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Fifteen Dollars

Posted on June 18th, 2013

Please describe a life-changing event, experience or encounter that altered your life or circumstances in a substantial way. Please describe the experience, and how it impacts your life today. A few weeks ago, we asked the AMI Research Panelists and followers of @thomasjstanley ...

A Life Changing Event

Posted on June 11th, 2013

Often a single event can dramatically alter the degree of one's socioeconomic achievement.  And here is just one example: I had dropped out of college and was working as a cocktail server at a casino.  The sections that we served rotated daily so I would work with different girls everyday.  I walked into my designated service bar one night and saw that I would be working with all older servers.  As I looked around the bar at the women in their sixties wearing mini skirts and carrying heavy trays of drinks I decided that wasn't going to be me.  I got back in...

Honesty is the Best Marriage Policy

Posted on June 4th, 2013

What if you are contemplating marrige and you have outstanding debts?  Honesty is the best policy here.  You should advise your future spouse about your financial situation and you'd be smart to discuss further your proposed way of eliminating this debt.  I am reminded of this fact by Doug who shared his life changing moment: For me it was meeting my [future] wife. . .she told me that "she would not marry anyone who had any debt."  It took me 14 months to clean up the debt [$45,000] . . . . She introduced me to Dave Ramsey and The Millionaire Next Door.  Both...

Lots of Wealth, Lots of Discipline

Posted on May 21st, 2013

As stated in The Millionaire Mind, a distinguished scholar told me just before I graduated: If you don't publish you may not get tenure at a good school.  But you will have a lot of friends.  Publish a lot and you will not be real popular among your colleagues. I was reminded of this when I received an email from Dr. F.O., formerly a college professor:  . . . read The Millionaire Mind. . . just a few years after I resigned a full professor position at the university to begin my own . . . business.  . . . I was 51 years old...

Fantasies of Wealth; Misinterpreting the Data

Posted on May 14th, 2013

A couple recently asked me about the relationship between home ownership and net worth. They are contemplating buying their first home.  "In your books, Tom, you mention that nearly all millionaires are homeowners . . . approximately 95%."  Most homeowners, however, are not millionaires.  And no one is going to hand you a check for seven figures when you close on your first home.  However, there is some correlation between home ownership and net worth.  According to government statistics, the median household net worth for renters has hovered around the $4,000 to $5,000 level during the last 15 years.  For the same period, the median net worth for homeowners has...