From studying the affluent market for over 30 years I have learned how individuals who seem quite ordinary become the millionaires next door. This research has focused primarily on those who are very productive in transforming their incomes into wealth. In turn, I have tried to highlight the lifestyles, habits and background of this population through …
Senator Harry Reid of Nevada recently stated: Only a tiny fraction of people making more than a million dollars [a year], probably less than 1 percent, are small business owners. And only a tiny fraction of that tiny fraction are traditional job creators. Most of these businesses are hedge fund managers or wealthy lawyers. They …
High Income Super Bowl: Business Owners, 63; Hedge Fund Mgrs & Lawyers, 9 Read More »
Just prior to completing The Millionaire Mind, I received a letter that was ideally suited for inclusion in the chapter about success factors. I have read your most recent works. I have an extremely high mathematical aptitude. I hold advanced degrees in advanced math. . . . I’m currently in transition. Eventually I want to pursue …
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 …
Shortly after The Millionaire Mind was published, I received an unusual request from the chairman of the “25th Class Reunion Committee” for an Ivy League school. Allow me to paraphrase what he requested: “With your permission we would like to survey our fellow graduates in order to contrast them with the millionaires profiled in The Millionaire …
As of March, 2011, “there were 1.7 million active poker player accounts in the US from players wagering around $14 billion a year online” (see The Wall Street Journal). A lot of these players must feel that they can gamble themselves into millionaire status. And who can blame them? Cable television relentlessly glorifies gambling and constantly associates poker playing, especially, …
“Any Economically Successful Man Doesn’t Gamble” Read More »
Riddle: Why did Mr. Lee, a business owner of the millionaire next door variety, decide not to attend his high school’s 25th reunion? Answer: Because he felt very uncomfortable at the 20th reunion! At that reunion, Mr. Lee constantly had to explain how he, “Mr. Average” in high school, had become a major socioeconomic success. In …
The Millionaire Next Door- Absent from His High School Reunion Read More »
Harry T. is 24 years old and wants to be a “millionaire one day.” But he has grave concerns that he will be unable to find a spouse who will support his goal. It seems that there is a big obstacle in preventing many men in getting rich even if he goes and follows all …
Congratulations to R.S. He stopped acting rich. It is often difficult to cast off the habits of the hyper consuming, income statement affluent [those who have high realized incomes but little accumulated wealth]. It is especially hard to do if you were raised in that kind of environment. He accomplished this change by going almost cold …
STOP ACTING RICH. . . A Wake-up Call for Me! Part I Read More »
Most millionaire next door types are contrarians. They think and act differently. They are savers and investors in a population of hyper consumers. Plus most have high creative intelligence. This helps to explain why many of them are in niche, backwater, low status type businesses where competition is light or nonexistent. In addition, as stated in The Millionaire Mind, four …