I was delighted to learn of one of my reader’s (Mr. RK) transition from being a member of the income statement affluent segment to one in the balance sheet affluent population. Congratulations! The examples (of income statement types) are endless. My personal example was similar. Professionally, I’m an engineer. I’m really good at math and people pay me …
Beverly’s good friends often joke about the worst place a toy shopper could be during the Christmas season: standing behind her at the Toys-R-Us check out counter! More often than not she is in line with multiple shopping carts loaded to the hilt. This is because one of her favorite pastimes is to provide toys for hospitalized children. …
In a recent New York Times article, the topic of fake artwork was discussed. Most millionaires [about 92%], however, do not have to worry about owning fake artwork because they don’t own art that has any market value. Art comes under the broad heading of tangible/collectibles. I once wrote an article about the tangible/collectible myth …
The dislike, even hatred, of the socioeconomic successful by vocal segments of our population is not new in America. In Salem, Massachusetts (1692-1693) 19 people were executed because they were found guilty of “witchcraft.” But Dr. P. S. Boyer, in his highly acclaimed book, Salem Possessed: The Social Origins of Witchcraft, revealed the real truth. …
I lived for a few years like no one wants to so that I can live for the rest of my life like no one can. This is the basic success formula recently reported by one of my readers. In the following paragraphs, another reader, Honey, paints a similar picture of how her mother became a …
Early in my career I wrote an article entitled “Why You’re Not as Wealthy as You Should Be.” It was published in Medical Economics and later extracted for Reader’s Digest. Much of the details were later incorporated into my books. Those who have accumulated significantly less wealth than the norm for their respective age and income …
Manufacturer with Smallest % of Subprime Car Buyers: Honda Read More »
Debt is like jail- easy to get in, hard to get out. As an example consider the data recently published by The Federal Reserve: more than 2 million Americans 60 and older own a combined $43 billion in student loan debt the average debt among the 60 and older set is $19,000 115,000 of US seniors [are having …
1 in 3 Millionaires Funded 100% of Their College Education Read More »
The Millionaire Mind contains a chapter entitled “The Home.” The millionaires (733) in the book represent a fraction of the top 1% of wealth in America. On average their homes have a market value of approximately $1.4M (or about 2.5 times the original purchase price 12 years earlier). Their average net worth is $9.2M. About …
In a recent blog, I discussed ways to raise economically productive children. Jerry responded with one of the most informative case studies that I have read to date. I was raised by frugal parents. They didn’t have a credit card until they were almost 50 years old – and only then because they started to travel …
The “Jerry” Method of Raising Economically Productive Children Read More »
Another top 10 most often asked question: Why is it that my adult children are hyperconsumers? My simple and straightforward answer: Typically it is because their parents taught them to be spenders! Hyperspending parents tend to raise hyperspending children. These parents violated Rule 1 for raising productive adults [from The Millionaire Next Door]: Rule 1: Never …