To My Readers: Your Input is RequestedPosted on February 1st, 2012
From studying the affluent market for over 30 years I have learned how individuals who seem quite ordinary become the millionaires next door. This research has focused primarily on those who are very productive in transforming their incomes into wealth. In turn, I have tried to highlight the lifestyles, habits and background of this population through my seven books and this website. As a continuation of this quest, Dr. Sarah Fallaw and I recently conducted a reader survey to find out what questions you might have for the millionaire next door. Many of you indicated that you would like to understand...
Our Economic Future on WheelsPosted on January 24th, 2012
Will our economy improve? I believe it will; it has been improving for about the last two years. I know this because I have a special crystal ball that reveals the future! Actually, part of the crystal ball is in print form: the weekly editions of Automotive News. I am particularly interested in the production and sales figures for manufacturers of motor vehicles. Fundamental to the health of our economy is the health and well-being of our automobile industry. According to Automotive News, in 2007 approximately 16.2 million light vehicles [cars, SUVs, minivans, pick-up trucks] were sold in the United States. But in...
Ford Pickup: #1 Vehicle in Sales & ProfitsPosted on December 20th, 2011
The following question was asked in The Millionaire Next Door: What makes of cars are most popular with millionaires? Number one in market share (9.4%) was Ford. . . the most popular models include the F-150 pickup. . . about three in ten millionaire Ford drivers own F-150 pickups. More recently, in Stop Acting Rich, I mentioned that "among the millionaires surveyed for this book, Ford had the highest market share (9.5%) for the [previous] 10 years combined." Toyota was found to be number one in terms of the most recent vehicle purchased. But net out the arch type millionaires next door...
Millionaires 10 X the Norm? AuctioneersPosted on December 15th, 2011
Why do I profile auctioneers? It began almost by accident. Pouring over the Census data during several preceding economic downturns, I noticed that there was a large concentration of high income producers among full time, professional auctioneers. Historically, their income seems to vary in the opposite direction of the American economy in general. What I have found is that because of this auctioneers as a group are quite proficient at living below their means. Most of them are astute financial planners and as a consequence they are among the very best at transforming their incomes into wealth. In The Millionaire Next Door, I mentioned that...
Black Friday BluesPosted on December 1st, 2011
Are you feeling blue, even guilty or left out? You did not participate in the Black Friday madness. Perhaps you didn't even take advantage of all those opportunities available on Cyber Monday. . . . Alternatively, you indeed might have been lucky and perhaps smart as well to have avoided following the crowd of more than 100,000,000 Americans who were stampeding in and out of stores and cyberspace. In a recent New York Times article, the research by a University of Washington professor revealed the truth about Black Friday. It's not until early December . . . that prices are likely to be lowest...
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