Tom Hanks' Movies: $8 billion - I owe it all to community collegePosted on January 27th, 2015
Tom Hanks' movies have grossed over $8 billion worldwide. If you read his recent op-ed "I owe it all to community college" in The New York Times you might understand why he should be nominated for an honorary membership in the millionaire next door club. So what if he graduated from a public high school, an underachieving student with lousy SAT scores". . . . I couldn't afford tuition for college anyway. . . . [So it was off] to Chabot, a community college . . . which because it accepted everyone and was free, would be my alma mater.According...
Needed: College Admission Measures that Judge Success in LifePosted on January 20th, 2015
A headline in last week's Wall Street Journal indicates a step in the right direction for college admission criteria:"Colleges Put the Emphasis on Personality: Some Shift Focus Away from Test Scores in Deciding Which Students to Admit"Yet even adding measures of perseverance, adaptability and discipline to the college admission process is not enough. Why not? Because, like grades in high school and SAT scores [a measure of cognitive intelligence], these specific personality measures are used to predict how well students "are likely to succeed at college". These measures are not designed to predict how well students will perform in life...
To Build Wealth Be Careful Where You LandPosted on January 13th, 2015
. . . most of the self-made millionaires I have studied . . . were able to build wealth precisely because they never lived in a home . . . where their domestic overhead made it difficult for them to build wealth. (Stop Acting Rich)Along these lines consider the ratio of the median household income, $131,000, to the market value of a home, $330,000, owned by those profiled in The Millionaire Next Door. The median ratio is about 2.5 to 1. For those profiled in The Millionaire Mind the median ratio was even lower 1.7 ($749,000 vs. $436,000).I was reminded...
Stay Financially Fit All Year LongPosted on January 6th, 2015
Next year will be the 20th anniversary of the publication of The Millionaire Next Door. It keeps on selling! In fact there is a seasonal component in terms of demand for the book. Why is it that sales seem to be highest the first few weeks after the Christmas/New Year's festivities? I believe that many buyers are frustrated by their recent hyper consuming activities in preparation for the holidays. Some are dejected because they were unable for yet another year to save little of their hard earned income. But it takes more than the information in a book to become...
Count Your Blessings This ChristmasPosted on December 23rd, 2014
A multimillionaire once defined what it means to be wealthy. Wealth is not only about money butGood health, longevity, happiness, a loving family, self-reliance, fine friends, if you [have] five, you're a rich man. The Millionaire Next Door
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