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Researching Wealth and Identifying Potential

Posted on May 14th, 2015

Data collection is underway for a follow up study on wealth in America, the first reported by my father, Thomas J. Stanley, in The Millionaire Next Door. In addition to examining some of the timeless areas such as asset allocation and automobiles, we have included new fields of study, particularly in behavioral finance. Quick anecdote: one of the more animated discussions I had with my father as we crafted the survey was whether we should include "jeans" as a category for spending.The application of his work to the assessment to the assessment of client wealth potential continues. Data Points, for...

Recommended Reading from Nick Murray

Posted on April 29th, 2015

In a recent edition of Financial Advisor magazine, Nick Murray wrote a piece on The Millionaire Next Door and Dr. Thomas J. Stanley's life. Mr. Murray, an expert in his own right, discusses the book in the context of the time it was written and the way in which stories were blended with statistics to illustrate how seemingly average individuals could be wealthy. It reads in part: He had me at...

Continuing the Journey: Data Points

Posted on April 21st, 2015

One of the projects my father and I were working on before his death was a new company called Data Points. Based on his research and data, I created a company to provide financial institutions and individuals a way to determine individual wealth potential using assessments and reporting. My father was my chief advisor and mentor. I have sought the input of other experts, too: those with...

Trading on Anticipated Future Wealth: Homes & Cities

Posted on April 9th, 2015

A recent article in The Boston Globe highlights the issues Bostonians are considering related to purchasing homes in affluent areas. The piece recites a financial-planning principle: "A bit of perspective: In many parts of the country, the rule of thumb is that housing costs should occupy a third of one's income. Here, that standard frequently doesn't apply."  Because of rising real estate prices and a desire to keep up with the Joneses, many...

How come I am not wealthy?

Posted on March 31st, 2015

In the introduction to The Millionaire Next Door, a question is asked in the voice of the reader: How come I am not wealthy? The authors state: ...