Millionaires' Favorite Chapter in The Millionaire Next DoorPosted on April 22nd, 2014
I like to ask millionaires who have read The Millionaire Next Door what their favorite chapter is. You may be surprised to learn that it is not Chapter 2, Frugal, Frugal, Frugal. This chapter details the frugal lifestyle of millionaires in terms of the modest prices paid for clothing, shoes, watches, motor vehicles, etc. This is merely a review for millionaires, affirming who they are. However this chapter (which ranks 3rd) is the one they most often tell their children to read!Chapter 5, Economic Outpatient Care, ranks second. Often after a millionaire reaches the "financially independent" threshold, a new set of issues develop. The typical millionaire...
What Does the Millionaire Next Door Read? Trade JournalsPosted on April 15th, 2014
If your local library does not carry the periodical Automotive News, it might be worth your while to request that it do so. The trade journal is a bit pricey for an individual to purchase. But in my business this weekly periodical is a very important source of information about what some people refer to as "the heartbeat of America." Here are a few reasons for my recommendation.Several years ago when economists were all predicting doom and gloom I wrote a blog countering these predictions. Much of my optimism was based on reviewing the automobile production figures published in Automotive News. Shifts were being...
Selling to the AffluentPosted on April 8th, 2014
Selling to the Affluent is more than just the title of my second book. From mansions to Maserati cars, selling to the affluent is a vocation that has enormous potential for job seekers. Households with realized incomes of $250,000 or more make up less than 3% of the population yet account for 25% of total income. Those in the $1M and over category account for about 0.30 % of the households yet they generate more than 11% of total personal income. Even more important, the household population in the $1M and over income category is growing at a rate nearly 5...
"America's Best Days Lie Ahead" Says Mr. BuffettPosted on April 1st, 2014
When Warren Buffett speaks, I listen. As you know Mr. Buffett is one of the best prognosticators this country has ever produced. His stellar track record as an investment manager is a function of not only his genius but also his strong belief in the American economy. Thus I was not surprised to read in Berkshire Hathaway's 2013 Annual Report Mr. Buffett's statement,Indeed, who has ever benefited during the past 237 years by betting against America? . . . the dynamism embedded in our market economy will continue to work its magic. America's best days lie ahead.It is not just Mr. Buffett who...
Does Your Chosen Vocation have Great Market Opportunities?Posted on March 25th, 2014
You don't have to have extraordinarily high analytic intellect to become economically successful in America. If you have great discipline and leverage your creative intellect you will likely become an achiever. Under the heading of creative intellect are two factors that underlie the millionaire next door profile. These include Factor 6, they are proficient in targeting market opportunities, and Factor 7, they chose the right occupation.Discussing the analytic and creative intellect topics is akin to one's eyesight. A great fighter pilot once said about inexperienced combatants: they see but they do not see. In other words, in spite of having better than 20/20 vision...
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