Critics Are Needed to Build Your ResolvePosted on February 24th, 2015
Harry owns a Jeep dealership. Recently his 14 year old son told him that "some of the kids at school are teasing me over the headline in USA Today: Jeep tops 'Consumer Reports' list of worst car values. Earlier USA Today published Consumer Reports' "predicted liability by brand." Jeep ranked 27 of 28 makes. How should Harry respond to his son's concerns? He should think of it as a great opportunity to teach his son about the realities of life, especially success. According to Automotive News there were 692,348 Jeeps sold in America in 2014. That's up from...
The Millionaire Next Door Mile MarkersPosted on February 17th, 2015
Most households in America with good to even great incomes, "have small levels of accumulated wealth. Many live from paycheck to paycheck." And, as I also wrote in The Millionaire Next Door, these are the people who will benefit most from the book. With this in mind you will understand my keen interest in the contents of a just published report by the Pew organization. The title is indeed telling, The Precarious State of Family Balance Sheets. Here are some highlights from this empirically based report:. . . many families, even those with relatively high income, are walking a financial...
Leadership 101, 102 . . . etc.Posted on February 10th, 2015
The arch type millionaire next door is an economically successful self employed business owner. In other words, he is an employer not an employee. He is in essence a leader. This fact has much to do with understanding something important about millionaire business owners. There is little or no significant correlation between cognitive intelligence test scores and demonstrated leadership performance. By the way, I'm of the opinion that the SATs, ACTs, GMATs, and GREs and alike are essential measures of cognitive intelligence.Along these lines, I cited the related findings of two eminent scholars, Fiedler and Link, in The Millionaire Mind:Cognitive ability...
Ask Your Customers About Their Unfulfilled NeedsPosted on February 3rd, 2015
The co-founder of Nine West Shoes, Vince Camuto, recently passed away, see The Wall Street Journal. The Nine West brand certainly rings a bell with me. In the national survey of millionaires that was the base for my book, Stop Acting Rich, respondents were asked: What brand of shoes (for dress and/or for work) do you own more than any other?The Nine West brand of shoe ranked number one among millionaire women surveyed. The most millionaire women ever spent for a pair of shoes was $140 (median). It is not surprising that many of the typical millionaire women would buy...
Tom Hanks' Movies: $8 billion - I owe it all to community collegePosted on January 27th, 2015
Tom Hanks' movies have grossed over $8 billion worldwide. If you read his recent op-ed "I owe it all to community college" in The New York Times you might understand why he should be nominated for an honorary membership in the millionaire next door club. So what if he graduated from a public high school, an underachieving student with lousy SAT scores". . . . I couldn't afford tuition for college anyway. . . . [So it was off] to Chabot, a community college . . . which because it accepted everyone and was free, would be my alma mater.According...
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