Tag: automobiles

Frugal Millionaire with a Mercedes? II

By Thomas J. Stanley on Nov 4th, 2010 in Studying the Wealthy

In my last blog I profiled the “used vehicle-prone shopper” category of the millionaire next door population.  I also briefly mentioned an engineering professor who detailed his latest car purchasing experience.  “The sight of cash has a powerful effect on some people.  Accordingly, I took $2,000 in twenty dollar bills from my emergency cash reserve. […]

“Other People’s Money” for Clunkers

By Thomas J. Stanley on Nov 10th, 2009 in Current Events

My friends in the trust and estate business refer to it as OPM, that is, Other People’s Money. How well do people spend other people’s money? The pat answer is “not as well as if they earned it themselves.” Thus, many of my friends believe that it is not a good idea for wealthy parents to […]