Lots of Wealth, Lots of DisciplinePosted on May 21st, 2013
As stated in The Millionaire Mind, a distinguished scholar told me just before I graduated: If you don't publish you may not get tenure at a good school. But you will have a lot of friends. Publish a lot and you will not be real popular among your colleagues. I was reminded of this when I received an email from Dr. F.O., formerly a college professor: . . . read The Millionaire Mind. . . just a few years after I resigned a full professor position at the university to begin my own . . . business. . . . I was 51 years old...
You: The MentorPosted on May 16th, 2013
A few weeks ago, readers of my blog and AMI panelists were asked to recount their "ah-ha!" moments as part an ongoing research effort examining wealth building in America. We appreciate the honesty and courage that many of you exhibited in sharing your stories and how they changed your lives. ...
Fantasies of Wealth; Misinterpreting the DataPosted on May 14th, 2013
A couple recently asked me about the relationship between home ownership and net worth. They are contemplating buying their first home. "In your books, Tom, you mention that nearly all millionaires are homeowners . . . approximately 95%." Most homeowners, however, are not millionaires. And no one is going to hand you a check for seven figures when you close on your first home. However, there is some correlation between home ownership and net worth. According to government statistics, the median household net worth for renters has hovered around the $4,000 to $5,000 level during the last 15 years. For the same period, the median net worth for homeowners has...
College Freshmen. . . Tomorrow's Winners Associate with Today's AchieversPosted on May 7th, 2013
There are more than flowers blooming at this time of the year around Atlanta. Graduation banners are popping up in nearly every subdivision in my community. CONGRATULATIONS TO THE CLASS OF 2013 they read, followed by a list of the graduates and their prospective colleges. What advice would I give to these students, if asked? Many freshmen are probably uncertain about their choice of major. Ideally most students would prefer a major for which they have affection or an affinity. But they should also give consideration to selecting a major that will result in job opportunities after graduation. I would recommend...
The Millionaire Next Door: a J.C. Penney FanPosted on April 30th, 2013
During the past two years J.C. Penney has implemented a dramatic change in its marketing strategy. It called for greatly reducing the number of coupon/special on sale pricing and related promotional methods. Its old method was replaced with the so-called stable, every day price point method. And, according to The Wall Street Journal, this new strategy called for an abrupt reduction in the design and marketing for Penney's private label offerings. Historically, however, one half of the company's sales came from its private label merchandise. And often these offerings have received high praise from consumer experts. When these changes began to unfold, I thought...
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