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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...

Young CPA Lives by the Principles Found in The Millionaire Next Door

Posted on June 10th, 2014

Most millionaire next door types and those on their way were raised in a nurturing environment filled with harmony, mutual respect, discipline and frugality.  As an example please review the following case study from one of my readers.  While still in high school, my parents had both my brother and I read The Millionaire Next Door. The topic was something that interested us both, and we saw numerous similarities in the way our parents ran our family. My Dad was a long time state employee who worked 37.5 hours a week...

Self-employed: Working for Yourself or Your Creditors?

Posted on May 27th, 2014

Davis is a millionaire business owner. Earlier in his career he was asked "where do you do your business banking?"  He responded, "I bank at the bank of abuse."  It seems that Davis encountered an ever occurring change in loan officers who were constantly condescending and aloof.  And no matter how often he repaid his business loans, he was required to update his financial data frequently.  During this time Davis was dependent on credit to keep his business going.  But more recently he made sacrifices and did a better job using the company's profits to further its growth.  This...

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