The Millionaire Next Door: The Surprising Secrets of America's Wealthy

The Millionaire Next Door: The Surprising Secrets of America's Wealthy

Thomas J. Stanley, William D. Danko

Language: English

Pages: 272

ISBN: 1589795474

Format: PDF / Kindle (mobi) / ePub

The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.

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to enter into a unique and personal relationship with your clothes (Minard, p. 132). What is the meaning of bespoke? In middle-class American, it means custom-made. Johnny Lucas never bought a custom-made suit. Does he have a “unique and personal relationship” with his all-wool, top-of-the-line JC Penney suit? (Are you surprised to learn that some millionaires shop at Penney’s? Perhaps even more surprising, about 30.4 percent of the respondents who are millionaires hold JC Penney credit

vehicles, furniture, and such, and guess what? More often than not the household has zero financial assets, such as stocks and bonds. How long could the average American household survive economically without a monthly check from an employer? Perhaps a month or two in most cases. Even those in the top quintile are not really wealthy. Their median household net worth is less than $150,000. Excluding home equity, the median net worth for this group falls to less than $60,000. And what about our

everything they buy is purchased near cost, at cost, below cost, and so on. It is true that Dr. South is an aggressive bargain shopper. But he just paid more than $65,000 for an exotic sports car. Is this really a bargain? Dr. South made this purchase at “near dealer’s cost.” But what were the costs of this so-called deal in time and effort? Most high-income generators, whether they are PAWs or UAWs, work more than forty hours a week. Typically, the amount of time remaining each week is allocated

not likely to be millionaires. UAWs who are employees (not self-employed) are particularly vulnerable to external forces that threaten their ability to earn a living. We found that only 19 percent of PAWs versus 36 percent of high-income-producing nonmillionaires (UAWs) were concerned about having their jobs eliminated (see Table 3-4). But in spite of the “handwriting” that is often “on the wall,” even most high-income-earning employees are consumption-oriented. FINANCIAL GOALS: WORDS

a marketing research course. He suggested that we merely obtain a list of people who drive luxury cars. As readers know by now, however, most millionaires do not drive luxury cars. Most luxury car drivers are not millionaires. No, this method will not work! TARGETING BY NEIGHBORHOOD The method used in our most recent study, as well as many others we have conducted, was developed by our friend Jon Robbin, the inventor of geocoding. Mr. Robbin was the first to classify—or code—each of the

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