In my last blog, I highlighted an e-mail I received proposing that the material in The Millionaire Mind be included in high school curriculums. However, this material would not likely be considered for such programs. The respondents profiled in The Millionaire Mind represented the top 1% of wealth holders in America [a net worth and income of more …
There is a growing concern among wealthy people about the press and politicians promoting the position that the rich are evil. All of my research indicates that, in general, the rich are far from being evil. No doubt that among a population of 4 million millionaire households in America there are some no-goodnicks among them. …
Not all of the interesting information in the Forbes 400 issue deals with billionaires. For example, in Matthew Schifrin’s article, he profiles several amatuer investors who became millionaires by significantly outperforming the market. One of these investors, not surprisingly, is a civil engineer and is pictured standing next to his no frills Ford 150 pickup truck. Remember that Ford was the #1 make and …
Millionaires: Firefighter, School Bus Driver, Engineer. . . Read More »
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 …
In a national survey of 733 millionaires representing the top 1% wealth holders in America, I found that 70% regularly have their shoes resoled/repaired (see The Millionaire Mind, p. 297). Millionaires are generally frugal, but they are not frugal when it comes to purchasing quality shoes. Why do most wealthy people pay several hundred dollars for …
What has prodded me to give a sermon about integrity? A recent article in USA Today detailed some of the activities of welfare cheats Judy Keen, USA Today, 9/16/10, p. 3-a. Many of these cheaters have spent a lot of their time and energy concocting lies and fabrications which have enabled them to receive substantial amounts …
People are often vulnerable to “get rich quick” solicitations when they see their economic future dimming or when they have had a financial reversal. In this context consider a letter I received from a woman I refer to as “Fay Naivete.” My husband and I were extreme income statement affluent types. He came from money; I …
I ‘d like to respond to a letter I received from a 60 year old woman who was recently widowed. In it she discusses her feelings about being single, wealthy and alone. She and her husband were married for over 37 years. He was a successful business owner who left her with multi millions. Her situation is …
In my latest blog, Mr. K mentioned that his frugal wife buys some of her clothes at Goodwill. Do you think that Ms. K is the only person who has a few dollars in the bank and shops at a thift store? Au contraire! Take, for example, the case of Mrs. Point and her husband. I …
Our family receives more than 2 dozen telephone directories annually. Most of them we recycle. However, I actually look forward to looking through one of them- the Business Yellow Pages. The 2010 edition contains 1,051 pages. Eighty-one of these pages is devoted to attorneys. In a quick computation, I estimated that there are more than …