Stocks: Not the Only Bull MarketPosted on April 23rd, 2013
A recent newspaper headline proposed that "the best way to get rich is the stock market." Building wealth via stocks or other investments is akin to growing trees. You can't grow oak trees if you don't have enough money to buy acorns. So, suggesting that the stock market leads to wealth is putting the cart before the horse. It is not just about being frugal. Frugality has its limits. Some people misread the material in The Millionaire Next Door. In the book, I mention that most Americans are not wealthy. This is especially interesting among those who earn incomes in...
Tax Cheats in Super Cars?Posted on March 19th, 2013
This respondent edited the printed screener, wrote outside the boxes: "I don't own a Ferrari, I own three! . . . Rolex? I have three plus . . .Breitling, Cartier, Movado, Omega, Tag Heuer . . . (wine collection) 2,000 bottles." Mr. Multiplinski, aka Mr. M, was first profiled in Stop Acting Rich. But it is time for an update. Mr. M is a member of the glittering rich club, extremely wealthy with a net worth that exceeds $100 million, and a taxable income in the multimillions. He is not shy about communicating his financial achievement. . . has a very strong need ....
The Independence Day PhysicianPosted on April 17th, 2012
Q: Dr. Klug, what type of physician are you? A: I'm an Independence Day physician. I work from January 1 to July 4 each year to pay my taxes. Dr. Klug does not focus on the injustice of our tax system where the top 1% of income generators pay nearly 40% of income taxes. He is quite good at counting his blessings: excellent health, loving family and rewarding occupation. Yet like most top income producers he is concerned about how the press and liberal politicians villainize the so-called "rich." Why is it that the 1 percenters in this country are not all...
$1Mill Income Producers: 5.5% Receive Trust/Estate $$Posted on February 7th, 2012
It has come to my attention that there are quite a few reporters and columnists who read my blogs in search of data and ideas for their future endeavors. And I take that as a compliment. Of course not all of these people agree with my revelations! But, as best I can, I just objectively count the numbers from my national surveys of the affluent, data from the IRS, the US Census, etc. It has never been my intent to supply political ammunition to one side or the other. For some people it may be easy to focus on the numbers that fit their agenda...
Millionaire Rule 1.49Posted on November 15th, 2011
The original title of The Millionaire Next Door was That's Why They're Wealthy. One of the main reasons that they are wealthy is that they live in an easily affordable home. I have found that when millionaires made their first home purchase, the ratio of the purchase price over their annual household income was just 1.49 [median]. And today they have seven times more wealth [median] than their non millionaire neighbors. In Stop Acting Rich I mentioned that: There are nearly three times more millionaire households [1,138,070, or approximately 28.3% of the total, versus 403,211, or about 10% of the total] living in homes valued at $300,000 or less than...
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