Most Millionaire Business Owners Never Sell to the Ultimate ConsumerPosted on November 18th, 2014
The arch type millionaire is a self employed business owner/entrepreneur. Thus it is not surprising that many people ask, "But what type of businesses do they own?" To these readers I say, "Well, take a look at the 6 columns of business types listed in Appendix III in The Millionaire Next Door and the 12 columns in Appendices II and III in The Millionaire Mind." It is ironic that few people even after reviewing these lists see what most successful business owners see. The large majority of the businesses listed do not sell products and/or services to the ultimate consumer. They...
Panning for the Gold in LifePosted on November 11th, 2014
Last fall we accompanied our six grandchildren to a gold/gem "mining operation" in the north Georgia mountains. This was in celebration of one granddaughter's 6th birthday. I understand that this was the site of the first major gold discovery in America. Guests of this operation "pan for gold" out of local sand and rocks placed in individual buckets. Semi-precious stones are also found by sluicing the sand and rocks. It takes quite a bit of "panning" to find a small flake of gold from the buckets, but I have never seen youngsters so thrilled with the activity!I was reminded of this experience when I recently began cleaning out and...
Building Wealth RevisitedPosted on November 4th, 2014
When I wrote The Millionaire Next Door I had several purposes in mind. One was to educate those who make good to great incomes but who have accumulated low levels of net worth. I first wrote about this topic in a 1992 article entitled, "Why You're Not as Wealthy as You Should Be." Often what happens in this country is that people think that as along as they generate high incomes wealth will surely follow. Nothing could be further from the truth. It so happens, in fact, that for purposes of building wealth . . . once you are in a high income...
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 LifePosted 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: ...
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