The Millionaire Next Door: a J.C. Penney FanPosted on April 30th, 2013
During the past two years J.C. Penney has implemented a dramatic change in its marketing strategy. It called for greatly reducing the number of coupon/special on sale pricing and related promotional methods. Its old method was replaced with the so-called stable, every day price point method. And, according to The Wall Street Journal, this new strategy called for an abrupt reduction in the design and marketing for Penney's private label offerings. Historically, however, one half of the company's sales came from its private label merchandise. And often these offerings have received high praise from consumer experts. When these changes began to unfold, I thought...
An Isle for The Millionaire Next Door!Posted on April 2nd, 2013
We just spent 5 days chilling out on a Florida barrier island on the Gulf coast. It was our first visit to St. George Island . After 2 days there it became evident to me that this laid back environment is well suited for the millionaire next door types I have known. It is quiet, reasonable [$8.50/dozen Apalachicola oysters] and unpretentious. Plus I was pleasantly surprised to find that it is the most "dog friendly" vacation spot I have encountered. Every listed rental property that allowed dogs had a paw print next to each description. There are no gourmet restaurants on the island, and if you are looking for...
A Cure for a Bad Case of the "Spends"Posted on January 29th, 2013
I was delighted to learn of one of my reader's (Mr. RK) transition from being a member of the income statement affluent segment to one in the balance sheet affluent population. Congratulations! The examples (of income statement types) are endless. My personal example was similar. Professionally, I'm an engineer. I'm really good at math and people pay me to solve problems. Financially, I sucked. That's a hard thing to have to admit to yourself, especially with my (high) income and profession where 'I know all the answers.' Most engineers are members of the balance sheet affluent segment. In Stop Acting Rich, I suggested...
Small Expenses Add UpPosted on January 22nd, 2013
A newspaper article reported on a "low level employee" who has been accused of stealing from his employer. His theft went unnoticed for more than two years. And his crime was discovered only when an investigation outside the firm led to his arrest. No, the fellow did not steal cash, coins, checks, motor vehicles, etc. In just two years, he stole $376,000 worth of copy toner (ink cartridges) and resold it on the black market. Nearby, another thief who worked for Memorial Sloan-Kettering Cancer Center was convicted of stealing "more than $1.5 million worth of printing toner cartridges from the hospital." As part of this man's...
To Build Wealth Maximize Your Unrealized IncomePosted on January 15th, 2013
Warren Buffett is the best of the best at transforming income into wealth. How did he do it? Wise investing, you say. Combine this with his reputation for having enormous integrity and his well publicized frugal lifestyle. When it comes to consumption he seems to possess traditional midwestern values. In spite of his substantial wealth he lives in a relatively modest home and drives American makes of cars. Ah , but there is something else. As I stated in The Millionaire Next Door, Millionaires know that the more they spend, the more income they must realize. The more they realize, the more they must allocate for income...
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