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Why Are the Rich Rich and the Poor Poor?

Posted on August 26th, 2014

"Why are some people poor and others rich?" The answer to this question was the focus of a national survey of 1,504 adults conducted earlier by the Pew Research Center.  Only about 4 in 10 (38%) of the respondents indicated that the rich are rich "because he or she worked harder than others." But how do millionaires, the people who are actually wealthy, explain their own economic success?  Nearly 9 in 10 (88%) rate "hard work" as a very important/important factor.  [See for example Table 2-1, Millionaires' Success Factors, The Millionaire Mind]. In the same Pew study, 51% of the respondents were of...

Enlightened Parents Teach Their Children the Benefits of Independent Thought

Posted on August 19th, 2014

Do all high income producers have high job satisfaction? No! But the ones who do are significantly more likely to agree with the following statements concerning their parents:1. Encouraged me to think outside the box.2. Taught me to never follow the crowd.3. Encouraged me to take leadership roles.4. Encouraged me to be proactive, to take the initiative.5. Often told me "you will be a success." 6. Taught me about the importance of saving and investing.7. Encouraged me to earn my own spending money.Success Factor 7 in The Millionaire Next Door states that "they chose the right occupation."  This is...

Independence Day Physician Revisited

Posted on June 30th, 2014

In honor of the Fourth of July I'd like to reflect upon the content of a previous blog (see below). When it was posted several people misinterpreted the message.  The physician profiled is anything but mean spirited in regard to the significant number of dollars he pays in income tax.  He believes that "if you're paying a lot of income tax you're making a lot ...

J.C. Penney Patronized by The Millionaire Next Door

Posted on June 24th, 2014

A recent article in The Wall Street Journal stated that "J.C. Penney reported quarterly results late Thursday and its shares soared 16% Friday."  I'm delighted that J.C. Penney is rebounding from its brief and ill-advised venture into fashion boutique world.  Much of its current success appears to be a function of the company returning to its traditional way of doing business. J.C. Penney has a proud history of providing great value to its customers.  This is especially true in regard to its private label apparel lines.  The focus here is on durability and the "the best bang for the buck." ...

Millionaire Factor 6: They are Proficient in Targeting Market Opportunities

Posted on June 17th, 2014

Maria McFriendly was profiled in Millionaire Women Next Door and in an earlier blog.  Maria was raised in an environment that was anything but nurturing.  Her father was a chauvinist and an elitist.  He often told her that she was not college material, "she repeatedly scored in the 900s [out of 1600] on her SATs."  She did graduate from college and paid for 100% of her fees and expenses.  I believe that SAT scores reflect one's analytic intellect.  But there is another form of intellect, creative intellect. Maria possesses an uncanny ability as a headhunter matching the analytically gifted, those with...

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