Shoes Resoled; Coupons Clipped; Net Worth: $25M+

Posted on June 5th, 2012

Mr. J.T. recently contacted me with a candid profile of his father-in-law.

I read your books. . . . obvious to me that my father-in-law is almost exactly the millionaire next door type. . . .  . . .he is a rather well-known CEO of a publicly traded company.  He is 57 years old. . . married to the same woman for nearly 40 years . . .holds a BS degree from a public university.

After college, he went to work as a junior accountant making $9,000. . . he still works for that same company. . . .  He now runs close to 30 manufacturing companies in 7 countries. . . .  He has an annual salary of around $2 million plus bonuses, stock options, company car, etc.  His net worth is in the $25-30 million range.

I have been amazed at some of the purchasing habits of my in-laws.  My wife's mother still clips coupons and will only purchase American made automobiles . . . with a check.  My wife's father buys really nice clothes but insists on purchasing them only when they are drastically reduced and wears them forever.  He has resoled his Alden shoes several times.

Their home is right in line with those of the balance sheet millionaires as well. . . brick, well-established older neighborhood.  The house is neither the biggest nor the most expensive in the neighborhood.  No mortgage. 

He seems to get more joy out of giving money away to good causes and spending time with his children and grandchildren than spoiling himself with trophy homes and fancy cars.

Dr. Stanley, you have done a great job of identifying people who have made this country great! I just hope our politicians will get out of the way and make it easier for the next generation to become millionaires and not seek to punish people like my in-laws who have made tremendous contributions to society.

Thanks.  J.T.

 

 

Category: Studying the Wealthy
Tags: The Millionaire Next Door,