part of his job description is to interface with physicians and surgeons. Unlike many others who call upon physicians, …
In Stop Acting Rich, I profiled the “aspirationals” (people who act rich . . . but actually aren’t rich). Perhaps Shakespeare was referring to these people when he said “all that glitters is not gold.” Yet many Americans are guilty of judging the wealth of others based on whether or not they drive prestige makes of motor vehicles. Judgments …
Last week a reader suggested that a review of previous research on the topic of motor vehicle purchases by millionaires was in order. And I agree. In Table 4-1, Motor Vehicles of Millionaires: Model Year in The Millionaire Next Door, I mentioned that nearly 1 in 4 millionaires (23.5%) owns the latest model year vehicle. Some readers interpreted …
Reflections: Millionaire Next Door Myth #4: Used Cars Read More »
Mrs. C wrote an enlightening discussion about what she told her friend/neighbor’s child when the little girl ask if the lady down the street with the big house and fancy cars was rich. . . . I answered. . .with a statement I didn’t plan and it probably surprised my friend and her daughter as much it …
Americans are constantly bombarded by the news media that uses the term “the market,” i.e. the market is up, the market is down, it is a good time to invest in the market. With the current surge in the stock market it is easy to forget that it’s not the only market in our economy. …
In a previous blog, I mentioned “that Mayor Michael Bloomberg of NYC, a billionaire, has ‘been wearing the same shoes of 10 years . . . . owns only two pairs of work shoes . . . has them resoled.’” I also mentioned that according to the data in The Millionaire Mind of “the top …