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Chapter One:
Meet The Millionaire Next Door
Meet The Millionaire Next Door
These people cannot be millionaires! They don't look like millionaires, they don't dress like millionaires, they don't eat like millionaires, they don't act like millionaires -- they don't even have millionaire names. Where are the millionaires who look like millionaires?
The person who said this was a vice president of a trust department. He made these comments following a focus group interview and dinner that we hosted for ten first-generation millionaires. His view of millionaires is shared by most people who are not wealthy. They think millionaires own expensive clothes, watches, and other status artifacts. We have found this is not the case.
As a matter of fact, our trust officer friend spends significantly more for his suits than the typical American millionaire. He also wears a $5,000 watch. We know from our surveys that the majority of millionaires never spent even one-tenth of $5,000 for a watch. Our friend also drives a current-model imported luxury car. Most millionaires are not driving this year's model. Only a minority drive a foreign motor vehicle. An even smaller minority drive foreign luxury cars. Our trust officer leases, while only a minority of millionaires ever lease their motor vehicles.
But ask the typical American adult this question: Who looks more like a millionaire? Would it be our friend, the trust officer, or one of the people who participated in our interview? We would wager that most people by a wide margin would pick the trust officer. But looks can be deceiving.
This concept is perhaps best expressed by those wise and wealthy Texans who refer to our trust officer's type as
Big Hat No Cattle
We first heard this expression from a thirty-five-year-old Texan. He owned a very successful business that rebuilt large diesel engines. But he drove a ten-year-old car and wore jeans and a buckskin shirt. He lived in a modest house in a lower-middle-class area. His neighbors were postal clerks, firemen, and mechanics.
After he substantiated his financial success with actual numbers, this Texan told us:
[My] business does not look pretty. I don't play the part..don't act it..When my British partners first met me, they thought I was one of our truck drivers..They looked all over my office, looked at everyone but me. Then the senior guy of the group said, 'Oh, we forgot we were in Texas!' I don't own big hats, but I have a lot of cattle.
PORTRAIT OF A MILLIONAIRE
Who is the prototypical American millionaire? What would he tell you about himself?
I am a fifty-seven-year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household's income.
About one in five of us is retired. About two-thirds of us who are working are self-employed. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants.
Many of the types of businesses we are in could be classified as dull-normal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.
About half of our wives do not work outside the home. The number-one occupation for those wives who do work is teacher.
Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000. Note that those of us who have incomes in the $500,000 to $999,999 category (8 percent) and the $1 million or more category (5 percent) skew the average upward.
The person who said this was a vice president of a trust department. He made these comments following a focus group interview and dinner that we hosted for ten first-generation millionaires. His view of millionaires is shared by most people who are not wealthy. They think millionaires own expensive clothes, watches, and other status artifacts. We have found this is not the case.
As a matter of fact, our trust officer friend spends significantly more for his suits than the typical American millionaire. He also wears a $5,000 watch. We know from our surveys that the majority of millionaires never spent even one-tenth of $5,000 for a watch. Our friend also drives a current-model imported luxury car. Most millionaires are not driving this year's model. Only a minority drive a foreign motor vehicle. An even smaller minority drive foreign luxury cars. Our trust officer leases, while only a minority of millionaires ever lease their motor vehicles.
But ask the typical American adult this question: Who looks more like a millionaire? Would it be our friend, the trust officer, or one of the people who participated in our interview? We would wager that most people by a wide margin would pick the trust officer. But looks can be deceiving.
This concept is perhaps best expressed by those wise and wealthy Texans who refer to our trust officer's type as
Big Hat No Cattle
We first heard this expression from a thirty-five-year-old Texan. He owned a very successful business that rebuilt large diesel engines. But he drove a ten-year-old car and wore jeans and a buckskin shirt. He lived in a modest house in a lower-middle-class area. His neighbors were postal clerks, firemen, and mechanics.
After he substantiated his financial success with actual numbers, this Texan told us:
[My] business does not look pretty. I don't play the part..don't act it..When my British partners first met me, they thought I was one of our truck drivers..They looked all over my office, looked at everyone but me. Then the senior guy of the group said, 'Oh, we forgot we were in Texas!' I don't own big hats, but I have a lot of cattle.
PORTRAIT OF A MILLIONAIRE
Who is the prototypical American millionaire? What would he tell you about himself?
I am a fifty-seven-year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household's income.
About one in five of us is retired. About two-thirds of us who are working are self-employed. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants.
Many of the types of businesses we are in could be classified as dull-normal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.
About half of our wives do not work outside the home. The number-one occupation for those wives who do work is teacher.
Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000. Note that those of us who have incomes in the $500,000 to $999,999 category (8 percent) and the $1 million or more category (5 percent) skew the average upward.
I was looking forward to this update of the 1996 book “The Millionaire Next Door,” which I read for the first time a few months ago and learned a lot from. There’s some useful data here - much of it confirms that the tendencies described in 1996 are still true today - and it affirms the FIRE community’s approach to saving and investing. The must-read summary of Thomas J. Stanley and William D. Danko’s book: “The Millionaire Next Door: The Surprising Secrets of America’s Wealth”. This complete summary of the ideas from Thomas J. Stanley and William D. Danko’s book “The Millionaire Next Door” reveals the secret to joining the ranks of America’s wealthy. You could help us to get Subscribers. PLEASE!!!: THE MILLIONAIRE NEXT DOOR FULL AUDIOBOOK BY THOMAS J STANLEY & WILLIAM D DANKO You ca.
Copyright © 1996 by Thomas J. Stanley and William D. Danko.
Download The Millionaire Mind by Thomas J. Stanley PDF eBook Free. The Millionaire Mind is the business, biographies, self-help and personal transformation book which shares the habits of the millionaire.
Description of The Millionaire Mind by Thomas J. Stanley
The Millionaire Next Door Pdf Free Download
The Millionaire Mind is the self-help, personal transformation, biography and business guide which tells the secrets of millionaires. Thomas J. Stanley is the author of this fantastic book. He is the bestselling author in the New York Times. This book includes the interview of many millionaires and the reader will know is details about the lifestyle and habits of millionaires. Thomas discovers that many millionaires are not straight A- and they are not from a high-fi college or university. Majority of them even don’t have college degrees.
The Millionaire Booklet Free Download
A large group of millionaires is once told by their teacher that they are never going to become successful in their life. What you think about how they spend their time and most people think they work all day and in the long night. But Thomas fined these people most of the time with their family and close friends. Millionaires take a risk and these risks help them to become rich. If you wanted to become one of them, then you must overcome your fear of being rejected or fail. Learn how to deal with the challenges and move forward by undermining all the hurdles. Make the habit of reading and it does not matter how less you study in a day. A bible for newbies who wanted to become a millionaire.
Details About The Millionaire Mind by Thomas J. Stanley
- Name: The Millionaire Mind
- Authors: Thomas J. Stanley
- Publish Date: August 2, 2001
- Language: English
- Genre: Self-Help, Business
- Format: PDF/ePub
- Size: 3 MB
- Pages: 416
- Price: Free
- ISBN: 0740718584
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The Millionaire Next Door Ebook
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