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Profundities

 

6.11.2004


Review: The Millionaire Next Door




4 Stars: The picture of a typical wealthy household: She drives an Aston Martin, he drives a Porsche. They have caviar and champagne for dinner, fly in their own jets and spend lavishly on shopping. CUT ! It turns out, that this picture is just a figment of the media's imagination- the wealthy in America are not recognizable by what they wear, where they live, and not even by what they do for a living. They are hard working, frugal and live well within their means.

Who are the weathiest in America?
Most of the affluent in America are business owners. 20% are retirees. Of the remaining 80%, more than 2/3rds are self-employed.

What are some of their traits?
About 80% of the affluent are first-generation afflutent. Millionaires tend to hold advanced degrees- 18% have master's degrees, 8 percent have law degrees, 6 percent have medical and 6 percent Ph.D.s. ( Bobos- remember David Brooks? ). They invest at least 15% of their income.

What is the secret to wealth-building?
Being frugal.
The typical American millionaire reported that she never spent more than $399 for a suit of clothing. About half reported that they had never spent more than $140 for a pair of shoes. Only 24% own new cars. On an avg. they paid 25k on their car.

What about the lavish lifestyles of the affluent we see on TV?
hmm... Most people who build wealth in America are hard working, thrifty and not at all glamorous. Would the media hype the frugal lifestyle of the typeical millionaire?

Will I become wealthy if i start my own business?
The avg. income for the more than 15m sole proprietorships is abt $5,000!

Yucks, then how do i become a millionaire?
Start by being frugal. Have a budget. Invest at least 15% of your income. Be tax savvy. Live within your means.

Profundities ::


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