A producer from ABC’s 20/20 news magazine television show once asked if I could identify neighborhoods where the millionaire next door types live. After checking my database, I pinpointed several neighborhoods where these people resided. The resulting televised program certainly raised eyebrows. Most of the homes depicted were in the $200,000 to under $400,000 price range. …
Why did I write The Millionaire Mind? Because many of those who read The Millionaire Next Door felt that the “frugal” millionaires profiled there were too monk-like! I refer to the millionaires in The Millionaire Mind as 27-percenters, i.e. only 27 percent of those people who live in homes valued at $1 million or more are …
I would like to share a short tidbit from my new book, Stop Acting Rich. You can read more in Chapter 7, The Road to Happiness. I admire people who drive Buicks. They show wisdom in buying a car that ranks high in both quality and value. Plus, according to Automotive News, people who trade …
More from our millionaire next door in the Southwest – Part II of the Millionaire Next Door story I received last month. We read in Part I that our “scientist of wealth” became a millionaire while his annual income was $78,000 and now has a net worth of $2.4 million. He and his wife did not/do not act rich, and …
Case studies are a critical part of my research on millionaires and the affluent. Below is the first part of a Millionaire Next Door story I received last month from a “scientist of wealth.” As you will see, you do not have to have a seven figure income to become a millionaire. A Letter from …
“Not acting rich” may be great for your net worth, but it might not let you into the parking lot at work. Below is an excerpt from Chapter 2 in Stop Acting Rich. Dear Dr. Stanley:Our physician recently telephoned to tell us laughingly that he had received the “Millionaire Next Door” award. When I questioned him, he …
Thirty years ago I first defined the blue collar affluent aka the millionaire next door type in a speech and paper that I delivered on behalf of the New York Stock Exchange. This began a lifetime journey of identifying and profiling the myths and realities of the rich. I discovered that not all millionaires have high …
If you recall from an earlier blog, Part 1: The Millionaire Next Door: Swiss? Cheese only, I hypothesized that most people who are guilty of tax evasion are hyper consumers. But not all of these tax cheats use offshore accounts. In fact, I am of the opinion that there is a much greater number of …
Compare the “rich” people (especially the Forbes 400 crowd I profiled in my previous blog) with the typical Joe and Nancy American household. The typical household in the United States generates a median income of just over $50,000 per year. As explained in an earlier blog, Average Rich? Median Poor?, its net worth is just …
Part 3 of 3: The Millionaire Next Door . . . Swiss? Cheese only. Read More »
Why is it that most of the millionaire next door types do not cheat on their taxes? One of the reasons is that on average they only pay the equivalent of 2.1% of their net worth in income tax each year. From The Millionaire Next Door that is $79,000 in tax and a net worth …
Part 2 of 3: The Millionaire Next Door. . . Swiss? Cheese only. Read More »