I was astonished to read in the article about your research that was printed today in Bottom Line that the wealthy buy their clothes at Kohl's, Target and J.C. Penney. As the wife of a multi-millionaire, I can tell you that I never buy clothes at Kohl's or Target. They are certainly very good value for the very low prices, but in the long run, these clothes wear out quickly, don't clean well, don't fit well, tend to lose buttons or tear at seams. Those who can afford more find better quality at higher-end stores like Macy's or Dillard's. Yes, often the high cost is only for the name, but the sale price of a Liz Claiborne or a Ralph Lauren retail garment gives many years of wear. This is in the long run a much better value. It's similar to the comment you made about the high quality of shoe brands purchased by millionaires.

I was just reading some doctorate research recently on what motivates a serial entrepreneur to start new ventures. I spoke with the researcher, Margery Mayer, and one of the interesting findings was how different men entrepreneurs were than women. The women were found to be far more pragmatic in the early days of start-ups.

It's always curious when people say they are building wealth to pay for the kids' college or for their grandchildren to have a private school education, when so many of them did not have those "gifts" from their own parents. I wonder if they find that it is helpful for their children in learning how to build wealth themselves, or if that even turns out to be a goal for their children and grandchildren.

Why is buying and repairing a pair of $139 (plus the cost of repair) shoes considered frugal, when a person can buy at least seven pairs of shoes for the same price at a discount store?

I recall one of my mother's friends allowing me to stay at her store when I was finished at the town library. Mrs. Jaffe always said that you could always buy something wholesale if you just looked hard enough. She started her dress shop in an old barn which she could afford. That barn became part of the company name before they went public. Dress Barn now has about 1000 stores. Ever frugal, they moved their company HQ out of Stamford, CT because the rents were too high. When her family move to a bigger house in Stamford, they rented a truck and moved themselves. Mrs. Jaffe has given millions to her alma mater, Simmons college to support scholarships for young women.

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