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Emigrating Chinese Millionaires -Not Next Door!

Posted on October 28th, 2014

Google "China's millionaires" and you will find an array of articles that focuses on two issues related to this population.  One, entitled "China Now Has More Millionaires Than Any Country but the US," states that the millionaire population in China rose by an astonishing 82% between 2012 and 2013.  There are approximately 2.4 million millionaire households in China today.  Millionaire in this context is defined in terms of liquid wealth, "not real estate, collectibles or luxury items."  Another article, "Capital Flight: Nearly Half China's Millionaires Plan to Emigrate," has many implications for the American economy.  One of the most desirable destinations among wealthy...

Wealth Means Independence, Self Determination and Control of One's Life

Posted on October 21st, 2014

Here is an extraction from a review of The Millionaire Next Door.  The writer [Mr. M] clearly understands the benefits of being wealthy.  My wife and I are self-made millionaires, and we followed the principles outlined in this book.Wealth means independence, self determination, and control of one's life.  In the review Mr. M respond[ed] to one of the negative reviews of the book: "What's the point of becoming a millionaire if you have to live within your means, if you can't live lavishly?" Here's my answer: ...

Would you read The Millionaire Next Door for $500?

Posted on October 14th, 2014

A recent email from John, a millionaire next door from Texas, reads as follows:I have given your book [The Millionaire Next Door] to three high school honor graduates in the last couple of years.  I also gave them a check for $500.  I told them I would give them ANOTHER $500 when I received a 2 page single spaced report on the book and how it might (or might not) be useful to them.  These kids are lower middle class without a lot of extra money.  NONE of them even TRIED to claim the extra money.  HMMMMM. . . .Contrast this case...

8 Key Elements of the Economic Success Equation

Posted on October 7th, 2014

Contrary to what is often touted in the media, there are more great affluent opportunities in our economy today than ever in our nation's history. But in order to take advantage of these, it is important to appreciate the 8 key elements of the economic success equation as given in my book, The Millionaire Mind:1.  Understand the key success factors our economy continues and will continue to reward: hard work, integrity, and focus.2. Never allow a lackluster academic record to stand in the way of becoming economically productive.3. Have the courage to take some financial risk.  And learn how to overcome defeat.4. ...

Apply the Millionaire Mind to a Niche Market Environment

Posted on September 30th, 2014

On the front cover of the October 2014 issue of Road and Track is a picture of a 2014 red Ferrari 458 Speciale blasting along a mountain highway.  The folks from Road and Track thought it would be interesting for this superfast Ferrari to challenge "the dragon king" (Davis) who "discreetly rules Tennessee's route 129 - the deadly two lane road known as the tail of the dragon."  This section of 129 is approximately 9 miles long with more than 300 tortuous turns.   Davis holds the record for covering the 9 miles in approximately 10 minutes.  Certainly the Ferrari which can cover a quarter of a...

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