Meet The Millionare Next Door
These people cannot be millionares! They don't look like millionaires, they don't dress like millionaires, they don't eat like millionaires, they don't act like millionares--they don't even have millionare names. (From: The Millionare Next Door)
Who becomes wealthy? They are businesspersons who have lived in the same town all their adult lives. They own a small factory, a store, or a service company. They married once and remain married. They live next door to people with a fraction of their wealth. They are compulsive savers and investors. Eighty percent of America's millionares are first-generation rich.
Seven Common denominators:
1. They live well below their means (Frugal).
2. They allocate their time, energy and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important than displaying high social status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficent.
6. They are proficient in targeting market opportunities.
7. They choose the right occupation.
Interesting!
1. About half of the wives do not work outside the home. The number one occupation for those wives who do is teacher.
2. They live on less then 7 percent of their wealth.
3. Most of them are homeowners. About half have occupied the same home for more than twenty years.
4. Most of them have never felt at a disadvantage because they did not receive any inheritance.
5. They wear inexpensive clothing and drive American-made cars.
6. Most of the wives are planners and meticulous budgeters.
7. They have a "go-to-hell Fund". They have accumulated enough wealth to live for a few years without working.
8.They are fairly well educated.
9. Only 17 percent have attended private schools.
10. They believe that education is extrememly important for themselves and their offspring.
11. They are tightwads (frugal).
The Millionare Next Door
Thomas J. Stanley, Ph.D.
William D. Danko, Ph.D.
Pocket Books
(c) 1996 by Thomas J. Stanley and William D, Danko
I like this book.
These are the people the Dems are going to raise taxes on. The people who dream about becoming millionares. The ones who pinch pennies until they scream, the ones who buy what's on sale.
They're not talking about raising the taxes on people in Hollywood. Meathead and the guy who plays a pres on TV wouldn't like that. Let's start taxing people for living the American Dream. You dream big and we (dems) tax you. Sounds good to me. Kerry/ Edwards/Dean (doesn't matter) in '04.
Posted by Riza Rivera at January 21, 2004 11:17 AMThis is a great book and, although it is not political in nature, it is the antidote to the class war arguments.
By putting a human face on these soi-disant Thurston Howell IIIs, Thomas J. Stanley and William D, Danko, they disarm the readiness of some to scapegoat "the rich" and make the tax code even more progressive.
Posted by: jk at January 21, 2004 11:36 AMEver wonder where the Welfare money goes? Try researching it on the web. Let's see, you can buy Welfare and food stamps on E-bay but if you're trying to find out how these programs benefit people, forget it. Slick web pages for getting food stamps, one click and you too can have food stamps.
Our government at it's best. One click away and you to can be on welfare. Doesn't give helpful hints on how to get off it. Why would you want to? Why do for yourself when others are so willing to do for you? Ask not what you can do for your country but ask what programs your country can give to you. Free this and that. Free chickens in every pot but not the ones on sale, those are for the rich.
Posted by: Riza Rivera at January 21, 2004 02:26 PM