Studying the Wealthy

CPA: The Millionaire Next Door’s #1 Advisor

By Thomas J. Stanley on Nov 12th, 2013 in Studying the Wealthy

Mr. Arrow was profiled in my last blog.  How much does Mr. Arrow charge for his financial advice?  There is never a charge.  Actually he gets great satisfaction out of helping his physician clients.  He never read my book, Networking with the Affluent, nor has he reviewed the material on the audio version, Networking with […]

Millionaire Mentors His Clients

By Thomas J. Stanley on Nov 5th, 2013 in Studying the Wealthy

Physicians are among the least productive occupational groups in transforming their incomes into wealth.  Keep this in mind when you read the following case study. Mr. Arrow, who has a degree in pharmacy, is employed by a large pharmaceutical company.  Part of his job description is to interface with physicians and surgeons.  Unlike many others who call upon physicians, […]

Leasing: A Popular Substitute for Wealth

By Thomas J. Stanley on Oct 8th, 2013 in Studying the Wealthy

In Stop Acting Rich, I profiled the “aspirationals” (people who act rich . . . but actually aren’t rich).  Perhaps Shakespeare was referring to these people when he said “all that glitters is not gold.”  Yet many Americans are guilty of judging the wealth of others based on whether or not they drive prestige makes of motor vehicles.  Judgments […]

Reflections: Millionaire Next Door Myth #4: Used Cars

By Thomas J. Stanley on Sep 17th, 2013 in Studying the Wealthy

Last week a reader suggested that a review of previous research on the topic of motor vehicle purchases by millionaires was in order.  And I agree.  In Table 4-1, Motor Vehicles of Millionaires: Model Year in The Millionaire Next Door, I mentioned that nearly 1 in 4 millionaires (23.5%) owns the latest model year vehicle.  Some readers interpreted […]

Mom, Is that Lady in the Big House Rich?

By Thomas J. Stanley on Jul 23rd, 2013 in Studying the Wealthy

Mrs. C wrote an enlightening discussion about what she told her friend/neighbor’s child when the little girl ask if the lady down the street with the big house and fancy cars was rich. . . . I answered. . .with a statement I didn’t plan and it probably surprised my friend and her daughter as much it […]

The Top Ten Assets Owned by Millionaires

By Thomas J. Stanley on May 28th, 2013 in Studying the Wealthy

Americans are constantly bombarded by the news media that uses the term “the market,” i.e. the market is up, the market is down, it is a good time to invest in the market.  With the current surge in the stock market it is easy to forget that it’s not the only market in our economy.  […]

Donor of $1 Billion Wears Resoled Shoes!

By Thomas J. Stanley on Feb 26th, 2013 in Studying the Wealthy

In a previous blog, I mentioned “that Mayor Michael Bloomberg of NYC, a billionaire, has ‘been wearing the same shoes of 10 years . . . .  owns only two pairs of work shoes . . . has them resoled.’” I also mentioned that according to the data in The Millionaire Mind of “the top […]

A Cure for a Bad Case of the “Spends”

By Thomas J. Stanley on Jan 29th, 2013 in Studying the Wealthy

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 […]

One Extraordinary Woman’s Christmas Gifts

By Thomas J. Stanley on Dec 18th, 2012 in Studying the Wealthy

Beverly’s good friends often joke about the worst place a toy shopper could be during the Christmas season: standing behind her at the Toys-R-Us check out counter! More often than not she is in line with multiple shopping carts loaded to the hilt.  This is because one of her favorite pastimes is to provide toys for hospitalized children.  […]

Millionaires: 92% No Works of Art

By Thomas J. Stanley on Nov 14th, 2012 in Studying the Wealthy

In a recent New York Times article, the topic of  fake artwork was discussed.  Most millionaires [about 92%], however, do not have to worry about owning fake artwork because they don’t own art that has any market value.   Art comes under the broad heading of tangible/collectibles.  I once wrote an article about the tangible/collectible myth […]