Where is the millionaire next door?
Part of my father’s role as an advisor to DataPoints was to guide the creation of assessments that could measure the same factors critical to building wealth in a broad population of financial decision-makers, not just the wealthy or those with high incomes. The assessments, measures of behaviors and life experiences, identify those who have the potential to build wealth, while also offering personalized feedback based on one’s scores to develop better financial behaviors.
Today, on what would have been my dad’s 72nd birthday, I’m very pleased to announce the release of a white paper from DataPoints that describes the application of his research, coupled with psychometrics and technology, in helping to identify and develop one’s propensity to build wealth. We’ve identified the factors that predict net worth above and beyond age, income, and percent of net worth that has been inherited. For those fans of The Millionaire Next Door, a few examples of the wealth factors will sound familiar: being frugal, acting responsibly, and being indifferent to social trends and influence. These wealth factors help identify those who might be considered a millionaire next door, while also providing guidance on how to improve or maintain behaviors that are conducive to building wealth over time.