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Finding Millionaires

Posted on March 9th, 2010

How do I go about finding many of the millionaires that I profile in my books. I read their trade journals. So, that's like The Wall Street Journal, right?  Not really. I am referring to publications that target members of well-defined industries. You may recall my profile of Bill R. that was in The Millionaire Next Door.  He is the one who referred to the income statement affluent/pseudo wealthy as "Big Hat No Cattle."  This young Texan, at the time of our interview, was one of the largest rebuilders of diesel motors in the world.  I found him via his...

Live Chat with Michelle Singletary

Posted on March 3rd, 2010

Please join Michelle Singletary, personal finance columnist for The Washington Post, and me on March 4th for a live chat at Noon ET. My latest book, Stop Acting Rich, was chosen as The Color of Money Book Club selection for February. I look forward to your questions!

More than "Wishful Thinking"

Posted on March 2nd, 2010

Dr. Stanley: As a reader of both "The Millionaire Next Door" and "The Millionaire Mind," this story immediately struck a chord with me, and I knew I had to share it with you. First some background, then the story.  For about a year, I had the pleasure of personally getting to know a self-made decamillionaire named Gary Knapp. This man is a textbook example of the type of individual you profile. As I worked with him on various projects, he went out of his way to mentor me and share details of his success. This is particularly interesting, as I...

A Wealth Incubator

Posted on February 25th, 2010

I recently asked nearly 1,000 millionaires nationwide "What was your first full-time job?".  Out of those 1,000 respondents, 137 answered, "sales/marketing professional."  In fact, this proportion places the "sales/marketing  vocation" as the #1 first full time job.  Does this mean that people in this profession have a significantly higher probability than those in other jobs of becoming wealthy?  No!  There is a smaller proportion of millionaires who are sales professionals than would be expected given the large size of the sales professionals in general employed inAmerica.    Only about one-half of those millionaires who started with a career in sales remain in...

Do You Have Chip's Courage?

Posted on February 23rd, 2010

I have taught more than 10,000 students during my career as a college professor.  If I was asked today to list the top ten students whom I predicted would succeed in business, surely Charles aka Chip would make the list of the 1 in 1,000.  Chip was a bright student.  But being bright alone will not qualify one for a job with a top corporation.  Nor will it necessarily underlie a successful career in general.  I often wonder how those major corporations chose those 1 in 1,000 students of mine. How did they determine that people like Chip would flourish in...

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