Ranger X. Rich was profiled in an earlier blog. I met him “as we hiked out of the large parking lot adjacent to the wilderness area.” He was in the process of ticketing those who had not paid to park in the lot [under the honor system]. He believes in the “rich first system” when distributing tickets. He seeks …
Today far too many college graduates are unable to find job. To make matters worse, some of these same people borrowed heavily to fund their college educations. Some have over $100,000 in outstanding student loans. It is easy to blame the American economy for these ills, but it is the individual who possibly selected a pricey university and a college …
The following question was asked in The Millionaire Next Door: What makes of cars are most popular with millionaires? Number one in market share (9.4%) was Ford. . . the most popular models include the F-150 pickup. . . about three in ten millionaire Ford drivers own F-150 pickups. More recently, in Stop Acting Rich, …
I have always been fascinated with the studies conducted by Consumer Reports that contrast the price of various brands with their quality and endurance. Often it seems that those brands of products which are in the higher priced categories are not found to be of the highest quality. Of course, there are many definitions and components to …
Toyota: 1st in Quality and #1 Among Millionaires Read More »
Following up on the theme of my last blog, Millionaire Rule 1.49, I would like to share an email I received from Mr. G who lives in a mid-size, Midwestern city. I bought “The Millionaire Next Door” when in graduate school in 2001. It was the right book at the right time for me. It …
Millionaire in the Making: Income $240K, Home $190K Read More »
The original title of The Millionaire Next Door was That’s Why They’re Wealthy. One of the main reasons that they are wealthy is that they live in an easily affordable home. I have found that when millionaires made their first home purchase, the ratio of the purchase price over their annual household income was just 1.49 [median]. And today they have seven times …
John, a financial advisor, is relocating to a south Florida affluent enclave. He sought my advice concerning the “ideal” motor vehicle that he should acquire. John, who values the millionaire next door concept, is seeking “special dispensation.” He is fearful that he will alienate prospective clients by driving a dull normal make of car. Countless times people …
Stories about the so-called “evil rich”, the ever controllinig 1%, are rampant in the news. But the good deeds of the rich, if reported at all, are many times buried in the back pages. Take for example the 3″ x 6″ article published in The New York Times, “Two Cheers for the Malaria Vaccine.” …
Unhappy 99%ers: Sell Your US Citizenship to Chinese Millionaires Read More »
In the previous blog, I reflected upon the millionaire next door’s Rule #2 for building wealth. I’d like to thank Mr. “Cropmate” for reminding me of this concept. In an Amazon book review for Stop Acting Rich he stated: I first heard of him [Stanley] and his then new book [The Millionaire Next Door] from an excerpt in a …
As a prelude to writing The Millionaire Next Door, I published an article in Medical Economics entitled “Why You’re Not as Wealthy as You Should Be.” Simply put doctors could and should accumulate much more and at a much younger age. In the same article, I pointed out that for every one high income producing doctor …