Tag: balance sheet affluent

Spending Non-Financial Resources

By Sarah Fallaw on Dec 30th, 2015 in Psychology and Careers

How will you spend your time, emotions, and brainpower in the new year? From becoming emotionally involved in politics to the drama in what neighbors are buying, my father recognized that distractions could be a key source of why many struggle to become financially independent or achieve other goals. He gave us this advice on financial fitness last January: […]

Wedding Bells, BMWs and Minivans!

By Thomas J. Stanley on Jun 2nd, 2011 in Mentor's Corner

I recently received an inquiry from “Bill”: One topic I’d like to see Dr. Stanley blog about sometime is in marriage situations where one spouse comes as a balance-sheet affluent and the other is income affluent. I’ll be married in a few months and we’ll be in that situation. I’m an engineer, she’s a lawyer, […]

A Cheap Date

By Thomas J. Stanley on May 5th, 2011 in Millionaire Next Door Stories

When people ask me about the activities of millionaires, I have a short answer.  As I wrote in The Millionaire Mind, the typical millionaire is, in three words, “a cheap date!”  Yes, a cheap date even among a fraction of the top 1% of the wealth holders in America.  Many of the favorite activities of […]

Subsidized Housing for Millionaires

By Thomas J. Stanley on Mar 29th, 2011 in Current Events

The income statement affluent (high income/low net worth) often subsidize the balance sheet affluent, aka the millionaire next door. Many of the income statement affluent paid top dollar for their homes at the peak of the residential real estate market. Often they did so with little or nothing down. Now these same houses are selling at steep discounts.  […]

Forever Balance Sheet Affluent

By Thomas J. Stanley on Feb 15th, 2011 in Studying the Wealthy

People often ask me if the consumption lifestyle of their children or grandchildren will change radically if they receive a sizeable inheritance.  If a child is raised in a family environment which reflects the habits of the millionaire next door, he or she typically adopts the same lifestyle.  Statistically a frugal 21-year-old will continue to be frugal […]

A Doctor in Need

By Thomas J. Stanley on Oct 7th, 2010 in Mentor's Corner

I recently received an e-mail from a physician of the Income Statement Affluent variety (high income/low net worth).  In it he laments about the difficulty in transforming himself into a Balance Sheet Affluent millionaire.  I have all the basics to live frugally; I just have not done so because I have been caught up with […]

An Unexpected Lesson in Frugality

By Thomas J. Stanley on Aug 24th, 2010 in Lessons Learned

 Harry and his wife are among members of the Balance Sheet Affluent crowd.  Even so, Harry never expected that one day his daughter would dramatically change her retail clothing store patronage habits.   His daughter, a college freshman, was home from school one weekend.  On Saturday, Harry asked her if she would help him deliver a carload of give aways […]

Stop Acting Rich: Do-It-Yourself

By Thomas J. Stanley on Apr 8th, 2010 in Studying the Wealthy

In my last blog, Stop Acting Rich: Good Advice from a Frugal Engineer, I mentioned that even some decamillionaires (9%) mow their own lawns.  Most do so because they enjoy doing it.  Plus it is good exercise.  But there can be certain drawbacks associated with mowing grass.  Such visual do-it-yourself activities and behaviors are often […]

A Millionaire on Less than $60K

By Thomas J. Stanley on Dec 15th, 2009 in Millionaire Next Door Stories

In an earlier blog, I mentioned that the typical Balance Sheet Affluent (millionaires) had an annual realized household income of $89,167 (median) when he first became a millionaire ($1 Million: Something or Nothing? Part I, and Stop Acting Rich, pp. 17-29). In other words, one half of the BAs had incomes that were less than this figure. What […]

$1 Million: Something or Nothing? (Part II)

By Thomas J. Stanley on Dec 10th, 2009 in Studying the Wealthy

Among the millionaire types profiled in Part I, what are some of the occupational groups that tend to have higher wealth indices than the norm? Some of these include: self-employed business owners (non-retail); executives of privately held corporations (see: The Millionaire Next Door); educators (and those married to an educator, see Stop Acting Rich, pp. […]